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GildedEconomy

Economics in the Gilded Age

QuestionAnswer
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
Created by: betsynewmark
 

 



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