Characteristics of a robber baron?

powerful industrialists, established large businesses in the late 1800's, businesses established at the expense of the public, perceived to have drained the country of its natural resources, persuaded public officials to interprets laws in their favor

Characteristics of a captain of industry?

powerful industrialists, established large businesses in the late 1800's, strengthened the American economy, created jobs for Americas, raised standard of living, and established museums, libraries, and universities

Andrew Carnegie: robber baron or captain of industry and why?

He's a captain of industry because he used a legal method to gain his wealth, cared for his workers more than most people, and advocated for establishing buildings like libraries and schools to help people build skills and education.

Gospel of Wealth: 3 ways in which the ultra-wealthy can dispose of their wealth?

leave to the families/descendants once the person dies, left for public purposes once the person dies, or be administered during their lifetimes

Gospel of Wealth: why is the 3rd way superior?

The people who have the money know how to use it, and it ensures the money is used properly.

Gospel of Wealth: type of activities Carnegie would support with his wealth and why?

He supports establishing parks, schools, colleges, and libraries because it helps people build education and skills.

John D. Rockefeller: robber baron or captain of industry and why?

He was a robber baron because he used an illegal method to gain his wealth, cared more about his wealth than the overall economy, and did not treat his workers very well.

Describe vertical integration and say who used it.

A legal process of gaining control of different businesses that make up the phases of development. Andrew Carnegie used this

Describe horizontal integration and say who used it.

An illegal process of buying many firms in the same business to form one large company. John D. Rockefeller used this.

Buying out your competitors so that you're the only business in that industry (no competition).

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Question	Answer
Characteristics of a robber baron?	powerful industrialists, established large businesses in the late 1800's, businesses established at the expense of the public, perceived to have drained the country of its natural resources, persuaded public officials to interprets laws in their favor
Characteristics of a captain of industry?	powerful industrialists, established large businesses in the late 1800's, strengthened the American economy, created jobs for Americas, raised standard of living, and established museums, libraries, and universities
Andrew Carnegie: country of origin?	Scotland
Andrew Carnegie: major industry in which he made his wealth?	Steel
Andrew Carnegie: robber baron or captain of industry and why?	He's a captain of industry because he used a legal method to gain his wealth, cared for his workers more than most people, and advocated for establishing buildings like libraries and schools to help people build skills and education.
Gospel of Wealth: 3 ways in which the ultra-wealthy can dispose of their wealth?	leave to the families/descendants once the person dies, left for public purposes once the person dies, or be administered during their lifetimes
Gospel of Wealth: why is the 3rd way superior?	The people who have the money know how to use it, and it ensures the money is used properly.
Gospel of Wealth: type of activities Carnegie would support with his wealth and why?	He supports establishing parks, schools, colleges, and libraries because it helps people build education and skills.
John D. Rockefeller: major industry in which made his wealth?	Oil
John D. Rockefeller: robber baron or captain of industry and why?	He was a robber baron because he used an illegal method to gain his wealth, cared more about his wealth than the overall economy, and did not treat his workers very well.
Describe vertical integration and say who used it.	A legal process of gaining control of different businesses that make up the phases of development. Andrew Carnegie used this
Describe horizontal integration and say who used it.	An illegal process of buying many firms in the same business to form one large company. John D. Rockefeller used this.
Define monopoly.	Buying out your competitors so that you're the only business in that industry (no competition).

Created by: 326846

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