1. Review # 5: Industrialization in the United States
Pg. 24 & 24

2. Laissez Faire
HANDS OFF!!!!
Gov. will not interfere with the economy

3. Social Darwinism “Survival of the fittest” in business
justified harsh business tactics

4. Robber baron
gain wealth by ruthless methods in their dealings with their competitors at the expense of the poor and working class

5. Philanthropist
Examples:
Rockefeller Foundation
Carnegie Hall
Morgan Library
donate vast sums of money to charities and institutions such as schools, museums, libraries, and orchestras
improve image of “big business”

6. Effects of industrialization
Political
Social
Economic
New middle class!
Immigration  diverse culture & huge population growth
Urbanization  positive: new technology, cultural advances, community improvements negative: housing, health, crime
Leads to PROGRESSIVE ERA
Starts laissez faire  more regulation of business (Sherman Antitrust Act)
Restrictions on immigration (nativism)
Legislation to improve conditions in factories & cities
Political machines & corruption
Leads to PROGRESSIVE ERA
New business practices (corporations)
Rise of labor unions  better working conditions
New technology/ideas  better, efficient production
U.S. is leader in industry (world power!)
Leads to U.S. IMPERIALISM