THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Child Labor
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Free Enterprise System
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Robber Barons
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Social Darwinism
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Detailed explanation-1: -Free Enterprise System. individuals are free to produce and sell whatever products they wish. Interstate Commerce Act. prohibited unfair practices by railroads such as charging higher rates for shorter routes.
Detailed explanation-2: -Their critics called them “robber barons” because of the ruthless tactics they used to destroy competition and to keep their workers’ wages low. Two of the most successful entrepreneurs in this era were Andrew Carnegie and John D. Rockefeller.
Detailed explanation-3: -The Sherman Antitrust Act is a law passed by Congress to promote competition within the economy by prohibiting companies from colluding or merging to form a monopoly.
Detailed explanation-4: -In a free enterprise system, individuals are free to produce and sell whatever they wish; they are also free to buy and use whatever they can afford. Individuals therefore enjoy the freedom of making their own economic decisions.