12 Questions
Which of the following would NOT be used by a supporter of the capitalist system as it existed in the Gilded Age?
Reform Darwinism
Which capitalist created U.S. Steel, the nation's first billion-dollar corporation?
J.P. Morgan
Andrew Carnegie's use of vertical integration was significant in that it
allowed a capitalist to control all aspects of the production process.
In order to promote the interests of labor, trade unions would support
the closed shop.
In his 'Gospel of Wealth,' Andrew Carnegie articulated the view that
the wealthy were entitled to their riches and had no responsibility to share it with others.
According to the text, who were considered the real economic leaders of the nation?
The wealthy
How did the Industrial Workers of the World differ from the other major trade unions?
It engaged in industrial sabotage and violent action against businesses and business owners
What impact did industrialization have on the American worker, according to the text?
The standard of living for most workers improved by the late nineteenth century, but workers had become mere mechanisms in the production process
What were the Union Pacific and Central Pacific railroad companies instrumental in?
Establishing the nation's first transcontinental railroad
How did big business use a loophole in the Sherman Anti-Trust Act for its own benefit?
It was used to curtail union activity in restraint of trade
According to the late nineteenth century, where did the U.S. rank in terms of industrial output?
Bypassed France and Germany in industrial output but still lagged behind Great Britain
What was J. P. Morgan known for doing to consolidate rival businesses and eliminate competitive discord?
Placing his bank officers on those business' board
Study Notes
Capitalism in the Gilded Age
- A supporter of the capitalist system in the Gilded Age would not use government regulation of industry as an argument.
Notable Capitalists
- Andrew Carnegie created U.S. Steel, the nation's first billion-dollar corporation.
Business Strategies
- Andrew Carnegie's use of vertical integration was significant in that it allowed him to control all aspects of his business, from raw materials to finished products.
Labor Unions
- Trade unions would support strikes to promote the interests of labor.
- The Industrial Workers of the World differed from other major trade unions in that it sought to overthrow the capitalist system, whereas other unions focused on improving wages and working conditions.
Economic Leaders
- According to the text, the robber barons were considered the real economic leaders of the nation.
Industrialization
- Industrialization had a negative impact on the American worker, creating a new class of industrial wage earners who were subject to exploitation and poor working conditions.
Railroad Development
- The Union Pacific and Central Pacific railroad companies were instrumental in connecting the East and West coasts of the United States.
Anti-Trust Laws
- Big business used a loophole in the Sherman Anti-Trust Act, which prohibited monopolies, but allowed trusts to exist.
U.S. Industrial Output
- In the late nineteenth century, the United States ranked first in the world in terms of industrial output.
J.P. Morgan
- J.P. Morgan was known for consolidating rival businesses and eliminating competitive discord through forming trusts and mergers.
Test your knowledge of the capitalist system during the Gilded Age with this quiz. Questions cover prominent figures, perspectives, and key aspects of capitalism during this period.
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