Unit 6: The Gilded Age

• When and where did Industrialization start?

  Industrialization started in England in the 1760's
• What three factors contributed to Industrialization?

  Technological resources, Access to resources, and Government support
• What was the largest technological advancement?

  Electricity
• Who created the lightbulb and was a major innovator

  Thomas Edison
• Who did Alexander Graham Bell make?

  Telephone
• What were some raw materials/resources in the U.S?

  Coal, petroleum, timber and more
• What did Higher population do to workforce?

  Increased workforce and created demand for consumer goods.
• what is a Laissez-faire economy?

  Its an economy where they believed that the government should interfere as little as possible
• What is a Laissez-faire economy also known as?

  Free enterprise
• Why were corporations advantageous?

  They were advantageous because they sold stocks to quickly raise money and because limits risk by spreading out ownership.
• What were 3 of the most big businesses in the 19th century?

  Railroads, Steel, and oil
• What are robber barons?

  Wealthy industrialists who got where they were by cheating and exploiting workers.
• Who were captains of industry?


  They were the embodiment of U.S dreams, they show that anyone can be successful in the U.S
• When was the major increase in amount of railroad in U.S?

  1865-1900
• When was the Pacific railroad act?

  1862
• What did the Pacific railroad act do?

  It gave 2 railroad companies permission to build the First Transcontinental Railroad.
• What were the 2 railroads given permission to build the first Trans-continental railroad?

  Union Pacific and Central Pacific.
• When and where was the first transcontinental railroad completed?

  May 10 1869, Promontory Summit, Utah
• Who won the race between the central Pacific and the union Pacific?

  Union Pacific
• What were some effects of the railroad?

  Increased economic growth, Larger markets, Stimulated economy, Developed time zones, Rail system integrated by larger companies.
• Who was the leader of the railroad industry?

  Cornelius Vanderbilt
• What is corruption?

  Bribing congress to buy more land grants
• What was the credit mobilizer scandal?

  Company building railroads for the Union Pacific, heavily overcharged, investors, congressmen took profit.
• Who was the leader of the steel industry?

  Andrew Carnegie: A Scottish immigrant who worked up from a textile factory
• Who came up with the idea of vertical integration?

  Andrew Carnegie
• What is vertical integration?

  Vertical integration is a business strategy where a company controls multiple stages of the production and distribution process.
• Who was the leader of the oil industry?

  John D. Rockefeller
• Who came up with the idea of horizontal integration?

  John D. Rockefeller
• What is horizontal integration?

  Horizontal integration is the process of acquiring or merging with competitors in the same industry to increase market share and eliminate competition.
• What is a monopoly?


  A monopoly is a situation where a single company or entity has exclusive control over a product or service in a particular market.
• What is trust?

  Legal agreements for one company to "manage" other companies, properly ran all like one big company
• What did investment banking do?

  Helped put holding companies together
• Who was J.P Morgan and what did he do?

  In 1901, J.P. Morgan bought out Andrew Carniegie and merged his steel company with others to make U.S steel
• What were holding companies?

  Companies that own a controlling interest in other companies.
• When was the 2nd wave immigration?

  1865-1914
• Where did the immigrants come from?

  east and south europe
• What were some push factors for immigration?

  Poverty, lack of economic opportunities, workers uncertainty, Wars, and Tyranny
• What were some pull factors for immigration?

  Economic opportunities, political stability, opportunity for social advancement, higher living standard.
• what was Ellis island?

  Entry point for most European immigrants
• What were some things immigrants had to go through to pass Ellis island?

  Medical examinations to check for diseases and interviews like background check, job status, date of birth, place of birth, the amount of money you have and more.