“Rise of Industry”
What was one example that lead to the rise of industry in the US?
Abundant resources
High Tariffs
Large labor force
Laissez Faire
Rockefeller is best known for control what industry (double points if you can name what stage of the process)
Oil and (Refining)
Define what is a Corporation? (looking for two key parts)
Must have way to limit risk
Must have easier way to raise money
The government encouraged the growth of railroads name 3 ways they did this?
Low interest loans
Tax breaks
Free land to RR
Hands off approach
Improvements in the steel industry led to what changes?
Steel Rails over Iron
Skyscrapers and steel to primary material in infrastructure
Carnegie's steel factories were located primarily in what area of the country? (double points if you can included the two reasons why this location was good)
Location was Pennsylvania, Ohio, “Half credit if you said Rust Belt”
Was appealing because of Coal in Appalachian Mts. Ore to the north in Minnesota, Wisconsin, UP
Define what a Trust is, and tell me why it was bad for consumers?
Must have the definition and include used to DECREASE competition
It was bad for consumers because in capitalist economy if there's no competition consumers are stuck with paying whatever price the suppliers set
The railroad monopolies were especially harmful to this industry and group of people who was it?
Farmers
Men made many innovations to the railroad industry during this time what were 3 of them?
Establishment of Time Zones
Westinghouse Air Brake
Pullman Sleeping Cars
Standardized Rails
Steel over Iron Rails
This man was best known for writing a book called the “Gospel of Wealth” and one of the biggest promoters of philanthropy
Andrew Carnegie
The Interstate Commerce Act targeted what monopoly?
Vanderbilt and Railroads
Name a positive effect of the expansion of the railroads?
Easier to get raw materials from the west to east
Opened up new markets
To have control over one specific sector of the market is called what?
Horizontal Integration
Someone who believes capitalism allows “Those who work hard rise to the top and those are poor of their own doing” most likely believed in what?
Social Darwinism
Laissez Faire refers to the government's approach to do what with the economy and name what kind of economy we had at this time
Capitalist and hands off approach
The government viewed Standard Oil as too powerful what action did they take to try and break up Standard Oil?
Sherman Antitrust Act
Social Gospel refers to what idea towards the poor?
Social Gospel is hands on for helping poor with charity and organizations