Gilded Age Basics
The Gilded Age began after the end of what major American war?
The Civil War
What is a company called when it dominates an entire industry?
A monopoly
I founded Standard Oil Company in 1870. Who am I?
John D. Rockefeller
In what year was the Sherman Antitrust Act passed?
1890
Harsh working conditions helped lead to the growth of these worker organizations.
Labor Unions
Name one factor that helped cause rapid economic growth during the Gilded Age.
Natural resources, growing workforce, market for manufactured goods, OR access to capital
What business strategy involves buying out competitors to reduce competition?
Horizontal integration
I built my fortune first in steamboats and later in railroads. Who am I?
Cornelius Vanderbilt
By 1890, about what fraction of Americans worked for wages instead of owning a farm or business?
2/3
What 1890 law is listed as an example of antitrust legislation?
Sherman Antitrust Act
By 1890, about what fraction of Americans worked for wages instead of owning a farm or business?
About 2/3
What business strategy involves controlling everything from raw materials to distribution?
Vertical integration
I dominated the steel industry and later funded libraries and schools. Who am I?
Andrew Carnegie
At its peak, Standard Oil controlled about what percentage of U.S. oil production?
90%
What term means wealthy people giving money to causes such as libraries, schools, or research?
Philanthropy (Charity)
What major change happened to the American workforce as millions of people moved from farms to cities?
A new working class emerged / more Americans became wage workers
What was a legal device used to place several companies under the control of one board?
A trust
I founded a powerful banking house and helped create General Electric and U.S. Steel. Who am I?
J.P. Morgan
By what year did the United States produce one-third of the world’s industrial output?
1913
What nickname was given to industrialists who were viewed as exploiting workers, manipulating markets, or corrupting politics?
Robber Barons
By 1913, the United States produced approximately what fraction of the world's industrial output?
1/3
A company buys its competitors and then begins controlling its own raw materials, production, and distribution. What two business strategies is it using?
Horizontal and vertical integration
I immigrated from Scotland at age 13, worked in a textile factory as a teenager, and later became a major industrialist. Who am I?
Andrew Carnegie
By 1913, U.S. industrial output was greater than the combined output of which three countries?
Great Britain, France, and Germany
What nickname was given to industrialists who were viewed as creating jobs, encouraging innovation, and benefiting society?
Captains of Industry