Social Studies - Gilded Age

J.P. Morgan

banking

John Rockefeller

oil

Andrew Carnegie

steel

Cornelius Vanderbilt

railroad

trans continental railroad

connected the east coast to the west coast

free enterprise system

people have unlimited wants // limited resources

urbanization

overcrowding in cities, buildings, employment opportunities

national market

emerged as railroads, canals & telegraph linked the country

shareholder

partial owner in a company that receives share of company’s profits based on the amount of stock they own

stock

ownership in a company

monopoly

single seller or producer dominates the industry

entrepreneur

invests their time, money & skills on the chance of making a profit

corporation

a company chartered by the state & recognized as a separate person

sherman antitrust act

aimed at stopping monopolies & trusts from engaging in unfair practices

laissez- faire

theory govt. should not interfere in the operations of a free market

gilded age

time period of wealthy entrepreneurs

factory working conditions & labor unions

* poor working conditions
* low pay
* 12 hr work day
* led to the formation of unions to improve pay & working conditions
* 1st labor union: knights of labor

Impacts of Industrialization positive

* corporations grew
* labor unions developed
* urban centers grew to accommodate the need for factory workers

Impacts of industrialization negatives

* lumbering depleted forests
* sodbusters would plow great plains to plant crops
* mining for gold destroyed land
* railroads and buffalo hunters would wipe out buffalo
* rivers and lakes would be polluted

Pros of big business

* large business is more efficient which leads to lower prices
* hire large numbers of workers
* produce goods in large quantities
* have the resources for expensive research & to invent new items

cons of big business

* unfair competitive advantage
* often exploited workers
* often unconcerned about pollution they may cause
* have an unfair influence in govt. rules that affect them

telephone

helped others communicate easier

accusations towards robber barons

* were accused of unfair business practices,
* being above the law,
* abusing labor with low wages and long hours,
* having too much influence on government,
* simply not caring about the American Public
* and just being plain greedy

government attitude towards unions

* negative attitude as to how it would affect the U.S. economy