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The Growth of Big Business; 6-2 Quiz Review
Terms in this set (23)
Captains of Industry
Suggests that the business leaders served their nation in a positive way.
Implies that the business leaders built their fortunes by stealing from the public.
The theory of survival of the fittest as it applied to business.
The federal gov't should stay out of the affairs of business
"gospel of wealth"
preached by A. Carnegie, he believed that the wealthy should give away money to help society.
A business method that allows for control over an industry by bringing together many firms in the same business. J.D. Rockefeller
To control all phases of a product's development. This business strategy was used by Andrew Carnegie.
Organized by J.D. Rockefeller to gain and maintain control of the oil industry. Allowed him to get around state laws.
Created by businesses who set out gain control of a product or service.
Sherman Antitrust Act
Attempted to limit the amount of control a business could have over an industry.
Transportation industry. Shipping and RR.
An American industrial leader of the late nineteenth and early twentieth centuries. Carnegie, a self-made man, immigrated to the United States from Scotland without money and made millions in the steel industry.
John D. Rockefeller
An American businessman of the late nineteenth and early twentieth centuries; a founder of the Standard Oil Company. Rockefeller was the richest man in the world at his retirement and was noted for founding many charitable organizations.
What were the philosophies of business?
Laissez-faire, Social Darwinism, Gospel of Wealth
Why did the Federal Government modify the philosophies of business?
The people demanded it.
In the cartoon, King Monopoly, what was the source of the monopolist's wealth and power?
Tariff and trusts.
How did Andrew Carnegie and John D. Rockefeller gained control of their industries?
By practicing vertical and horizontal consolidation.
The role of government in economic matters.
Laissez-faire- stay out of the affairs of business.
What type of business tactics did the Industrialists of the late 1800s use to achieve their success?
Employed spies, bribed public officials, use high-pressure sales methods, intimidation of competitors, hostile takeovers, manipulated the stock market, ruthless business methods to eliminate competition.
By the end of the 1800s, how did most Americans view the industrialists?
Americans did not trust the industrialists.
America's first billion-dollar corporation...
United States Steel.
At first, how was the Sherman Anti-Trust Act used?
It was used successfully against labor unions, which was not the intent of the law.
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