American Industrialization Flashcard

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The growth of American industry was sparked mainly by

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technological inventions and investments

Front

After the Civil War, one way business leaders tried to eliminate competition was by

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forming monopolies or trusts

Front

Which statement best describes the role of railroads in the industrialization of the United States? Options: They were the earliest form of commercial transportation, They are more important to industry today than they were 100 years ago, They provided an efficient means of transportation during the age of Big Business, They were unable to compete in areas that had good water transportation

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They provided an efficient means of transportation during the age of Big Business

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People who supported the laissez-faire attitude of the late 19th century argued that

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the National Government should not interfere in the activities of big business in order for the economy to grow

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John D. Rockefeller gained control over much of the oil industry by

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managing a trust and controlling the oil refineries

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The Standard Oil Company controlled nearly all of the oil industry. This total control of a product and market is known as a

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monopoly

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In this quotation, John D. Rockefeller claims that his company was successful because "I ascribe (attribute) the success of Standard Oil Company to its policy of making the volume of its business large through the merit (excellence) and cheapness of its product." What was the reason for the success of Standard Oil Company?

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its products were useful and inexpensive

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The growth of industry in the late 1800's was due to the capital raised by large corporations. These companies raised money by selling shares of

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stocks

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Corporations come together to form a trust in order to

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decrease competition and to become more efficient

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John D. Rockefeller, Andrew Carnegie, and Cornelius Vanderbilt could all be called

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captains of industry