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Industrialists of the Gilded Age
Bessemer Process
• Quick method of turning iron ore into steel• Led to more manufacturing
(factories/skyscrapers) & transportation (RRs/Trolley Cars/Subway)
Social Darwinism
• “Survival of the Fittest”• Influenced cut-throat business practices• Led to large differences in economic & social
class (few rich, many poor)
Robber Barons
• Industrialists who became wealthy through corrupt business practices
• Prevalent in the steel, oil, finances, & railroad industries
• Monopoly/Trust: Company controls an entire industry. Limits competition & controls price.
Philanthropy
• Donating some profits to charitable causes
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