definition: the use or spending of lots of money just to "show off" the fact that you have money
conspicuous (cun-spic-you-us) consumption
TRUE or FALSE:
During the "gilded" (golden) age, lots of people made money and very few were poor.
False. A few got rich and most were very poor.
All the wealth and the big spending of the wealthy during the gilded age hid two important problems in society. NAME THEM
1. the poverty faced by immigrants
2. corruption in business and government
During the gilded age who made lots of money?
business owners (industrialists)
In the McGuffy Reader (a reading book used in schools), children learned that you would not be poor, if you were a _______ person.
moral (do the right things)
This person wrote fiction stories about people going from rags (poor) to riches.
some of the poor are called "shiftless" and "good-for-nothing" in this essay
"The Forgotten Man"
WHO IS THIS? A biologist who made the theory that only the most fit (or smart) animals and people will survive.
Charles Darwin would believe that it is our responsibility to help people who are poor, handicapped, or mentally slow? TRUE or FALSE?
FALSE, He would say that only the most fit and able people should survive.
A hands off approach by government; This type of economic belief says that the government should not interfere in the economy and businesses.
laissez faire economics
WHO? wrote the book "Wealth of Nations"
Did the book "Wealth of Nations" teach that 1) the government should have rules to help distribute wealth more evenly OR 2) the government should keep its hands off of businesses
Adam Smith, the author believed that the government should keep its "hands off" of private businesses
An economic system in which businesses are owned by private citizens (not by the government) is called ________
(capitalism, communism, socialism)
(economics) A market in which there are many buyers but only one seller of a product. One company has complete control.
A master of the banking industry. He loaned $65 million to the government during the depression.
J P Morgan
he wrote the "Communist Manifesto"
The economic system that is based on private ownership of land, products, and businesses is ____ (capitalism, communism, socialism)
The economic system in which the important industries are owned by the government, but there are some privately owned businesses is called ___ (capitalism, communism, socialism)
The economic system in which the central government:
owns and operates all businesses
owns all property and
makes all major economic decisions
is called ________
(capitalism, communism, socialism)
an explanation of communism.
It encourages the poor to overthrow the rich few who were running the government.
"Workers of the world unite" "workers have nothing to lose but their chains"
The "Communist Manifesto" written by Karl Marx
A market economy is the same as
Name the industry for these industrialists:
1) JP Morgan
2) John D. Rockefeller
"robber baron"an American business leader who uses dishonest methods to grow rich.
(robber = to steal) (baron = wealthy person)
"Temporary migrants who came to the United States to work and save money then returned home to their native countries.
"birds of passage"
the belief that native-born Americans are superior to foreigners and should be favored when making laws.
a belief that "mixing" of natives with immigrants was negative. "Less desirable" immigrants would take over U.S. based on numbers.
a law that made it illegal in the US to create monopolies
the Sherman Anti-Trust Act
journalists who wrote about corruption in business and politics in order to bring about reform.
invented barbed wire
invented the cotton gin
invented the sewing machine
invented the locomotive (train) lubricator
invented the steamboat
he greatly improved methods of steel production
invented the telegraph
F. B. Morse
invented the mechanical reaper
immigrants before 1880 (the "old") came from countries such as ....
England, Netherlands, Germany, France (Northwest Europe)
immigrants after 1880 (the "new") came from countries such as ...
Southern Europe and Eastern Eurpe (Italy, Greece, Poland, Spain, Ukraine) and Asia especially China and Russia
Most of the countries in the world today have which type of economic system of government?
progressives This political group worked to solve problems caused by the rapid urban (city) population growth in the late 1800s due to the growth of industry.
What did progressives want to change?
They focused on many social problems created by industrialization (factories):
++living conditions for the urban poor
++unfair practices by businesses
++safety in the workplace
Spending lots of money to "show off" how rich you had become is called ___
conspicuous (con- spic- you - us) consumption
What is an important problem with capitalism?
It can create a big gap between the rich and the poor
In words like capitalism what does the word "capital" mean?
money or things that have money value (like land)
Supply and Demand is part of ____ (capitalism, communism, socialism)
What is an important problem of socialism?
There are high taxes and very little personal wealth
Whay do wages (pay) goe up in a market economy (capitalism)?
A lack of labor (people to do work) means that companies must pay more to get workers.
What is an important problem with communism?
There is no desire to be inventive or work hard because it wont change how much you get paid.
Most immigrants who came to the USA before 1880 (the OLD Immigrants) were from what area?
NorthWest Europe (Germany, England, Netherlands, France, Scotland)
Immigrants succeeded in the US if they did what?
The Republican party during the industrial growth period believed that the US should have:
++high OR low tarrifs?
++allow immigration OR limit it?
The Democratic party during the industrial growth period believed that the US should have:
++high OR low tarrifs?
++higher OR lower farm prices?
higher farm prices