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Horizontal Integration is

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the system of consolidation of many firms in the same business.

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Vertical integration allows

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companies to reduce costs and charge higher prices to competitors

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Vertical Integration benefited

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companies such as Carnegie Steel by allowing labor unions to participate, making fewer strikes

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In 1868 Horatio Alger published his first novel

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Street Life in New York, gave a story about a poor boy who rose to wealth and fame by working hard.

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Capitalism Encourages

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Entrepreneurs

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Until the mid nineteenth century most businesses

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were run by one person or family.

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After the mid nineteenth century

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corporations began to rise.

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corporations

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where a number of people share the ownership of a business.

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Two advantages of a corporation are

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If it encounters economic problems the investors lose no more then they had originally invested. Had the same rights as an individual, could buy and sell property or sue in the court.

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Two more advantages of a corporation are

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They were instrumental in expanding markets. They Had access to huge amounts of capital, invested new money in technology.

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Entrepreneurs are

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people who invest money in a product or enterprise in order to make a profit

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Government Policies Encourage

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Free Enterprise

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Laissez Faire allowed

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businesses to operate under minimal government regulation.

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Patent is

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a grant by the federal government giving an inventor the exclusive right to develop use and sell an invention for a set period of time.

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Thomas Edison

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would receive more than 1,000 patents for new inventions

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Henry Bessemer

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developed a process for purifying iron resulting in strong but lightweight steel. This led to the creation of suspension bridges.

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The light bulb

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replaced oil and heating lamps; replaced dirty and dangerous gaslight; came from Edison's previous invention the electric generator; was instrumental on improving education, especially for the expansion of public libraries

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Bicycles

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influenced women in the 1890's to adopt more functioning and liberating attire.

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Public health

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took shape and the installation of sewage disposal systems significantly improved health and quality of life in U.S. cities

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The Impact of Industrialization

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By the 1800's American export of Grain, steel, and textiles dominated international markets. The railroad expansion allowed businesses to transport goods where they were made or grown to ports where they could be shipped around the world

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Capitalism

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An economic system in which the means of production are privately owned. Investments, distribution, production and prices are determined by the market and not the government.

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Capitalist

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A person who benefits from this system; usually somebody who is trying to make profit.

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Why did the U.S. economy begin to boom after the Civil War?

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Americans began to increase production of capital goods like coal, iron ore, and oil. Increasing flow of immigrants meant cheap labor The government promoted free enterprise

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A corporation is

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a business that is granted a charter recognizing it as a separate legal entity having its own privileges, and liabilities distinct from those of its members.

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corporations are recognized

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by the law to have rights and responsibilities like actual people. They became very common after the Civil War.

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Free Enterprise

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The ability to open your own business and run it as you see fit without government interference.

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A "trust"

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When different businesses come under the control of the same board of directors. Trusts became extremely powerful.

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Sears and Roebuck

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this Chicago company brought American in to the modern age of retail by publishing a yearly mail order catalog. This helped industry of all kinds prosper.

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John D. Rockefeller

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titan of American who developed Standard Oil. By 1885, Rockefeller had gained control of 90% of the nations business. Consumers benefited from low prices.

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Andrew Carnegie

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Scottish immigrant, he worked his way up from a railroad company to the chief producer of steel in the world. His company eventually became U.S. Steel. Gave away his fortune in later years. Much of it was used to build "Carnegie buildings", like schools and libraries.

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The Bessemer process

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Compressed air is blown into the bottom of a converter, a furnace shaped like a cement mixer, containing molten pig iron. The excess carbon in the iron burns out to form slag, and the furnace is emptied by tilting.

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Steel and America's infrastructure

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Steel was used to build bridges, skyscrapers, railroads, machines, ships, and farm equipment. America's infrastructure still depends on steel.

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"Robber Barons"

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a reference to businessmen and bankers who dominated their respective industries and built huge personal fortunes, typically as result of pursuing unfair business practices.

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Social Darwinism

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The idea that just as competition between animals drives evolutionary change through the survival of the fittest, competition between individuals, groups, nations or ideas drives social evolution in human societies.

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Sherman Anti-Trust Act of 1890

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the first United States government action to try to limit monopolies. It is the first and oldest of all federal U.S. antitrust laws. However, this law was very vague about what exactly a "trust" was. As a result, the Sherman act was not very successful.

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Problems in Labor

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Long Hours Poor Work Conditions No Benefits Child Labor Little Job Security

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Labor Unions

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organizations of workers that try to improve the situations that workers face.

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Why was it difficult for unions to grow in the Gilded Age?

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Many workers moved from job to job often. Many workers were immigrants who spoke no English Different labor organizers may have different goals, making it hard to get on the same page. Many workers feared that they'd be fired for joining a union.

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Dangers of Being in a union

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Owners hated unions and had many ways to discourage workers from organizing Blacklisting Lockouts Hiring Scab workers Violence

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Strikes

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Workers refuse to work in order to try to force owners to meet their demands.

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Knights of Labor

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first influential labor union in U.S. history. Among their goals were equal pay for women and abolition of child labor. But they tried to treat both skilled and unskilled workers equally, which angered the skilled workers.

