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Unit 1 Test

History.

QuestionAnswer
ANDREW CARNEGIE Industrialists who made a fortune in steel in the late 1800’s as a philanthropist, he gave away $350 million.
BESSEMER PROCESS: developed around 1850 injected air into molten iron to remove impurities and make Steel is used in railroads. Engineers use steel to create Skyscrapers
J.P. MORGAN: Industrialists who started U.S. Steel from Carnegie Steel. Bailed out the U.S. economy on more than one occasion
JOHN D. ROCKEFELLER: Industrialists who made a fortune in the oil refining industry. U.S. Standard Oil
STANDARD OIL COMPANY: Rockerfeller’s oil company in 1870
GILDED AGE: a period with heavy corruption that was overshadowed by wealth.
“CAPTAINS OF INDUSTRY” V. “ROBBER BARONS”: CAPTAINS OF INDUSTRY-A positive idea that industrial leaders worked hard and deserved their wealth. ROBBER BARONS- Wealthy and powerful businessmen who created monopolies and raised prices. Same people but were seen differently.
HORIZONTAL INTEGRATION: A process in which a company buys out or merges with all competing companies
LAISSEZ-FAIRE: policy that US had followed since inception to not allow gov’t to interfere with business
MONOPOLY Complete control of a product or service
GOSPEL OF WEALTH: Belief that the wealthy are “chosen by God” to be successful and were therefore responsible to look out for the well being of those less fortunate -Carnegie
SUPPLY AND DEMAND: Vertical integration.
Social darwinism Survival of the fittest
AFL Accepted only skilled white males. Won higher wages and shorter work weeks for members
The Knights of Labor 1st union to accept workers of all races and gender. Pushed for 8 hour workday, equal pay for women, accepted skilled and unskilled workers
Industrial Workers of the World (IWW) or Wobblies Created in 1905, radical group of mostly unskilled workers who believed in socialism
Henry Ford Assembly Line and wanted 5 work days
Created by: dayanara_ruiz
 

 



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