Industrialization & Gilded Age

Economic philosophy based on "Survival of the fittest"

• Social Darwinism
• National Market
• Knights of Labor
• Free Enterprise System

designed to prevent companies from engaging in unfair practices that eliminated fair competition

• Gospel of Wealth
• Corporation
• Interstate Commerce Act
• Sherman Antitrust Act

complete control of a product or service; the elimination of fair competition

• Robber Barons
• Bessemer Process
• Monopoly
• Philanthropy

 act of “ charitable giving”

• Union
• Philanthropy
• Monopoly
• Sherman Antitrust Act

inventor known for the telephone and the company that later becomes AT&T

• Alexander Graham Bell
• Knights of Labor
• Thomas Edison
• John D. Rockefeller

founded “AFL” in 1881

• Samuel Gompers
• Andrew Carnegie
• John D. Rockefeller
• Thomas Edison

Scottish immigrant made his fortune in steelmaking, known for “Gospel of Wealth”

• Andrew Carnegie
• John D. Rockefeller
• Samuel Gompers
• Thomas Edison

sometimes used ruthless tactics to destroy competition and keep worker wages low

• Laissez-Faire
• Robber Barons
• Gospel of Wealth
• Union

limited membership to crafts and skilled workers creating a federation of unions

• AFL
• Knights of Labor
• Child Labor
• IWW

theory that rich were obligated to help communities by giving back in the form of libraries, school, universities but not giving directly to individuals

• National Market
• Philanthropy
• Gospel of Wealth
• Laissez-faire