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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Social Darwinism
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Gospel of Wealth
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Either A or B
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None of the above
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Detailed explanation-1: -Robber Barons used the ideas of Social Darwinism, the notion that corporate consolidations provided social mobility and opportunity, and the great economic prosperity available to justify the existence of monopolies.
Detailed explanation-2: -The blast furnace revolutionized the way that pig iron was melted down for the production of steel. It was also a much easier and more efficient way of producing steel. The blast furnace was created in 1709 as a way to use coke instead of charcoal, as a fuel.
Detailed explanation-3: -A business or other organization secures a monopoly when it has complete control of a market or is dominant enough that it doesn’t face competition. As a result, the company doesn’t have to worry about other companies that might offer better products or lower prices, and that can distort the market.
Detailed explanation-4: -"Robber baron” is a term used frequently in the 19th century during America’s Gilded Age to describe successful industrialists whose business practices were often considered ruthless or unethical.