Industrialization and Economic Growth Factors

The video explores the rapid industrialization of the United States post-Civil War, highlighting the role of geography, demography, and law in economic growth. It discusses the impact of railroads, the rise of industrial capitalists, and the challenges faced by laborers, leading to the formation of unions. The narrative reflects on the dual nature of industrialists as both heroes and villains, and the lasting impact of this era on modern economic and social structures.

What was one of the key outcomes of the Civil War that contributed to the U.S. industrialization?

• Discovery of gold in California

• Introduction of a national currency

• Abolition of slavery

• Expansion of the cotton industry

Which factor was NOT mentioned as a contributor to America's economic growth post-Civil War?

• Geography

• Demography

• Law

• Technology

How did railroads impact the American economy in the 19th century?

• They decreased the need for national brands.

• They isolated regional markets.

• They integrated the American market and increased commerce.

• They reduced the need for time zones.

What was a significant innovation in business organization during the rise of industrial capitalists?

• Decentralized management

• Focus on small-scale production

• Vertical integration

• Reduction of middle management

Who was known as the richest man in the world during the industrial era?

• Cornelius Vanderbilt

• J.P. Morgan

• Andrew Carnegie

• John D. Rockefeller

What was a major consequence of the lack of competition in the oil industry during the late 1880s?

• Decrease in gasoline prices

• Increase in gasoline prices

• Stagnation of the oil industry

• Diversification of oil companies

What was the primary focus of the American Federation of Labor?

• Bread and butter issues like pay and safety

• Socialism

• Anarchism

• Political reform

Which event significantly damaged the reputation of the Knights of Labor?

• The Pullman Strike

• The Great Railroad Strike

• The Homestead Strike

• The Haymarket Riot

What was a common justification used by social Darwinists to oppose government intervention in business?

• Businesses are inherently ethical.

• Monopolies benefit consumers.

• Government intervention is too costly.

• Survival of the fittest applies to corporations.

What was a significant challenge faced by workers during the industrialization period?

• Long working hours with no compensation

• Abundance of pensions

• High job security

• Excessive government regulation