Gilded Age Review Flashcards
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Questions and Answers

Who used horizontal integration to build the Standard Oil Company into a huge corporate business?

  • JP Morgan
  • Andrew Carnegie
  • Cornelius Vanderbilt
  • John D. Rockefeller (correct)
  • What company did Andrew Carnegie create?

    Carnegie Steel Company

    Who was the investment banker that reorganized the railroads and helped raise money for U.S. Steel Corporation?

    JP Morgan

    What is the term for companies having the same directors leading to similar interests?

    <p>Interlocking directorate</p> Signup and view all the answers

    What is a trust in business terms?

    <p>When a company buys other companies to own all of them in a certain business</p> Signup and view all the answers

    What does vertical integration involve?

    <p>Expanding a company to control all parts of a process</p> Signup and view all the answers

    What is horizontal integration?

    <p>Expanding a company to hold all players in a part of a process</p> Signup and view all the answers

    What is a pool in business?

    <p>A combination of wealth for a cause</p> Signup and view all the answers

    What is a holding company?

    <p>A company that owns many companies</p> Signup and view all the answers

    What is the concept established by Andrew Carnegie in the Gospel of Wealth?

    <p>No one should die rich</p> Signup and view all the answers

    What did the National Labor Union aim to achieve?

    <p>To represent both skilled and unskilled workers</p> Signup and view all the answers

    Which labor union sought an 8-hour workday and included all laborers?

    <p>Knights of Labor</p> Signup and view all the answers

    What did the American Federation of Labor focus on?

    <p>Better wages, fewer hours, and better working conditions</p> Signup and view all the answers

    What was the Congress of Industrial Organizations?

    <p>A federation of unions that organized workers in industrial unions</p> Signup and view all the answers

    What did the IWW, or Wobblies, wish to achieve?

    <p>A worker-run Utopian state</p> Signup and view all the answers

    What triggered the Pullman Strike of 1892?

    <p>The Pullman company cut wages</p> Signup and view all the answers

    What occurred during the Haymarket Strike in 1886?

    <p>A bomb went off during a protest, leading to accusations against union members</p> Signup and view all the answers

    What was the cause of the Homestead Steel Strike?

    <p>Wage cuts at Carnegie's steel plant</p> Signup and view all the answers

    What was the Great Railroad Strike of 1877 about?

    <p>A wage cut of 10% for railroad workers</p> Signup and view all the answers

    What is Social Darwinism?

    <p>The idea that the rich are leaders because they were 'made to lead'</p> Signup and view all the answers

    What is socialism?

    <p>A form of government popularized by Edward Bellamy's 'Looking Backward'</p> Signup and view all the answers

    Study Notes

    John D. Rockefeller

    • Pioneered horizontal integration to build Standard Oil, dominating the petroleum industry.
    • By the late 1870s, controlled 90% of U.S. refined oil.
    • Employed vertical integration by owning production facilities, storage, and distribution.

    Andrew Carnegie

    • Founded Carnegie Steel Company and became a prominent philanthropist.
    • Authored "The Gospel of Wealth," advocating for the wealthy to support community welfare.

    J.P. Morgan

    • Influential investment banker known for restructuring the railroad industry.
    • Instrumental in the formation of U.S. Steel Corporation in 1901 and established his own banking institution.

    Interlocking Directorates

    • Concept involving shared board members among companies, aligning business interests.
    • J.P. Morgan held positions in multiple firms, influencing their decisions collectively.

    Trusts

    • Business structure where one company controls multiple entities within an industry, creating monopolies.

    Vertical Integration

    • Strategy where a company controls all stages of production, from raw materials to final sales.
    • Example includes steel companies owning mines, transport systems, and manufacturing plants.

    Horizontal Integration

    • Strategy of acquiring all competitors in a specific industry to eliminate competition.
    • Aimed at forming monopolies by controlling a significant market share.

    Pools

    • Collaborative agreements among business entities to share resources or profits for a common goal.

    Holding Companies

    • Corporations that own stakes in multiple companies, creating a façade of choice for consumers while maintaining monopoly control.

    The Gospel of Wealth

    • Philosophy that posits the wealthy should use their fortune for societal good rather than dying rich.

    National Labor Union

    • Inclusion of skilled and unskilled workers while excluding Chinese laborers, women, and African Americans.
    • Disbanded following the economic downturn of the 1870s.

    Knights of Labor

    • Inclusive labor union advocating for all workers, including women and African Americans, seeking an eight-hour workday.

    American Federation of Labor (AFL)

    • Comprised of skilled laborers led by Samuel Gompers, focused on achieving better wages, hours, and working conditions.
    • Aimed for incremental reforms in industry to improve worker rights.

    Congress of Industrial Organizations (CIO)

    • Founded by John L. Lewis in 1938 to unify workers in industrial unions across the U.S. and Canada from 1935 to 1955.

    Industrial Workers of the World (IWW)

    • Known as the Wobblies, this socialist movement aimed for a worker-run society, engaging marginalized groups like African Americans and women.

    Pullman Strike

    • Major labor strike initiated by wage cuts at the Pullman Company in 1892; resulted in violent clashes with federal troops and the jailing of union leaders.

    Haymarket Strike (Square Incident)

    • 1886 protest against labor conditions that escalated when a bomb exploded; outcome led to public association of unions with radicalism.

    Homestead Steel Strike

    • Labor unrest stemming from wage reductions at Carnegie's steel plant, culminating in a lockout scenario.

    Great Railroad Strike of 1877

    • Workers protested a 10% wage cut across major railroad companies; federal troops were sent to restore order, demonstrating governmental allegiance to business interests.

    Social Darwinism

    • Ideology suggesting that financial success and leadership emerged through survival of the fittest, legitimizing wealth disparity.

    Socialism

    • Political and economic philosophy advocating for communal ownership of production, notably advocated by Edward Bellamy in "Looking Backward."

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    Description

    Test your knowledge of key figures and concepts from the Gilded Age. This quiz features important definitions and contributions of influential individuals like John D. Rockefeller and Andrew Carnegie. Enhance your understanding of this pivotal period in American history.

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