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Unit 1 Test
History.
| Question | Answer |
|---|---|
| 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 |