Questions and Answers
____ provide a huge source of cheap labor
immigrants
___-company that dominates 1 industry
monopoly
Some businessmen became wealthy ___
robber barons
Robber barons used ___ practices & ___ influence
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Robber barons paid extremely ____
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Robber barons wanted to ____ competitions
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Robber barons created ____ & ______
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Andrew Carnegie was a ____ immigrant
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Andrew Carnegie founded ______
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Andrew Carnegie was a _____ who gave away millions of $$$
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Cornelius Vanderbilt controlled ___ & ___
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Cornelius Vanderbilt used _____ to control every part of the shipping industries
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JP Morgan was a ____ & _____
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JP Morgan bought Carnegie Steel to form ____
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JP Morgan bailed out the ____
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JP Morgan created _____
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John D Rockefeller founded ____
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Rockefeller became the ____
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Rockefeller created an ____ through _______
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Study Notes
Gilded Age Robber Barons
- Immigrants provided a substantial source of cheap labor during the Gilded Age.
- Monopoly refers to a company that dominates a single industry, limiting competition.
- Wealth accumulation by some businessmen led to the term "robber barons", indicating their exploitative practices.
- Exploitative practices and significant government influence characterized the actions of robber barons.
- Robber barons paid extremely low wages to maximize their profits.
- The aim of robber barons was often to squash competition within their industries.
- They created monopolies, which allowed them to raise prices significantly for consumers.
Key Figures
- Andrew Carnegie, a Scottish immigrant, founded Carnegie Steel Company, a leading steel manufacturer.
- Carnegie was also known as a philanthropist, donating millions to various causes.
- Cornelius Vanderbilt controlled vast shipping and railroad businesses, emerging as a powerful figure in the industry.
- He utilized vertical integration to own all aspects of the shipping industry, from production to distribution.
- JP Morgan, a prominent banker and financier, played a crucial role in consolidating industries.
- He bought Carnegie Steel to establish US Steel, a major steel producer.
- Morgan was instrumental in bailing out the US government during financial crises.
- JP Morgan also created General Electric (GE), a significant player in the electrical industry.
- John D. Rockefeller founded Standard Oil, which became a dominant force in the oil industry.
- Rockefeller was recognized as the richest man in history due to his business ventures.
- He established an oil monopoly through horizontal integration, controlling various stages of oil production and distribution.
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Description
Test your knowledge on key terms related to the Gilded Age and the influential figures known as robber barons. This flashcard set covers essential concepts including immigration, monopolies, and exploitive business practices. Perfect for students studying American history or economics.
