Rise Of Big Business

Question 1

What developed in the late 1870s

Answer 1

Big business empires, Andrew Carnegie Us steel, Rockerfeller Standard oil.

Question 2

Impact of 1873 panic

Answer 2

Slowed progress of business temporarily, many firms bankrupt and bigger businessmen bought them out. 1877 economy picked up again

Question 3

Why were Railroads important

Answer 3

Vital trunk lines like NY central, linking east coast to Chicago

Question 4

How did Railroads present fierce competition

Answer 4

Bigger companies swallowed smaller ones, could make or break a town. Local monopolies established and bought up huge amounts of land. This creating Railroad Barron’s massively wealthy

Question 5

How many miles of railroad built between 1865-1893

Answer 5

35,000 Miles to 200,000miles

Question 6

How much did steel production increase by

Answer 6

1875 steel production 360,000 tonnes P.A by 1900 60 million tonnes P.A, an annual growth of 7%

Question 7

How did Rockerfeller dominate the oil industry

Answer 7

Bought up 22/26 main competitors. This showing a monopoly power