Gilded Age to Progressive Era Study Guide

Industrialization

The progression of manufacturing from hand-made goods to making things with machines. Workers left farms for factories because the machines replaced them, and the U.S. was the leading industrial nation.

 Laissez Faire

Means “Leave Alone” or “Hands Off”. The government can’t interfere with companies.

Entrepreneur

People who take the risk to start a business. _________ collect information about businesses, become educated on taxes and laws, and try to get investors for their business.

Monopoly

One company takes over an entire industry. The company can then raise prices and lower the quality of their products. This is bad for the consumers since they do not have a choice in what product to buy anymore.

Andrew Carnegie

A Scottish immigrant who came to America. _______ Steel provided materials for things like cars, skyscrapers, and railroads, and his net worth would be $122 billion if he hadn’t given away so much of his money.

 John D. Rockefeller

He took over 90% of the Oil industry. He was the first American billionaire, and his Net worth today would be $306 billion.

Recall

A type of election where an elected official has to run for re-election before their term is over. This is for STATE elections, usually for Governors, and is one of the reforms made during the Progressive Era.