Ch.18; Sect.2

Question 0

__________ is a Wall Street investment banker; restored order to the RR industry by consolidating them into 6 regional systems. Hated wasteful competition and pioneered business _____________;purchased Carnegie Steel for approx. $500 mill & created U.S Steel, the 1st billion dollar company.

Answer 0

J.P Morgan; Mergers.

Question 1

_________ applied the theories of species evolution and “fitness” to business and society; disciples included Herbert Spencer in Britain and William Graham Sumner in the U.S. Justified economic inequality as a positive good.

Answer 1

Social Darwinism

Question 2

____________ explains the wealthy have an obligation to a better society.

Answer 2

Gospel of Wealth

Question 3

Growth of Big Business aided by Govt. Policy of laizzes faire and Supreme Courts interpretation.

Answer 3

Climate of Tolerance