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GildedEconomy
Economics in the Gilded Age
Question | Answer |
---|---|
Made a fortune in steel; founded U.S. Steel; philanthropist who advocated giving away wealth | Andrew Carnegie |
A federal law that committed the American government to opposing monopolies; outlawed restraint of trade | Sherman Antitrust Act |
Theory that the economy does better without government intervention | Laissez-faire |
Controlled the New York Central Railroad; made a fortune in steamships and railroads | Cornelius Vanderbilt |
Founder of the Standard Oil Company | John D. Rockefeller |
Insulting epithet for owners of big businesses who made large amounts of money by cheating their competitors and the government | Robber Barons |
A form of monopoly when one person or company gains control of one aspect of an entire industry | Horizontal monopoly |
Pioneered use of refrigerated train cars; expanded the meat industry | Gustavus Swift |
Made tobacco a profitable crop in the South; Formed tobacco trust | James B. Duke |
A form of monopoly that occurs when one person or company gains control of every step of the manufacturing process for a single product | Vertical monopoly |
Firms or corporations that combine in a monopoly for the purpose of reducing competition and controlling prices | Trusts |
Process for making steel stronger and cheaper | Bessemer |
Highly protective tariff passed in 1880. It was so high that it caused a popular backlash which cost the Republicans votes | McKinley Tariff |
Financier who arranged the merger that created US Steel Corporation and who arranged a $65 million loan to the government during the Depression of 1893 | J. P. Morgan |