Questions and Answers
What is a captain of industry?
What are robber barons known for?
Who is Cornelius Vanderbilt?
A railroad baron known for merging trunk lines and early exploits in steam boating.
The refrigerated rail car helped ship meats across the country.
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What was J.P. Morgan's role in the business world?
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What did the Edison Electric Illuminating Company do?
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Who founded the Standard Oil Company?
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Standard Oil Company controlled only a small percentage of oil refineries.
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What was Andrew Carnegie known for?
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What is the 'gospel of wealth'?
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Define monopoly.
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What are trusts in a business context?
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What does vertical integration mean?
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What does horizontal integration refer to?
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What led to the development of consumerism?
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What was the homestead strike?
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Social Darwinism justifies inequality.
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What is partisan politics?
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Political stalemate refers to the dominance of the Democrats in the White House.
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What characterizes the federal government during this period?
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What is civil service reform?
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Study Notes
Captains of Industry
- Business leaders who build personal fortunes while contributing positively to the economy through productivity, market expansion, job creation, or philanthropy.
Robber Barons
- Industrialists who gained wealth by exploiting low wages for workers and engaging in predatory pricing, ultimately monopolizing markets and inflating prices.
Cornelius Vanderbilt
- Known as "Commodore," he was a wealthy steamship and railroad magnate before the Civil War, recognized for merging key trunk lines in New York.
Refrigerated Rail Car
- Innovation that enabled the transportation of perishable goods, particularly meat, across the country.
J.P. Morgan
- An influential investment banker who consolidated rival firms and reorganized railroads, recognizing their importance in the economy of the time.
Edison Electric Illuminating Company
- Initiated the electric utility industry by supplying electrical current to 85 customers in New York City.
John D. Rockefeller
- Founder of Standard Oil Company, he established a vast oil empire, created a holding company model, and was known for significant philanthropic contributions.
Standard Oil Company
- Monopolized 95% of U.S. oil refineries, known for its vertical monopoly, controlling all facets of oil production and business operations.
Andrew Carnegie
- Steel industry leader who believed in the public benefits from big business despite harsh practices, known for his philanthropic efforts post-retirement.
"Gospel of Wealth"
- Philosophy positing that the rich have earned their wealth and are responsible for using it for the public good.
Monopoly
- Total control over a product or business by a single entity, inhibiting competition.
Trusts
- Partnerships formed by firms to reduce competition and control prices, often leading to monopolistic practices.
Vertical Integration
- Business strategy combining companies involved in different stages of production for efficiency.
Horizontal Integration
- Merging competing firms into one corporation to eliminate competition.
Consumerism
- Emerged from industrialization and urbanization, highlighting the growing importance of consumer culture in society.
Homestead Strike
- Significant labor conflict in 1892 between Carnegie Steel and the Amalgamated Association, leading to a union defeat and setbacks in labor organization.
Social Darwinism
- Concept justifying inequality during the Gilded Age by applying the idea of "survival of the fittest" to social structures.
Partisan Politics
- Political landscape where the Republican Party drew support primarily from Protestant British descendants, while the Democratic Party encompassed a diverse range of constituents.
Political Stalemate
- Characterized by Republican dominance in the presidency with few interruptions, though their control often masked underlying political divisions.
Characteristics of the Federal Government
- Generally exhibited a laissez-faire approach, prioritizing minimal intervention in economic affairs.
Civil Service Reform
- Initiative aimed at enhancing the professionalism and efficiency of civil service, fostering better representation and democratic practices.
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Description
Explore key terms related to influential business leaders through this informative flashcard quiz. Dive into concepts such as 'captains of industry' and 'robber barons', and understand their impact on the economy and society. Great for students studying business history and economics.
