Second Industrial Revolution, Labor Unions/Strikes

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The term monopoly can best be described as

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a company that controls or dominates an industry

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One reason John D. Rockefeller, Andrew Carnegie, and J. P. Morgan were sometimes called robber barons was because they

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used ruthless business tactics against their competitors.

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Which term best describes the United States economic policy during the era of the rise of big business (1865-1900)? Options: Mercantilism, Communism, Laissez-faire Capitalism, Socialism

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Laissez-faire Capitalism

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The 19th century philosophy of Social Darwinism maintained that

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economic success comes to those who are the hardest working and most competent.

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Many wealthy American industrialists of the late 19th century (1800s) used the theory of Social Darwinism to

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justify monopolies.

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The Rockefeller Foundation, Carnegie Hall, and the Morgan Library illustrate various ways that entrepreneurs

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supported philanthropic activities to benefit society.

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The Gospel of Wealth, written by Andrew Carnegie, promoted the concept that people with wealth should

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use their wealth to help society indirectly (i.e., building libraries and schools).

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What is the main idea of this cartoon?

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The Standard Oil Company was a harmful monopoly.

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In the late 19th century (1800), Congress tried to limit the power of monopolies by

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passing the Sherman Antitrust Act.

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In the United States, the main purpose of the Sherman Antitrust Act is to

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increase competition in business.