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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Because the industries were increasing prices, this allowed average workers to make higher wages.
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Consumers didn’t have choice of purchase.
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The growing industries caused a growth in population which meant there was better, more expensive housing in the cities.
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Their industries wouldn’t allow work for immigrants.
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Detailed explanation-1: -Robber barons contributed to great economic and industrial expansion in the U.S. by building financial empires in key industries, such as railroads and steel. With fewer business regulations than there are today, robber barons were able to amass great wealth.
Detailed explanation-2: -Among the richest of the rich were the so-called robber barons, whose extreme avarice drove them to use unethical business practices and exploit workers to create lucrative monopolies, and in the process amass fortunes that would amount to billions of dollars in today’s money.
Detailed explanation-3: -The term “robber baron” dates back to the Middle Ages and carries a negative connotation. Robber barons typically employed ethically questionable methods to eliminate their competition and develop a monopoly in their industry. Often, they had little empathy for workers.
Detailed explanation-4: -robber baron, pejorative term for one of the powerful 19th-century American industrialists and financiers who made fortunes by monopolizing huge industries through the formation of trusts, engaging in unethical business practices, exploiting workers, and paying little heed to their customers or competition.