WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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He thought of the idea for the Sherman Antitrust Act.
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He encouraged the US to go to war in Cuba.
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He increased oil production.
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He gave the government $62 million in gold.
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Detailed explanation-1: -At face value, Morgan contributed greatly to American industry. He invested in Thomas Edison and the Edison Electricity Company; helped to create General Electric and International Harvester; formed J.P. Morgan & Company; and gained control of half of the country’s railroad mileage.
Detailed explanation-2: -The Gilded Age was a period of economic growth as the United States jumped to the lead in industrialization ahead of Britain. The nation was rapidly expanding its economy into new areas, especially heavy industry like factories, railroads, and coal mining.
Detailed explanation-3: -Some of America’s most famous mansions were built during the Gilded Age such as: Biltmore, located in Asheville, North Carolina, was the family estate of George and Edith Vanderbilt. Construction started on the 250-room chateau in 1889, prior to the couple’s marriage, and continued for six years.
Detailed explanation-4: -Four men in particular created monopolies and gained vast wealth during the Gilded Age: JP Morgan, Cornelius Vanderbilt, John D. Rockefeller, and Andrew Carnegie. JP Morgan was born John Pierpont Morgan on April 17, 1837. He dominated the banking and finance industry during the Gilded Age.