AP - Chapter 17 Study Guide

“Industrial Supremacy”

KEY TERMS

MUST KNOW: / automobile / William Vanderbilt
industrial capitalism / Henry Ford / Herbert Spencer
railroad subsidies / Orville & Wilbur Wright / William Graham Sumner Folkways
corporation / Corporate research / Russell Conwell “Acres of Diamonds”
corporate consolidation / “scientific management” / Horatio Alger novels
trusts / “Taylorism” - Frederick Taylor / Lester Frank Ward Dynamic Sociology
holding companies / General Electric / Socialist Labor Party
philanthropy / scientists and engineers & corporate research / Henry George Progress & Poverty
Social Darwinism / mass production / Edward Bellamy Looking Backward
Gospel of Wealth / Moving assembly line / monopolies
standard of living / “standard time” / Louisa May Alcott
inequality - gap between rich & poor / Cornelius Vanderbilt / Child-labor laws
child labor / “limited liability” / National Labor Union
labor unions / Andrew Carnegie / Molly Maguires
laissez-faire / Henry Clay Frick / The Great Railroad Strike of 1877
“Gilded Age” / J. Pierpont Morgan / Knights of Labor
Gustavus Swift / Uriah Stephens & Terrence Powderly
ADDITIONAL TERMS: / Isaac Singer / American Federation of Labor (AFL)
Bessemer Process / pools and cartels / Samuel Gompers
open-hearth process / “middle manager” / “Haymarket Riot”
coal industry / horizontal integration / Anarchism
Petroleum industry / vertical integration / The Homestead Strike
Edwin Drake / J.D. Rockefeller / The Pullman Strike
gasoline / Standard Oil / Eugene Debs
internal combustion engine / “Myth of the Self-Made Man”

Key Concept 6.1:

Technological advances, large-scale production methods, and the opening of new markets encouraged the rise of industrial capitalism in the United States.

  1. Large-scale industrial production — accompanied by massive technological change, expanding international communication networks, and pro-growth government policies — generated rapid economic development and business consolidation.
  1. Following the Civil War, government subsidies for transportation and communication systems helped open new markets in North America.

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  1. Businesses made use of technological innovations, greater access to natural resources, redesigned financial and management structures, advances in marketing, and a growing labor force to dramatically increase the production of goods.

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  1. As the price of many goods decreased, workers’ real wages increased, providing new access to a variety of goods and services; many Americans’ standards of living improved, while the gap between rich and poor grew.

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  1. Many business leaders sought increased profits by consolidating corporations into large trusts and holding companies, which further concentrated wealth.

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II. A variety of perspectives on the economy and labor developed during a time of financial panics and downturns.

A. Some argued that laissez-faire policies and competition promoted economic growth in the long run, and they

opposed government intervention during economic downturns.

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B. The industrial workforce expanded and became more diverse through internaland international migration; child

labor also increased.

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C. Labor and management battled over wages and working conditions, with local workers organizing local and

national unions and/or directly confronting business leaders.

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Key Concept 6.3:

The “Gilded Age” witnessed new cultural and intellectual movements in tandem with political debates over economic and social policies.

  1. New cultural and intellectual movements both buttressed and challenged the social order of the Gilded Age.

A. Social commentators advocated theories later described as Social Darwinism to justify the success of those at the top of the socioeconomic structure as both appropriate and inevitable.

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B. Some business leaders argued that the wealthy had a moral obligation to help the less fortunate and improve society, as articulated in the idea known as the Gospel of Wealth, and they made philanthropic contributions that enhanced educational opportunities and urban environments.

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