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5 Cards in this Set
- Front
- Back
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Summary
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Innovations in technology and business boosted American industry in the late 1800s. Large steel, oil, and railroad corporations dominated the economy, with little governmental control. Industrial expansion produced greater access to goods and services, and it improved standards of living for many Americans, but not all.
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Innovations and inventions
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Innovations such as the electric light bulb and kerosene, spurred the growth of new industries. The telegraph and telephone brought modern communications to homes and businesses. The Bessemer process lowered the cost of steel and encouraged new forms of construction.
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New business techniques
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Business leaders formed corporations to attract capital from investors, who became owners by buying stock. They improved production methods in order to mass-produce more goods in less time. By promoting horizontal or vertical integration, some leaders gained control of major industries. They also sought to reduce competition by forming monopolies and trusts.
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Laissez-faire
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The federal government generally adopted a laissez-faire policy toward business. This hands-off approach reflected a belief in social Darwinism. The Sherman Antitrust Act was only feebly enforced.
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The Gilded Age
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While industrialists amassed great fortunes, society was tainted by political corruption and a huge gap between rich and poor. Carnegie, Rockefeller, and Vanderbilt used some of their wealth to promote the common good. Historians debate their overall impact noting increased industrial productivity but also unfair business practices.
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