The Rise of Industrial Capitalism in America

Flashcards covering the key vocabulary and concepts related to the rise of industrial capitalism in America during the Gilded Age.

Industrialism

The change in the way things are made for sale, specifically the move toward mass production and mass consumption of goods.

The Gilded Age

The period of American history in which industrialism began, marked by a superficial appearance of prosperity masking underlying problems.

Corporations and Trusts

Large companies that dominated entire industries during the Gilded Age, especially in the railroad, steel, and oil sectors.

John D. Rockefeller

Owner of Standard Oil who eliminated competition through shrewd business moves.

Horizontal Integration

A process where one company buys out all its competitors until there is effectively no competition left, exemplified by Standard Oil.

Andrew Carnegie

Key figure in the steel industry who consolidated his interests through vertical integration.

Vertical Integration

A company acquires all the complementary industries that support its business, from mining to processing to distribution, as done by Carnegie in the steel industry.

The Drive for Empire

Industry leaders sought to acquire new markets to sell goods and new places to acquire natural resources.

Laissez-faire

Government policies of non-intervention or regulation over business practices, which allowed men like Rockefeller and Carnegie to grow wealthy.

Social Darwinism

The application of Darwinian principles to economics, suggesting strong companies should eliminate weak ones.

Gospel of Wealth

Those with extraordinary wealth had a duty from God to invest their wealth back into society through generous acts of philanthropy.

Captains of Industry or Robber Barons

Figures like Carnegie, Rockefeller, Collins Huntington, and Mark Hanna are referred to as either these, depending on one's perspective on their contributions to American society.