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What is a corporation?
A large business organization where ownership is divided into shares of stock, allowing for massive capital raising and limiting liability for investors.
Who were the key people involved in corporations?
Shareholders, boards of directors, industrial leaders like Carnegie, Rockefeller, Vanderbilt, investment banks like J.P. Morgan, and workers.
What was the significance of corporations during the Gilded Age?
They fueled explosive industrial growth, created monopolies, and led to calls for regulation like the Sherman Antitrust Act.
What is a Robber Baron?
Wealthy industrialists who used ruthless methods to build fortunes, such as crushing unions and manipulating markets.
Who were some notable Robber Barons?
John D. Rockefeller, Andrew Carnegie, Cornelius Vanderbilt, and J.P. Morgan.
What was the significance of Robber Barons?
They symbolized inequality and corruption, sparking the Progressive movement and public debates about wealth and power.
What does Laissez Faire mean?
An economic philosophy meaning 'let do' or 'hands off,' where the government avoids regulating business.
Who supported Laissez Faire policies?
Big business leaders, pro-business politicians, classical economists, and supportive Supreme Court decisions.
What was the significance of Laissez Faire?
It allowed monopolies and poor working conditions to flourish and encouraged rapid industrialization.
What is Social Darwinism?
The belief that natural selection applies to society, where the strongest succeed and the weak fail.
Who was a main theorist of Social Darwinism?
Herbert Spencer.
What was the significance of Social Darwinism?
It justified inequality and harsh labor conditions and was used to oppose government intervention.
Who were the New Immigrants?
Immigrants arriving between the 1880s and 1920s, mostly from Southern and Eastern Europe.
What distinguished New Immigrants from earlier immigrants?
They were often Catholic, Jewish, or Orthodox, spoke unfamiliar languages, and had different cultural traditions.
What was the significance of New Immigrants?
They transformed American cities, provided cheap labor, and led to restrictive immigration laws.
What is inflation?
A general rise in prices that reduces the purchasing power of money.
Who were the key groups involved in the inflation debate?
Farmers, Populists, William Jennings Bryan, bankers, and industrialists.
What was the significance of inflation in the 1800s?
It became a major political issue, with farmers supporting it to raise crop prices.
Who was William Jennings Bryan?
A Democratic and Populist leader who championed farmers and bimetallism.
What was the significance of William Jennings Bryan?
He became the national voice of the free-silver movement and represented the rise of farmers against big business.
What was the Populist Party?
A political party formed in the 1890s to represent farmers and laborers.
What were the major reforms pushed by the Populist Party?
Bimetallism, direct election of senators, income tax, government regulation of railroads, and shorter workdays.
What is bimetallism?
A monetary system using both gold and silver to back U.S. currency.
Who supported bimetallism?
Populists, farmers, and William Jennings Bryan.
What was the significance of bimetallism?
It aimed to raise crop prices and became a central issue in the 1896 election.
What was the Homestead Strike?
A violent labor strike at Carnegie Steel's Homestead plant after wage cuts.
What was the significance of the Homestead Strike?
It ended in a major defeat for unions and showed government-business cooperation against labor movements.
What was the Pullman Strike?
A nationwide railroad strike triggered by wage cuts and high rents in the Pullman company town.
What was the significance of the Pullman Strike?
Federal troops were sent in to break the strike, showing government support for big business.
Who was Eugene V. Debs?
Labor leader who founded the American Railway Union and led the Pullman Strike.
What was the significance of Eugene V. Debs?
He became a symbol of labor rights and government suppression of unions.
What were three factors responsible for rapid industrial growth in the late 1800s?
Abundant natural resources, technological advancements, and a growing labor force.
What natural resources contributed to industrial growth?
Coal, iron ore, oil, timber, and copper.
Why did abundant natural resources matter for industrial growth?
The U.S. could produce everything domestically, cheaply, and at a massive scale.
What was the large labor supply from immigration during 1880-1920?
Millions of new immigrants from Southern and Eastern Europe provided a steady, low-cost workforce for factories, mines, and railroads.
How did urbanization affect labor supply?
Urbanization created huge labor pools in cities.
Why did industrialists benefit from cheap labor?
They could run factories 24/7, increasing production and profits.
What technological innovations transformed production?
Breakthroughs like the Bessemer steel process, electricity, the telephone, typewriter, and improved machinery.
What business innovations allowed companies to expand?
Corporations, trusts, vertical and horizontal integration.
How did railroads contribute to the economy?
They created a national market, enabling mass distribution.
What is laissez-faire?
A policy of minimal government intervention in the economy.
How did industrialists use laissez-faire to their advantage?
They formed monopolies and trusts, exploited workers, and influenced politics.
What were some practices of industrialists under laissez-faire?
Buying out competitors, merging companies, and controlling entire industries.
What were the consequences of exploiting workers?
Extremely low wages, child labor, long hours, and unsafe conditions.
How did industrialists influence politics?
By bribing politicians, influencing elections, and shaping laws in their favor.
What economic innovations helped US industry expand?
Technological advancements and new business methods.
What was Andrew Carnegie's approach to steel production?
He adopted the Bessemer steel process and used vertical integration.
What was the significance of Carnegie's philanthropy?
He believed the rich had a duty to give back, donating over $350 million.
What were John D. Rockefeller's monopolistic practices?
Predatory pricing, secret railroad rebates, and intimidation of competitors.
What was the impact of Rockefeller's business practices on consumers?
He made kerosene and oil dramatically cheaper and more reliable.
