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10 Cards in this Set
- Front
- Back
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28 - JOHN D. ROCKEFELLER |
- Considered one of the Robber Barons, though also philanthropist
-Created Standard Oil Company and Standard Oil Trust - "Standardized" the oil industry by controlling almost all US oil refining and distribution as well as much of world’s oil trade - Had iron-fisted rule and aimed for world progress and industrialization even if humanity had to suffer a little -Invested very little of his own money, got investors to invest in his ideas |
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28 - ANDREW CARNEGIE |
-Considered one of the Robber barons, though also philanthropist
- Invested in iron for RR tracks and later invested in steel - Built Carnegie Steel Company in Pittsburgh and later sold it for $480 million - Created “loss leader” - selling things below price of cost to make so consumer becomes dependent on products created to support the original |
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28 - JP MORGAN |
-Considered one of the Robber Barons, though philanthropist
- His company (JP Morgan Company) became leader in financing American businesses - Invested in western RR’s and controlled every single RR west of Mississippi within 3 years - bailed out US gov: Sold government bond issue to keep US Treasury from collapsing and loaned $ to keep banks from closing -Hitler said JPM was father of modern fascism |
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28 - LOSS LEADER |
- Selling things below price of cost to make so consumer becomes dependent on products created to support the original
- Created by Andrew Carnegie |
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28 - MONOPOLISM |
- Idea is to control capital by placing power in the hands of a few oligarchical leaders of business
- Another name for capitalism |
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28 - SOCIALISM |
- System to manage capital with government regulations (anything worth selling or owning is controlled by or owned by the government)
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28 - DISCUSS SOME OF THE BENEFITS AND SOME OF THE PROBLEMS RESULTING FROM THE RISE OF INDUSTRIALISM. - PART 1 OF 2 ( 4 pts) Benefits... |
Benefits:
1) DISTRIBUTION OF CONSUMER GOODS: Suddenly people needed things that didn’t even exist until recently. 2) WIDESPREAD EMPLOYMENT: Jobs were available in cities, so much of pop. moves to cities. (Though working conditions weren't great, owners lived in splendor while workers lived in poor tenements) 3) STABILIZATION OF MARKETS: Jobs did not depend on flux of farming |
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28 - DISCUSS SOME OF THE BENEFITS AND SOME OF THE PROBLEMS RESULTING FROM THE RISE OF INDUSTRIALISM. - PART 2 OF 2 Problems.... |
Problems:
1) POLLUTION, CONGESTION, AND DISRUPTION OF LIFE: Cities grew and there was pollution and congestion. There were pockets of multi-generational poverty in the cities 2) FAMILY DISINTEGRATION: Families didn’t stay rooted or hold together. People became more mobile and families spread apart 3) SERVILE STATE: WAGE DEPENDENTS-- Growth in consumerism and materialism actually decreased financial freedom. |
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28 - DISCUSS IN A PARAGRAPH OR TWO THE INCREDIBLE CHANGE EXPERIENCED BY PEOPLE LIVING DURING THE 19TH CENTURY. INCLUDE TECHNOLOGICAL ADVANCES, EMPLOYMENT CHANGES, RESIDENCE CHANGES... - PART 1 OF 2 (6 pts) |
- Industrialization changed the world overnight. There was vast change in technology. (More change in 100 years than in last 1800 years)
- The 19th century saw the development of bicycles, railroads, roller skates, telephones, cotton gins, sewing machines, typewriters, motion pictures, and more. - In just 50 years, half of the country moved from the country to cities |
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28 - DISCUSS IN A PARAGRAPH OR TWO THE INCREDIBLE CHANGE EXPERIENCED BY PEOPLE LIVING DURING THE 19TH CENTURY. INCLUDE TECHNOLOGICAL ADVANCES, EMPLOYMENT CHANGES, RESIDENCE CHANGES...
- PART 2 OF 2 |
- Cities needed to be transformed to support population - sewage, housing, electricity, etc. - Industrial jobs increased dramatically and 75% of jobs became part of industrial apparatus - People began to buy into private enterprise system, but had less private property than before (owned by banks, insurance companies, etc.) |
