Ch.18: Industrialization & Big Business

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5 Terms

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Economy stimulated by new resources

Steel & oil

Steel becomes “cornerstone” of US economy through World War II

Business “tycoons” & monopolies dominate industry

Andrew Carnegie (steel)

John D Rockefeller (oil & railroads)

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Economy stimulated by science

Developments in electrical power & light

Thomas Edison, Nikola Tesla

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Developments in communication

Telephone- Alexander Graham Bell

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Laissez fair

Govt. non-interference policy towards business dominated attitudes

Social Darwinism: survival of the fittest

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