The Gilded Age - Part 2

Front

An economic system characterized by private ownership of property and the use of that property to make a profit for the individual is called _____________.

Back

Capitalism

Front

Complete control over an industry is called a ____________.

Back

Monopoly

Front

This individual has a monopoly over steel and invested in railroad and oil companies. He sold his company to JP Morgan. He used the Bessemer Steel Process to make more products for less money. Who is he?

Back

Andrew Carnegie

Front

This individual had a monopoly over oil/gas. He built his first refinery in Pennsylvania and bought out his competitors. Who is he?

Back

John D. Rockefeller

Front

This individual had a monopoly over railroads. He started his own ferry business and bought so much stock in the NY rail line that he eventually owned the company. Who is he?

Back

Cornelius Vanderbilt

Front

This individual had a monopoly over banking. He became an accountant and his firm was the main source of US government financing. Who is he?

Back

JP Morgan

Front

Someone who uses cut-throat tactics to make a profit. Ex: Carnegie, Rockefeller and JP Morgan

Back

Robber Baron

Front

Someone who made wise business choices to succeed. Ex: Cornelius Vanderbilt

Back

Captain of Industry

Front

If a monopolist uses Social Darwinism to argue their business practices, are they a Robber Baron or a Captain of Industry?

Back

Robber Baron

Front

Laissez Faire is when the government

Back

is Hands Off - little to no intervention