Podcast
Questions and Answers
____ provide a huge source of cheap labor
____ provide a huge source of cheap labor
immigrants
___-company that dominates 1 industry
___-company that dominates 1 industry
monopoly
Some businessmen became wealthy ___
Some businessmen became wealthy ___
robber barons
Robber barons used ___ practices & ___ influence
Robber barons used ___ practices & ___ influence
Robber barons paid extremely ____
Robber barons paid extremely ____
Robber barons wanted to ____ competitions
Robber barons wanted to ____ competitions
Robber barons created ____ & ______
Robber barons created ____ & ______
Andrew Carnegie was a ____ immigrant
Andrew Carnegie was a ____ immigrant
Andrew Carnegie founded ______
Andrew Carnegie founded ______
Andrew Carnegie was a _____ who gave away millions of $$$
Andrew Carnegie was a _____ who gave away millions of $$$
Cornelius Vanderbilt controlled ___ & ___
Cornelius Vanderbilt controlled ___ & ___
Cornelius Vanderbilt used _____ to control every part of the shipping industries
Cornelius Vanderbilt used _____ to control every part of the shipping industries
JP Morgan was a ____ & _____
JP Morgan was a ____ & _____
JP Morgan bought Carnegie Steel to form ____
JP Morgan bought Carnegie Steel to form ____
JP Morgan bailed out the ____
JP Morgan bailed out the ____
JP Morgan created _____
JP Morgan created _____
John D Rockefeller founded ____
John D Rockefeller founded ____
Rockefeller became the ____
Rockefeller became the ____
Rockefeller created an ____ through _______
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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