3 - Industrialization

Social Studies Final Review

Robber Barons

Entrepreneurs who were successful by driving their competitors out of business, sometimes by unfair methods. They were criticized and called Robber Barons.

Captains of Industry

Leader in a particular industry; a positive way to describe their success. They help their industry grow and prosper.

Andrew Carnegie

He worked to create the steel empire. He worked to control all aspects of the development of steel. He did good things with his money and was considered a philanthropist. Believed in the Gospel of Wealth

J. P. Morgan

He bought Carnegie’s steel company and formed the U.S Steel Company. This was the largest corporation in the world at that time.

J. D. Rockefeller

He worked to create an oil empire. His company was called Standard Oil, and by 1880, it controlled 90% of the nation’s refining and almost all oil transportation. He was also philanthropic.

Cornelius Vanderbilt

He was a railroad tycoon. He consolidated railroads to run the railroads more efficiently

Leland Stanford

He was governor of California. He was also a railroad tycoon on the western front of the United States.

Gospel of Wealth

An article written by Carnegie which stressed that the wealthy had a responsibility to help the less fortunate.

Interstate Commerce Act

Declared that all railroad rates must be reasonable and just.