Gilded Age Leaders
What industry did John D Rockefeller become extremely wealthy from controlling?
The Oil Industry
What major problem did the United States experience with wealth during the Gilded Age?
A small percentage of Americans controlled a very large share of the nation's wealth.
What is a Market Economy?
An economic system where prices, production, and worker wages are determined by supply and demand and free competition.
What was a lockout?
When an employer closed a factory and stopped workers from working in order to pressure them into giving up their demands.
Who wrote The Jungle?
Upton Sinclair
What industry did Andrew Carnegie dominate?
The Steel Industry
What did the Bessemer Process allow manufacturers to produce more quickly and cheaply?
Steel
What is capitalism?
An economic system in which trade and industry are controlled by private owners for profit.
Why did workers form labor unions during the Gilded Age?
To advocate for better wages, safer working conditions, shorter hours, and other workers' rights.
What industry did The Jungle expose problems in?
The meatpacking industry.
What did the Protestant Work Ethic emphasize?
Hard work, frugality, and material success as signs of God's favor
What type of integration did Andrew Carnegie use to control the steel industry from beginning to end?
Vertical Integration.
What is socialism?
An economic system where the means of production, distribution, and exchange are owned or regulated by the community as a whole.
What did organizations like the Knights of Labor and American Federation of Labor try to accomplish?
They organized workers and fought for better wages, working conditions, hours, and workers' rights.
What did Upton Sinclair mean when he said, "I aimed at the public's heart, and by accident I hit it in the stomach"?
He wanted Americans to care about the terrible conditions faced by workers, but readers were especially shocked by the unsanitary conditions and problems with the food they were eating.
How did some wealthy industrialists use Social Darwinism to justify their success?
They argued that "survival of the fittest" applied to society and that wealth concentrated in the hands of successful people showed that they were the "fit."
What type of integration did John D. Rockefeller use to gain control over competing oil companies?
Horizontal Integration.
What did supporters of laissez-faire capitalism believe the government's role in the economy should be?
The government should keep its "hands off" the economy and allow businesses to compete with little government interference.
How did labor unions act as a check on corporate power?
They gave workers collective power to negotiate with large companies and challenge unfair working conditions.
Why was The Jungle important to the Progressive Era?
It helped draw public attention to unsafe food and contributed to demands for government regulation of the food industry.
Why were some industrialists called "Robber Barons," while others called them "Captains of Industry"?
"Robber Barons" emphasized their exploitation of workers and unfair business practices, while "Captains of Industry" emphasized their wealth creation, innovation, jobs, and contributions to society.
Why would a business leader want to use vertical or horizontal integration?
To gain greater control over production, reduce competition, lower costs, and increase profits.
How are capitalism and socialism different?
Capitalism emphasizes private ownership and profit, while socialism emphasizes community/public ownership or regulation of the means of production.
Why might a corporation have been afraid of a strong labor union?
Workers could act together through strikes, negotiations, and other actions, making it harder for the company to ignore their demands.
What does Sinclair's quote reveal about the power of journalism?
Writing can expose problems and influence public opinion, sometimes producing reactions the author did not expect.