The Gilded Age
Name one natural resource crucial for industrial growth.
Iron, Coal, Gold
What does entrepreneur mean?
An entrepreneur is someone who starts and runs a business, taking financial risks in hopes of making a profit.
Who founded Standard Oil?
John D. Rockefeller founded Standard Oil.
What did the Sherman Antitrust Act try to outlaw?
The Sherman Antitrust Act outlawed trusts and monopolies that restricted competition.
Where is Ellis Island and where were most Immigrants who went through Ellis Island from?
Ellis Island is located in New York City and most immigrants who went through Ellis Island came from Europe.
Define the term "Gilded Age"
The time period in which America rapidly transformed from an agricultural nation into an industrial powerhouse. New inventions, expanded railroads, and the discovery of natural resources fueled urban growth and economic expansion. We also see a time that was marked by corruption, inequality, and poor working conditions.
What is a market economy?
Decisions are based on supply and demand, not government control.
Why is J.P Morgan considered a powerful figure in business?
J.P. Morgan was powerful because he financed and consolidated major industries (railroads, steel), controlled banking, and stabilized the U.S. economy during crises.
What was one limitation of the Interstate Commerce Act? In other words, why did it not work?
One limitation of the Interstate Commerce Act was that it had little enforcement power—railroads continued many unfair practices.
What were the two factors that caused Asian Immigrants to move out West?
The California Gold Rush (1849) and the creation of railroads out West.
Identify two key technological advancements and their impact on industry.
Bessemer Process – made steel production faster and cheaper, enabling skyscrapers and railroads.
Electric light bulb – extended working hours and improved factory productivity.
Discuss the cause and effect of the Bessemer Process.
Cause: The Bessemer Process allowed molten iron to be turned into steel cheaply and quickly.
Effect: Massive expansion in railroads, bridges, and skyscrapers.
What is the difference between being called a Robber Baron and a Captain of Industry?
A Robber Baron used unfair or unethical methods to gain wealth; a Captain of Industry improved society through innovation or philanthropy.
How did government regulation change in the late 1800s?
Government started to take small steps in regulating big business, though not successful at first, it set the stage for later change.
What were the challenges faced by Chinese Immigrants in the U.S? (hint: there are three categories)
Chinese immigrants faced discrimination, low-paying jobs, violence, and legal barriers preventing citizenship.
Explain the impact of railroads and electricity on urban growth.
Railroads connected cities and markets, allowing goods and people to move faster, which encouraged urban growth. Electricity powered factories, streetcars, and homes—making cities more livable and efficient.
Explain how profit motivates entrepreneurs in a capitalist economy.
Profit motivates entrepreneurs to create new products, improve efficiency, and take risks to grow their businesses.
What were the criticisms against Andrew Carnegie regarding worker treatment?
Carnegie was criticized for paying low wages, keeping unsafe working conditions, and crushing labor unions like during the Homestead Strike.
How did the Interstate Commerce Act attempt to regulate business?
The Interstate Commerce Act (1887) aimed to regulate railroad rates and prevent unfair pricing by big companies.
What was the term used to describe the reasons why immigrants were leaving their home country?
Push Factors
What were the main factors that transformed America into an industrial powerhouse during the Gilded Age?
The main factors that transformed America into an industrial powerhouse were natural resources (coal, iron, oil), a growing labor force (immigrants and rural workers), new technologies (electricity, telegraph, steel production), expanding railroads, and government policies favoring business.
How did competition in a market economy affect prices and quality of goods?
Competition in a market economy lowers prices and encourages better quality as businesses strive to attract consumers.
Who were the major figures labeled as Captains of Industry and why?
Major figures included Andrew Carnegie (steel), John D. Rockefeller (oil), Cornelius Vanderbilt (railroads), and J.P. Morgan (finance) — called Captains of Industry for expanding jobs, wealth, and innovation.
What was the significance of the Sherman Antitrust Act?
The Sherman Antitrust Act (1890) was the first federal law to ban monopolies and promote fair competition.
How did Angel Island differ from Ellis Island
Ellis Island (New York): European immigrants—quick medical exams and brief processing before entry.
Angel Island (San Francisco): Asian immigrants—harsh interrogations, long detentions, discrimination.