Period 6 1865-1900 1/30/2025 Flashcards
(38 cards)
People who called Rockefeller, Morgan, and Carnegie “Robber barons” where mainly what class(es) of citizens?
Why?
Middle and lower
Since they thought they were stealing money since they didn’t pay their workers well and also they were getting rid of other people’s chances at success due to their horizontal integration and the fact they were rich
-Unchecked power
People who called Rockefeller, Morgan, and Carnegie “Captians of industry” where mainly what class(es) of citizens?
Why?
High class and governments officials
The captains of industry gave a lot of charity and were important to the start of industrialization and growth and development of America and its economy
What was the main concern of middle-class citizens regarding trusts?
They feared the trusts’ unchecked power
This concern led to a push for reform and regulation of large corporations.
What legislation did reformers advocate for to address the power of trusts?
The Sherman Antitrust Act (1890)
This act aimed to prohibit contracts and combinations that restrained trade.
What did the Sherman Antitrust Act (1890) prohibit?
Any ‘contract, combination, in the form of trust or otherwise, or conspiracy in restraint of trade or commerce.’
The act was intended to limit monopolistic practices.
Why was the Sherman Antitrust Act difficult to enforce?
The wording was too vague
This vagueness led to challenges in applying the law effectively.
What was the ruling in United States v. E.C. Knight Co. (1895)?
The law could only be applied to commerce, not manufacturing
This ruling limited the reach of the Sherman Antitrust Act significantly.
What laissez-Faire
Th government should stay out of the economy and should not regulate businesses
Who argued that business should not be regulated by the government?
Adam Smith
Adam Smith presented his ideas in ‘The Wealth of Nations’ published in 1776.
What concept did Adam Smith introduce to explain the regulation of business?
The ‘invisible hand’ of supply and demand
What economic theory did American industrialists use to justify their business practices?
Laissez-faire economics
Fill in the blank: Adam Smith’s ideas were published in _____ in 1776.
[The Wealth of Nations]
True or False: Adam Smith supported government regulation of business.
False
What is Social Darwinism?
A theory that applies the concept of natural selection to social and economic issues
Who is associated with the theory of natural selection?
Charles Darwin
Which social philosopher believed that natural selection should be applied to the marketplace?
Herbert Spencer
According to Social Darwinism, who should hold the concentration of wealth?
The ‘fit’
What did Professor William Graham Sumner argue regarding help for the poor?
It would interfere with the laws of nature
What is the Gospel of Wealth?
A concept where wealth is justified through religion
Which industrialist applied the Protestant work ethic to wealth?
J.D. Rockefeller
What does the Protestant work ethic suggest about hard work and success?
They are signs of God’s favor
What was the main argument in Carnegie’s article ‘Wealth’?
The wealthy have a G-d-given responsibility to carry out acts of civic philanthropy
What are the different ways to approach professor William Graham Sumners idea that helping the poor would interfere in the laws of nature?
1) he’s mean to say you shouldn’t help poor people
2) it’s a good idea because homeless people gets benefits from not helping society like get food, shelter, etc. this is while the working class is making and paying money for this stuff and they are helping society. Also the tax dollars are going to these poor people.
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