RV: Industrialization

Question 1

What caused the Industrial Revolution?

Answer 1

Began in the north. Caused by the completion of the Erie Canal and transcontinental railroads, mechanization of agricultural led to increase in production

Question 2

What were the effects of the Industrial Revolution?

Answer 2

Smaller industries couldn’t keep up, many business practices were developed to eliminate competition (monopolies, trusts), gap between rich and poor grows, immigration to the US increased for jobs

Question 3

Tariff?

Answer 3

Tax on imports

Question 4

What is social Darwinism?

Answer 4

Theory that the stronger businesses will grow and the smaller ones will fail. Used to justify monopolies, and the gap between rich and poor

Question 6

What is laissez faire capitalism?

Answer 6

Economic policy that argues government shouldn’t interfere in the economy. Led to free enterprise system: profits are control by individuals, economic domination by business trusts

Question 7

Monopoly?

Answer 7

Company dominates an industry to eliminate competition and control prices

Question 8

Trusts/Pools?

Answer 8

Used to increase profits by minimizing competition

Question 9

What was the rise of big business?

Answer 9

Followed laissez faire policy. Entrepreneurs grow

Question 10

What does the term robber baron mean?

Answer 10

Used to characterize leaders of big business who used ruthless tactics when dealing with competitors (JP Morgan)