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

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

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

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

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”

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