Chapter 5 Flashcard

Front

What are laissez-faire policies?

Back

Economic policies that minimize government intervention in business, allowing for free-market competition.

Front

What was the impact of laissez-faire policies during the Gilded Age?

Back

They resulted in minimal government interference, allowing businesses to grow unchecked.

Front

What is horizontal integration?

Back

A business strategy where a company acquires or merges with competitors to increase market share.

Front

What is vertical integration?

Back

A business strategy where a company controls multiple stages of production, from raw materials to final product.

Front

Who was John D. Rockefeller?

Back

An American oil industry magnate known for founding Standard Oil and using horizontal integration.

Front

Who was Andrew Carnegie?

Back

An American steel industry leader known for his use of vertical integration in the steel business.

Front

What does AFL stand for?

Back

American Federation of Labor, an organization founded by Samuel Gompers to represent skilled workers.

Front

What was the purpose of the Transcontinental Railroad?

Back

To connect the eastern and western United States, facilitating the movement of goods and people.

Front

How did the Transcontinental Railroad impact the national market?

Back

It facilitated the movement of goods across the country, expanding the national market.

Front

What is the Sherman Anti-trust Act?

Back

A federal law aimed at preventing anti-competitive business practices and monopolies.