EOC Standard 3 Part 1 Captains of Industry

Front

What company was known for its vertical and horizontal integration, controlling 90% of American oil before its monopoly was broken up by the Supreme Court?

Back

Standard Oil

Answer explanation

John D. Rockefeller's company, Standard Oil, achieved a monopoly on American oil through vertical and horizontal integration, controlling 90% of the market. However, the Supreme Court eventually broke up the monopoly.

Front

What are the reasons for the similarities between Standard Oil's monopoly and other industrial monopolies of the Gilded Age?

Back

Both used aggressive business practices to eliminate competition and create trusts.

Answer explanation

Like other monopolies, Standard Oil aimed to control markets by streamlining operations and reducing competition through integration and trusts.

Front

What would critics of monopolies like Standard Oil most likely agree on regarding their impact on the economy?

Back

Monopolies stifled competition and led to higher consumer prices.

Answer explanation

Critics argued that monopolies, including Standard Oil, reduced competition, allowing companies to set high prices and prioritize profits over consumers.

Front

Who was the giant of finance from this time?

Back

JP Morgan

Answer explanation

JP Morgan was the giant of finance from this time. He was a prominent banker and financier, known for his influence in the banking industry and his role in shaping the American economy.

Front

How was J.P. Morgan’s role in the Panic of 1907 an example of the influence of financiers during the Gilded Age?

Back

He organized efforts to stabilize the economy by bailing out banks and businesses.

Answer explanation

During the Panic of 1907, J.P. Morgan used his financial resources and influence to restore confidence in the banking system, highlighting the power of financiers.

Front

What would critics of J.P. Morgan and his financial empire most likely agree on?

Back

His financial influence concentrated wealth and power among elites.

Answer explanation

Critics argued that Morgan's dominance in banking and finance contributed to the concentration of wealth and power in the hands of a few.

Front

Which of the following best describes the idea of "survival of the fittest" used to justify why the poor are poor and the rich are rich during this time? Options: Social Darwinism, Darwinism, Existentialism, Post Modern

Back

Social Darwinism

Answer explanation

The idea of 'survival of the fittest' used to justify why the poor are poor and the rich are rich during this time is known as Social Darwinism.

Front

How did Social Darwinism compare to the philosophy of philanthropy embraced by some industrialists during the Gilded Age?

Back

Social Darwinism justified inequality, while philanthropy promoted the moral duty of the wealthy to help society.

Answer explanation

While Social Darwinism argued that poverty and wealth were natural, figures like Andrew Carnegie promoted the idea of philanthropy, believing the wealthy had a responsibility to support the less fortunate.

Front

Which business owner revolutionized his industry with the advent of the assembly line and high wages for workers, which allowed them to purchase more consumer goods?

Back

Henry Ford

Answer explanation

Henry Ford revolutionized his industry with the assembly line and high wages, enabling workers to buy more consumer goods.

Front

This Captain of Industry worked his way up from being a poor Scottish immigrant to becoming one of the wealthiest Americans of his time due to his steel company.

Back

Andrew Carnegie

Answer explanation

Andrew Carnegie, a poor Scottish immigrant, became one of the wealthiest Americans due to his steel company.