Economic Transformation And Industrial Capitalism In The Gilded Age

The video explores the economic transformation in the U.S. from the end of the Civil War to the early 20th century, highlighting the shift from agriculture to industry. Key factors include technological advancements, new business strategies, and pro-growth policies. The rise of industrial capitalism led to significant societal changes, including increased wealth disparity and the emergence of labor unions. The video also discusses the impact of business consolidation and the role of influential figures like Carnegie and Rockefeller.

What was the economic status of the United States by the 1890s?

• It was primarily an agricultural economy.

• It was the 1st largest industrial economy.

• It was the 4th largest industrial economy.

• It was the 2nd largest industrial economy.

Which of the following was NOT a factor in the economic transformation of the United States during the Gilded Age?

• Business consolidation

• Increased agricultural production

• Pro-growth government policies

• Technological advancements

Which technological advancement was crucial for coordinating long-distance business transactions?

• Telephone

• Railroad

• Typewriter

• Electricity

What was the impact of electricity on businesses during the Gilded Age?

• It reduced the need for skilled labor.

• It allowed for safer work after dark.

• It increased the cost of production.

• It was primarily used for communication.

What role did mail-order catalogs play in the Gilded Age?

• They replaced traditional stores.

• They were a form of government regulation.

• They facilitated nationwide product sales.

• They were used for local advertising.

What was a key strategy used by Andrew Carnegie to control his industry?

• Government lobbying

• Horizontal integration

• Vertical integration

• Price fixing

How did John D. Rockefeller achieve control over the oil industry?

• By collaborating with foreign oil companies

• By reducing oil prices significantly

• By controlling 95% of the oil supply

• By inventing new drilling techniques

What was the government's approach to business regulation during the Gilded Age?

• Strict regulation

• Laissez-faire

• Heavy taxation

• Subsidization of small businesses

What was a major consequence of the rise of industrial capitalism in the United States?

• A decrease in foreign trade

• The emergence of labor unions

• A decline in living standards

• The end of business competition

What was a significant social impact of the new industrial economy?

• The rise of a consumer culture

• A decrease in urbanization

• The decline of factory work

• An increase in agricultural jobs