Unit 6 Flashcard Review

Front

A negative term for an industrialist who uses ruthless business tactics is known as a/an

Back

Robber Baron

Answer explanation

Robber Barons were known for ruthless business tactics and exploiting their workers for their own gain

Front

A positive term for an industrialist who was an innovator and also used their money for good causes

Back

Captain of Industry

Answer explanation

Captains of Industry saw themselves as innovators who made the world better with their technologies, jobs and philanthropy (charity).

Front

What theory/philosophy did industrialists use to justify the huge wealth gap in the US?

Back

Social Darwinism

Answer explanation

According to Social Darwinism, if you are rich, then you are smart enough to earn more privileges than those who are less fortunate. This WAS NOT how Darwin wanted his work to be used

Front

Which of the following was known as a monopolist in the Steel Industry?
Carnegie, Rockefeller, Morgan, Vanderbilt

Back

Carnegie

Answer explanation

Carnegie Steel was a juggernaut of the Steel Industry

Front

Which of the following was known for his monopoly in the oil industry? (Standard Oil)

Back

Rockefeller

Answer explanation

John D. Rockefeller became one of the richest people in modern history

Front

The process of one company buying out all the resources for a particular industry is known as

Back

vertical integration

Answer explanation

If you control al of the resources in an industry, you can destroy the competition

Front

The process of buying out or merging with competitors is known as

Back

Horizontal Integration

Answer explanation

This is the more common way to create a monopoly. If you buy out your competition, then there is no competition

Front

Carnegie's philosophy that the rich should donate their fortunes to charity is known as

Back

Gospel of Wealth

Answer explanation

Carnegie donated hundreds of millions of dollars to libraries, schools, and the arts. He claimed that rich people should never die rich. He died with ONLY $30 million left...

Front

Immigration's biggest effect on early 20th century cities was

Back

supply of cheap unskilled labor

Answer explanation

The newest jobs required very little education, making them "unskilled". There was an abundance of immigrants to fill these new jobs. Unfortunately, they were not paid a living wage.