6.6: Rise of Industrial Capitalism

Question 1

OIL

Answer 1

• Rockefeller = Standard Oil
• Forced competitors to sell to him
• 1880s: Standard Oil owned 90% industry via. horizontal integration

Question 2

STEEL

Answer 2

• Carnegie Steel Company grown via. vertical integration w/ mining and processing companies
• Industry leaders looked abroad for new markets and resources

Question 3

LAISSEZ-FAIRE GOV POLICIES

Answer 3

• No gov intervention or regulation
• Robber Barons bribed gov officials
• Robber Barons relied on underpaid child, female and migrant labour
• Migrants couldn’t ask for higher wages bc too much labour competition
• Social Darwinism applied to economics
• World’s wealth to be concentrated into fittest hands

Question 4

GOSPEL OF WEALTH

Answer 4

• Carnegie argued wealthy’s God-given duty = reinvesting in society through generous acts of philanthropy
• $350 million to build libraries and unis