KEY TERMS Key Terms and People to Know for the Regents Exam
Laissez Faire Capitalism
Business leaders believed in the free-enterprise system. They called for “hands-off” capitalism and argued that the economy would grow faster if the government did not interfere with businesses through regulation.
Business Trusts / Monopolies
Many businesses joined together to form “trusts” to consolidate their power and dominate their competition. Some businesses became monopolies when they eliminated their competition and took control of entire industries.
Robber Barons
Business leaders who exploited their workersor used ruthless tactics to eliminate competition were called Robber Barons. Examples include: Andre Carnegie (steel), John D. Rockefeller (oil), and J.P. Morgan (banking and electricity).
Social Darwinism
Robber Barons used the idea of “survival of the fittest” to justify their wealth. In his Gospel of Wealth, Carnegie argued that it was good for society that he was rich, because he could use his money to help the poor better than they could help themselves.
Gilded Age
Author Mark Twain called the industrial era of the late 1800s the “Gilded Age” because although America looked quite prosperous on the outside, America had many social problems, including widespread poverty.