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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Consumers paid more for a product because there was only one business selling it.
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They successfully put all competing businesses out of business or bought all competing businesses.
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They created small businesses that sold thousands of products at low prices.
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They could control the supply and price of a certain product.
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Detailed explanation-1: -Robber barons took over industries such as railroads, banks, steel, cotton, oil, tobacco and liquor. To monopolize these industries, they would use tactics such as creating trusts, exploiting workers, and disregarding customers or competition.
Detailed explanation-2: -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. Captains of industry, however, were often philanthropists.
Detailed explanation-3: -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.
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.