Chapter 12 Review Pt 2

Found a way to make high quality steel cheaply and quickly

• Jay Gould

• Andrew Carnagie

• JP Morgan

• John. D. Rockefeller

The most famous and successful investment banker who bought Andrew Carnegie’s Steel Company

• Karl Marx

• John Rockefeller

• JP Morgan

• Jay Gould

Does not produce anything itself but owns the stock in companies that do produce goods

• Trust

• Holding Company

• Shareholder

• Jay Gould

Even before the invention of the automobile, petroleum was in high demand because it could

• be made into plastics.

• be turned into kerosene

• lubricate moving parts in a machine

• Power locomotives

Formed the first trust

•      Standard Oil

• Carnegie Steel Corporation

• JP Morgan

• Thomas Edison

People who risk their own money to organize and run businesses are known as

• Capitalists

• robber barons

• investors

• entrepreneurs

Belief that the government should not interfere in the economy

• Laissez-Faire

• Monopoly

• Pacific Railway Act

• Gross National Product

Enabled longer and heavier trains

• Pacific Railway Act

• Industrial Union

• Air Brakes

• Operating costs

Began the "Railroad Boom"

• Laissez-Faire

• Monopoly

• Pacific Railway Act

• Gross National Product

“The capitalist class is organized economically and politically to keep the working class in subjection and perpetuate its power as a ruling class. They do not support a working class union nor a working-class party. They are not so foolish. They wisely look out for themselves.” —Eugene Debs, 1912

Explain the struggle described in the above quote. Apply the quote in the context of the conditions facing workers during the Industrial Revolution.