Industrialization and Working Conditions in the Gilded Age

Why did we see the growth of big business after the Civil War?

• Increased government regulation

• Expansion of the railroad system

• Decline in population

• Decrease in technological advancements

What was America’s “first big business”?

• Textile industry

• Steel industry

• Railroad industry

• Automobile industry

Why did the railroad industry grow so much after the Civil War?

• due to increased cotton production

• due to new production methods

• due to increased demand for transportation

• due to mass production

What was the result of the rapid growth of the railroad industry?

• led to urbanization

• led to skyscraper construction

• led to national markets

• led to suburban expansion

What is the laissez-faire theory of capitalism?

• Government control of all businesses

• Minimal government interference in business

• High government taxation on businesses

• Government ownership of major industries

What happened in the U.S. because the government followed a policy of laissez-faire economics?

• led to economic stagnation

• led to rapid industrial growth

• led to economic decline

• led to increased competition

Why did the corporation become an important form of business organization in the late 1800s?

• Corporations were easy to dissolve

• Corporations allowed for limited liability

• Corporations were heavily taxed

• Corporations were banned in many states

How did Andrew Carnegie maximize his profits (and in what industry)?

• By reducing wages; textile industry

• By investing in technology; steel industry

• By increasing prices; oil industry

• By cutting production; automobile industry

How did John D. Rockefeller maximize his profits (and in what industry)?

• By creating a monopoly; oil industry

• By diversifying products; steel industry

• By lowering quality; textile industry

• By outsourcing labor; automobile industry

How did Andrew Carnegie feel about what wealthy people should do with their fortunes?

• Spend it lavishly

• Hoard it for future generations

• Use it for personal gain

• Use it for philanthropy