Rise of Big Business
During the Civil War, why did the Northern Union support manufacturing?
(2 reasons)
To support the war effort with arms and raised capital
What does the term “monopoly” mean?
A single company that controls all or close to all of a business sector
What does Laissez-Faire mean?
Government leaving businesses alone
What is a tariff?
A tax on imported goods
How did industrialization impact poor immigrants' job opportunities?
It created job opportunities
What was one long-term result of Northern industrialization during the Civil War on the government legislation?
Government support for pro-businesses legislation
Which company was owned by John Rockefeller?
Standard Oil
What is Social Darwinism?
The idea that the strongest and smartest will succeed
How did tariffs impact consumers?
Consumers paid higher prices for goods
What new job opportunities emerged for women?
(Name 2)
Professional and Clerical roles
What term describes the government’s approach of minimal interference with business?
Laissez-Faire
What is a trust?
A group of companies that join together to avoid competition
How did Social Darwinism justify monopolies?
By arguing the best businesses survived and thrived
Why did tariffs help U.S. manufacturers?
They reduced foreign competition
Who gain the most profit from industrialization?
Big Business owners
How did the Civil War influence industrialization in the Northern cities?
It fueled industrial growth to support the war effort
How did monopolies negatively impact consumers?
(2 reasons)
They reduced competition and allowed companies to set high prices
What is the relationship between Laissez-Faire and industrial growth?
Laissez-Faire policies encouraged business growth without regulation
What is the main feature of a monopoly?
Control over an entire or close to entire sector of the market
Did industrialization create jobs including middle-class jobs for Women?
True or False
True
What role did government legislation play in industrialization after the Civil War?
It supported the growth of industries
What industry was controlled by Carnegie?
What industry was controlled by Vanderbilt?
What industry was controlled by JP Morgan?
Carnegie-Steel
Vanderbilt-Railroads
JP Morgan-Banks
How did Social Darwinism impact workers?
It justified poor treatment of workers
What was a negative effect of large trusts?
(2 reasons)
They eliminated competition and hurt consumers
What was the role (or expectation) of Women prior to them working in professional and clerical work?
Homemakers