Ch.5 Questions

What was an important benefit of the laissez-faire policies of the federal government in the late 19th century?

American entrepreneurs were able to invest in their businesses with little government interference

What was a positive contribution of Andrew Carnegie?

Carnegie showed how to organize large-scale production as well as how to use profits in philanthropic activities

What social issue was raised by the philanthropic activities of many American business leaders during the Glided Age?

Was it right for business owners to pay low wages to their workers to finance philanthropic activities?

In the late 1800s, which factor contributed to the growth of the American steel industry?

new production techniques - Bessemer process

The Interstate Commerce Act & the Sherman Antitrust Act were efforts by the federal government to do what?

regulate aspects of business - prohibited unfair practices

The statement "God gave me my money. I believe the power to make money is a gift from God to be developed & used for the good of mankind," was probably said by what Ch 5 figure?

John D. Rockefeller

During the late 1800s, what was a major effect of industrialization on American workers?

Skilled craftsmen were often replaced by unskilled machine operators

During the period from 1865-1900, disputes between labor & business owners were sometimes marked by what?

the use of violence by both sides

What goal was shared by both the Knights of Labor & the American Federation of Labor?

to organize workers to demand better conditions from employers

What was the main purpose of the antitrust legislation passed by congress?

to protect competition between private businesses

In the late 19th century, critics of big business claimed that monopolies in the US harmed the economy by doing what?

unfairly limiting competition