What is a nativist?
A person who believes that the interests of native-born Americans should be protected over those of immigrants.
What economic concerns did nativists have regarding immigrants?
They feared immigrants would take jobs, lower wages, and increase competition for housing and resources.
What was the problem of overproduction for American farmers in the 1890s?
Farmers produced too many crops, leading to economic issues.
What caused crop prices to fall?
Too much supply caused prices to fall.
What happened when farmers grew more crops than the market could absorb?
Crop prices dropped sharply and farmers earned less money per bushel.
What financial challenges did farmers face due to falling crop prices?
Farmers were trapped in debt with mortgages, loans for equipment, and debts to railroads and grain elevators.
How did railroads and middlemen take advantage of farmers?
Railroads charged high shipping rates, grain elevator operators charged high storage fees, and banks charged high interest.
What was the global impact of overproduction in agriculture?
Overproduction was global, flooding world markets and pushing prices lower.
How did the gold standard affect farmers?
It made the money supply tight, kept prices low, and made debts harder to pay.
What did William Jennings Bryan promise during the 1896 election campaign?
To replace the gold standard with silver and gold, create inflation, and fight for ordinary Americans.
What were the three main issues over which business owners and workers clashed?
Wages, working conditions, and union rights.
Who did the US government usually support in disputes between labor and management during the late 1800s?
The federal government usually sided with business owners and management.
What is a trust?
A large business combination where several companies are controlled by a single board of trustees.
Who were key figures involved in trusts?
John D. Rockefeller, J.P. Morgan, and major industrialists.
What is suffrage?
The right to vote in political elections.
Who were the main activists for women's suffrage?
Susan B. Anthony, Elizabeth Cady Stanton, and Alice Paul.
What is a referendum?
A political reform allowing citizens to vote directly on proposed laws.
What is recall in a political context?
A process allowing voters to remove an elected official from office before their term ends.
What was the role of muckrakers during the Progressive Era?
Investigative journalists who exposed corruption and social problems.
What did the 16th Amendment accomplish?
Gave Congress the power to create a federal income tax.
What was the significance of the 17th Amendment?
Allowed direct election of U.S. Senators by the people.
What did the 18th Amendment establish?
Banned the manufacture, sale, and transportation of alcohol (Prohibition).
What did the 19th Amendment grant?
Granted women the right to vote nationwide.
What factors aided the passage of the women's suffrage amendment?
Women's contributions during WWI, organized activism, and growing public support for democratic reforms.
What led to the passage of the Pure Food and Drug Act?
Muckraker exposés revealing unsafe conditions in the food and drug industries.
Why were Presidents Wilson and Theodore Roosevelt considered Progressive Presidents?
They expanded the power of the federal government to regulate big business and protect the public.
What was Roosevelt's approach to monopolies?
He used the Sherman Antitrust Act to break up 'bad trusts' and regulate corporations.
What consumer protection laws did Roosevelt support?
The Pure Food and Drug Act and the Meat Inspection Act.
What did Roosevelt's Square Deal policy address?
Controlling big business, protecting consumers, and conserving natural resources.
What was Wilson's New Freedom policy focused on?
Breaking up monopolies, regulating the banking system, and protecting consumers and workers.
What did the Clayton Antitrust Act achieve?
It outlawed unfair business practices and protected labor unions.
What was the significance of Imperialism?
It transformed the U.S. into a global power, leading to overseas expansion.
What is Yellow Journalism?
Sensationalized newspaper reporting designed to attract readers and stir emotions.
What was the impact of Yellow Journalism on the Spanish-American War?
It inflamed public anger and helped push the U.S. into the war.
What is the Roosevelt Corollary?
An addition to the Monroe Doctrine allowing U.S. intervention in Latin America.
What was the outcome of the Spanish-American War?
The U.S. gained Puerto Rico, Guam, and the Philippines, marking its rise as an imperial power.
What was the Philippine-American War?
A conflict between U.S. forces and Filipino nationalists resisting American control.
What was the Open Door Policy?
A U.S. policy for equal trading rights in China and protection of its territorial integrity.
What does Big Stick Diplomacy mean?
Negotiate peacefully but use military force if necessary.
What was Dollar Diplomacy?
A foreign policy encouraging U.S. investments in Latin America and Asia.
What event triggered World War I in 1914?
The assassination of Archduke Franz Ferdinand of Austria-Hungary.
How did the U.S. initially respond to World War I?
The U.S. chose to remain neutral and avoid involvement.
What was the impact of submarine warfare on U.S. neutrality?
It threatened American lives and trade, making neutrality impossible to maintain.
Why were loans to the Allies significant?
They tied U.S. financial interests to an Allied victory.
What was the Zimmermann Telegram?
A secret German proposal to Mexico to join the war against the U.S.
How did the US entry into World War I affect African-Americans?
The war created labor shortages, leading to the Great Migration, where many moved to northern cities for better jobs, but faced racial tension.
How did the US entry into World War I affect immigrants?
Immigrants filled wartime factory jobs but faced increased suspicion and discrimination, especially German Americans.
How did the US entry into World War I affect women?
Women entered the workforce in large numbers, contributing to the argument for women's rights and leading to the 19th Amendment.
Why were the Espionage Act and the Sedition Act passed?
They were passed to suppress dissent and protect national security during World War I.
Why did the Supreme Court uphold the Espionage Act in Schenck v US?
The Court ruled that free speech could be limited during wartime if it posed a clear and present danger.