Gilded Age Quizlet flashcards located here.
Gilded Age Notes here.
Jacob Riis Online Assignment Here.
The Gilded Age Exam Review
Use the packet of images to help you to answer the questions. *** Write, write, write! The more you write the better!
Identification terms. Define AND explain the significance of FIVE of the following. (3pts. each; 15pts. total)
- Union – people who work together banding together to protect their own interests in the workplace. For example union may ask for a raise, better healthcare, technology, maternity leave. If the union is denied what they want, they may use a strike to try and get it. The importance/significance of a union is that workers have more power collectively (as a group) than they do as individuals (on their own).
- Populist Party – a party (also called the people’s party) designed to help working people, founded in 1892. People were getting overworked, too many hours each day, not enough pay, better benefits like worker’s compensation, safer conditions, etc. Significant in that it helped people achieve better benefits, like an end to child labor.
- Horizontal Integration- buying out competition. Control of prices and product
- Vertical Integration - A business purchases other businesses that depend on that business. For example Blueberry Muffins Inc., a blueberry muffin store in ATX, would buy blueberry fields in North Dakota, and also buy the trucks that transport the blueberries. Businesses can maximize profit because they are not having to pay the producers, or the transporters.
- Social Darwinism – an idea/theory based on Charles Darwin’s theory of evolution that businesses led by the most capable people will survive longer. This idea/theory was a way to justify capitalism, keeping the government out of the economy so that people could fight it out economically, ensuring that the strongest, best companies survive/exist.
- Gospel of Wealth – rich people gave to the poor as a way of charity. Trying to show they (the rich) care and feel they’re obligated to help the less fortunate. One of the first form of charity from richer people to the poor. They fed people, built public establishments like libraries and schools.
- Monopoly – happens when a company takes over other companies. When there are many companies there are competing prices. For example if Gloria wants to buy a Camero and there is only one auto dealer (a monopoly) the car will be very expensive. But if there are 15 auto dealers in Austin that have Cameros will have to compete/fight for Gloria’s business.
- Sherman Antitrust Act – split apart big, big, big companies into smaller companies so that companies wouldn’t get too big and control everything. Significant in that this act split up bug companies like Rockefeller’s Standard Oil. It was one of the first attempts by the government to regulate big business, protecting smaller companies.
- Pullman Strike – workers at the Pullman factory banned together and went on strike, which means they refused to work until their working conditions improved, because Pullman cut their salaries but did not lower their rents (he owned their living quarters). Significant because it was one of the first major strikes in US History, also significant in that the government helped Pullman and most of workers got fired and were prevented from joining unions.
Explain the Chinese Exclusion Act and why many Americans supported it. (9 pts.)
The Chinese Exclusion Act was a law in which Americans forbade/prevented the Chinese from coming to the US. Many Americans felt that the Chinese were taking American’s jobs and that the Chinese would work for less money, so they were undercutting salaries. Many also thought that the Chinese were responsible for drug abuse, like opium. Most significant was that many American’s had a dislike for Chinese culture, they were racist. This attitude toward the Chinese was the same way “Americans” tried to change the Native Americans to be more white.
Explain the proper role for government in the economy. Discuss the differences between capitalism and socialism as economic systems. (12 pts.)
Capitalism is caring more about the economy and socialism is caring more about the people within the economy. Capitalism cares more about profit and maximizing products and businesses in the economy, whereas socialism cares more about caring for the people that contribute to the economy, so that when one contributes into the economy, one then gets a return from the economy, and the process then continues. For example a more capitalist economy would not regulate how much an employer would have to pay workers, whereas a socialist economy would require a minimum wage or require employers to provide service to their employees, such as healthcare and retirement. Another example of socialism would be providing social security (money for old people’s retirement) by taxing citizens. Pure capitalism would encourage private citizens to save for their own retirement, rather than taking their money to do it for them. An example of socialism would be using tax dollars to fund shelters and food banks for the those that are homeless. Pure, laissez-faire capitalism, would not use any tax dollars for this.
Define the Gilded Age, and, with examples, explain and analyze this period of time in US History. (15pts.)