The Moguls
Which industrial tycoon built a massive fortune by dominating the U.S. Steel Industry?
Andrew Carnegie
Buying all steps and stages of production—from raw materials to transportation—to lower costs is called what?
Vertical Integration
What French-derived economic philosophy advocates for "hands-off" government regulation of private business?
Laissez-faire Capitalism
What is a corporation formed solely for the purpose of buying and holding stock in other companies?
Holding Company
Which oil industry titan founded the Standard Oil Company and controlled over 90% of U.S. oil refining?
John D. Rockefeller
Buying out or merging with competing companies in the exact same industry to eliminate rivalry is called what?
Horizontal Integration
The belief that "survival of the fittest" applies to human society, justifying immense wealth and poverty, is called...
Social Darwinism
What is an informal agreement among competing companies to fix prices and divide markets called?
A Pool
Which powerful investment banker bought Carnegie Steel in 1901 to form U.S. Steel, the world's first billion-dollar corporation?
J.P. Morgan
When a single corporation achieves total control over an industry's production, prices, and wages, it creates a...
Monopoly
What 1890 federal law was intended to make monopolies and trusts illegal, but was initially ineffective due to court rulings?
Sherman Antitrust Act
What manufacturing technological innovation greatly lowered the price and accelerated the production of steel in America?
The Bessemer Process
What term was given to business leaders by critics who believed they gained wealth through ruthless, unethical practices and underpaying workers?
Robber Barons
What arrangement allowed a board of trustees to manage stock from several competing companies as a single large enterprise?
A Trust
What essay written by Andrew Carnegie argued that wealthy individuals had a moral duty to give back to public causes and philanthropy?
The Gospel of Wealth
What legal form of business ownership allows a company to raise capital by selling shares of ownership to stockholders?
Corporation