gilded ages
What are some of the significant changes that occurred in the nation's infrastructure and in business during the late 19th century?
A national transportation and communication network was created, the corporation became the dominant form of business organization, and a managerial revolution transformed business operations.
What did his steel mills do?
His steel mills undercut all competition.
Provide examples of his treatment of workers:
His workers put in 12-hour shifts at very low wages. He crushed any attempts by his workers to unionize.
According to the author of this text, what might it be more useful to think of the late 19th century as?
It was modern America's formative period, when an agrarian society of small producers were transformed into an urban society dominated by industrial corporations.
Why was the period from 1865 to 1900 referred to as the Gilded Age?
It was the lavish lifestyle of those who became rich from industry which made that age begin.
How was John D. Rockefeller similar to Andrew Carnegie?
Like Carnegie, he gave millions to education and science.
Why was the Gilded Age also a turbulent time?
Many people saw labor violence, rising racial tension, militancy among farmers, and discontent among the unemployed. Burdened by heavy debts and falling farm prices, many farmers joined the Populist Party, which called for an increase in the amount of money in circulation, government assistance to help farmers repay loans, tariff reductions, and a graduated income tax.
What was the Interstate Commerce Act?
Prohibited unfair practices by railroads such as charging more for shorter routes. A special regulatory commission, the Interstate Commerce Commission, was established to enforce the act.
How did these Acts affect free market capitalism?
The act marked a significant change in the attitude of Congress towards the abuses of big business.
What is the meaning of the images?
The meaning of these images is to show what happens when companies take over multiple companies therefore making a monopoly. The companies have to ask the government if it is ok to take over the company and if the government says yes then this is what happens.
What was the Sherman Antitrust Act?
Was passed to check the spread of monopolies. It made unfair monopoly practices illegal.
Who was Andrew Carnegie?
Worked his way up from a penniless immigrant to become one of America's richest and most powerful men.
Why were reforms needed in the realm of the economy?
Government leaders strongly believed in free market capitalism but as some abuses of big business were so glaring, Congress began to regulate business.
Why did Mark Twain call the late 19th century "the Gilded Age"?
He called it the gilded age, because on top the system was glittering but underneath it was corrupt.
Who was John D. Rockefeller?
He formed Standard Oil Company in 1870. He forced railroad companies to give him special, secret rates for shipping oil, while charging competitors higher prices. By 1900, he controlled almost 90% of all oil refining in the nation.
However, Andrew Carnegie was a philanthropist (engaged in charitable activities). Provide examples of his philanthropy:
He spent much of his later life giving away his fortune to support education, libraries, medical research, and world peace.
Identify three important reforms during the Gilded Age and briefly explain each one:
The Civil Service Act sought to curb government corruption by requiring applicants for certain governmental jobs to take a competitive examination. The Interstate Commerce Act sought to end discrimination by railroads against small shippers and the Sherman Antitrust Act outlawed business monopolies.
Why did some observers view certain successful entrepreneurs as "captains of industry"?
They helped forge the modern industrial economy.
How were these industrialists able to lower the prices of many goods?
Through efficiencies of large-scale production. Why did some observers refer to these captains of industry as "robber barons"? the ruthless tactics they used to destroy competition and to keep down workers' wage
