EOC Flashcard Quiz - Gilded Age

-Development of the Transcontinental RR and other new RR lines

-Improved travel

• Expansion of the Railroads

• Westward Expansion

• Laissez-Faire

• Corporation

-Bessemer Process - Used in steel production

-Electricity - gave birth to new industries

-Oil Industry - replaced whale oil use

• Agricultural Advances

• Technological Advances

• Corporation

• Laissez-Faire

A company chartered by a state and by law recognized as a separate entity "person"

Having complete control over the supply of a product or service

The theory that gov't should not interfere in the operation of the free market

• Monopoly

• Laissez Faire

• Social Darwinism

• Corporation

-Law to stop monopolies engaging in unfair practices

-Promoted fair competition

• Homestead Act (1862)

• Americanization

• Pendleton Civil Service Act (1883)

• Sherman Antitrust Act (1890)

-Business men sometimes used ruthless tactics to destroy competition and keep workers' wages low

-Headed the industrialization of the US and expanded the economy

• Robber Barons/ Captains of Industry

• Robber Barons/ Political Machines

• Ranchers

• Tammany Hall

-Fostered the Gospel of Wealth

-Steel production

-Philanthropist who gave money to libraries

-Standard Oil Company

-Used both vertical and horizontal integration to monopolize the oil industry

-Long hours

-Low wages

-Poor working conditions

-Child labor

-No job security

• Problems faced by workers

• Problems faced by farmers

• Problems faced by captains of industry

• Problems faced by politicians