The Rise of Industrial Capitalism (College Board AP® US History): Flashcards
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Define Captain of Industry.
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Cards in this collection (27)
Define Captain of Industry.
A Captain of Industry was a business leader who helped build the American economy and shape modern industries, and was seen as a philanthropist who gave back to society.
Define Robber Baron.
A Robber Baron was a business leader accused of achieving wealth through unethical means.
Which causes did Captains of Industry fund?
They funded education, culture, and public welfare, such as libraries, universities, and art collections.
John D. Rockefeller founded and dominated the oil refining industry.
John D. Rockefeller founded Standard Oil and dominated the oil refining industry.
Define horizontal integration.
Horizontal integration means gaining control of one stage of an industry, as Rockefeller did with oil refining, and forcing competitors out of business.
What did horizontal integration allow Rockefeller to do?
It allowed him to set prices, control quality, and dominate the market.
Define vertical integration.
Vertical integration means controlling every step in the production process, as Andrew Carnegie did in the steel industry.
Why did vertical integration reduce Carnegie's production costs?
Carnegie did not have to rely on suppliers.
Which parts of the steel production process did Carnegie Steel own?
Carnegie Steel owned iron ore mines, coal fields, railroads and ships, and steel mills.
How did Robber Barons exploit workers?
Robber Barons exploited workers by paying low wages.
True or False?
Robber Barons were accused of setting prices above cost to drive smaller companies out of business.
False.
Robber Barons were accused of setting prices below cost to drive smaller companies out of business, then raising prices once the competition was gone.
Which other unethical practices were Robber Barons accused of?
They were accused of manipulating stock markets by spreading false information and bribing politicians to secure contracts or avoid regulation.
True or False?
Captains of Industry and Robber Barons were two separate groups of business leaders.
False.
The same capitalist business leaders were seen as Captains of Industry by some and as Robber Barons by others.
Define laissez-faire.
Laissez-faire means "to let alone." It was the US government's policy of minimal interference in business during the Gilded Age.
How did business leaders benefit from laissez-faire?
Business leaders benefited from laissez-faire by growing their wealth through monopolies.
Which labor protections did workers lack under laissez-faire?
There were no minimum wage laws, no limits on working hours, and no protection from dangerous working conditions.
How long did many Gilded Age workers typically work?
Many worked 10-12 hours a day, six days a week.
What happened to workers who were injured at work?
They received little to no compensation, and there was no sick leave or sick pay.
Gilded Age workers lacked job because they could be fired at any time, with no protections or benefits.
Gilded Age workers lacked job security because they could be fired at any time, with no protections or benefits.
Define Social Darwinism.
Social Darwinism applied Darwin's theory of evolution to society, economics, and politics, promoting the idea of the "survival of the fittest."
How did wealthy industrialists use Social Darwinism to explain success and poverty?
They said their success came from a superior ability to adapt, and that poverty was a natural result of people's inability to adapt and compete.
Why did Social Darwinists oppose welfare programs?
They claimed welfare would interfere with the natural processes of society.
Define Gospel of Wealth.
The Gospel of Wealth was Andrew Carnegie's idea that the wealthy had a moral responsibility to use their wealth to help those less fortunate.
How did Carnegie believe the wealthy should help poorer people?
Carnegie believed they should help through philanthropy, not charity.
Why did Carnegie fund libraries, concert halls, and universities?
Carnegie funded libraries, concert halls, and universities because he saw education and cultural enrichment as key to helping individuals change their social status.
True or False?
The Gospel of Wealth solved the inequalities of the Gilded Age.
False.
It reflected some industrialists' efforts to address social issues, but it did little to solve inequalities.
Which groups of Gilded Age workers were often paid just 25% of a working man's wages?
Immigrants, women, and children were often paid just 25% of a working man's wages.
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