Industrialization in the Gilded Age

An economic practice where the government does NOT try to control the economy.

• Gospel of Wealth

• laissez faire

• Social Darwinism

• horizontal integration

A belief that the rich are wealthy because they are strong and the poor are weak

• Social Darwinism

• Gospel of Wealth

• laissez faire

• monopoly

The control of an entire or most of an industry by one company

• laissez faire

• capitalism

• monopoly

• patent

When a company controls everything from raw materials to the distribution of the product

• horizontal integration

• vertical integration

• trust

• monopoly

In which industry did Andrew Carnegie earn his fortune?

• steel

• railroad

• gold

• oil

Which industry did Rockefeller dominate?

• oil

• steel

• communication

• railroad

When companies combine to form a large company

• merger

• laissez faire

• patent

• unions

An economy based on profit and private property and freedoms.

• capitalism

• social darwinism

• gospel of wealth

• gilded age

The idea that industrialists exploited workers, the environment, and corrupted the gov't

• captains of industry

• robber barons

• horizontal merger

• trusts

The more of a product you make, the cheaper your costs are.

• Vertical Integration

• Economies of Scale

• Captains of Industry

• Trusts