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The American Federation of Labor (AFL)

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Organized in 1886; Under the direction of Samuel Gompers, accepted only skilled workers. They charged high union dues, to provide benefits to striking workers and their families. Different workers were divided into their own local unions; acted as an "Umbrella organization". Now, skilled workers were satisfied.

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The Haymarket Square Riot

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In Chicago in 1886, 3,000 workers assembled in Haymarket square to protest against the McCormick Reaper Company

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The Homestead Strike

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The workers at a steel plant near Pittsburgh went on strike in 1892. The owner, Andrew Carnegie, tried to send in a private police force to break the strike. The workers tried to keep the police out. A gun battle broke out, and the police were driven off. Finally, the Pennsylvania National Guard was called in to restore order.

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The Pullman Strike of 1894

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When factory owner George Pullman refused to negotiate, a strike was called on any train that carried a Pullman Car. Railroads west of Chicago basically shut down. Riots began to break out in cities across the country. President Cleveland had no choice but to send in troops and issue an injunction against the workers

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POSITIVE Results of the Haymarket Affair, and Pullman/Homestead Strikes

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These incidents convinced many Americans that if the government did not step in to handle worker-owners relations, America would be destroyed by a socialist revolution. So, workers had made their voices heard.

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NEGATIVE Results of the Haymarket Affair, and Pullman/Homestead Strikes

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labor unions began to be associated with violence.

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The 1902 Coal Strike

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miners in Pennsylvania went on strike. Without coal, people in the major cities would freeze to death in the winter. It was such a major problem that the President was drawn into it.

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President Theodore Roosevelt

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decided to intervene in the strike, and eventually it was settled. It was the first time the federal government ever got involved in a labor dispute.

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Edison Phonograph Invention

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had the greatest impact on American entertainment

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The era that Edioson's Phonograph diagram describes the

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Gilded age.

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Another innovation from another era most similar to Edison's Phonograph device is

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The spread of computer technology

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In this excerpt from an 1896 essay, architect Louis Sullivan describes certain conditions typical of growing urban centers of commerce and industry. . . . the invention and perfection of the highspeed elevator make vertical travel, that was once tedious and painful, now easy and comfortable; development of steel manufactures has shown the way to safe, rigid, economical constructions rising to a great height . . . Sullivan's observation relates to the feature of most large, modern cities

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Skyscrapers

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late nineteenthcentury invention had the greatest impact on literacy and the use of public libraries

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the light bulb

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Henry Bessemer is most closely associated with an innovation that revolutionized an entire industry by accelerating production and dramatically reducing costs and the need for human labor

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Steel

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The use of barbed wire

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ended the open range and the frontier

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The success of Thomas Edison's lightbulb was dependent on

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Electric generator

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The development of the incandescent light bulb improved nineteenthcentury urban conditions because

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It replaced the dirty and dangerous gaslight

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One factor that furthered industrialization in the United States between 1865 and 1900 was the

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expansion of the railroads

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The term business monopoly can best be described as

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a company that controls or dominates an industry

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One reason John D. Rockefeller, Andrew Carnegie, and J. Pierpont Morgan were sometimes called robber barons was because they

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used ruthless business tactics against their competitors

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United States economic policy during the era of the rise of big business (18651900) was

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laissezfaire capitalism

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After the Civil War, one way business leaders tried to eliminate competition was by

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forming monopolies or trusts

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Businesses formed trusts, pools, and holding companies mainly to

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increase profits by eliminating competition

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The rapid growth of industry between 1865 and 1900

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was caused by availability of capital, or money to invest

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The term robber baron was used to criticize the

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tactics of bigbusiness leaders

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"Prices and wages should be determined by the marketplace." The author of this statement would most probably support

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laissezfaire capitalism

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The group most likely have favored government action to address the issue of monopolies is

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Unions

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During the late 1800s, what was the main reason labor unions had difficulty achieving gains for workers is because

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the government supported business efforts to limit the powers of unions

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The American Federation of Labor responded to the situation of Business advantages over labor by

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organizing skilled workers into unions

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During the late 19th century, the practices used by employers against workers included

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putting union workers names on blacklists and violence

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The main purpose of the 1886 poster about the mass meeting was to

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organize a protest against acts of police brutality against workers

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During the late 1800s, a major reason labor unions had difficulty achieving their goals was that

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government supported business over labor

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The status of the labor union movement in the United States in 1900 is best descrdibed as

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Unions were still struggling to gain public acceptance

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The American Federation of Labor became the first longlasting, successful labor union in the United States mainly because it

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fought for the rights of skilled workers

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The factor that most limited the growth of labor unions during the late 1800's was

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Most employers were very hostile toward workers' efforts to organize

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Statement A: "The best way to economic recovery is to subsidize industry so that it will hire more workers and expand production." Statement B: "If jobs are not available, the government must create jobs for those who are unemployed." Statement C: "According to human nature, the most talented people will always come out on top." Statement D: "Our government is responsible for the nation's economic wellbeing." The statement closest to the philosophy of Social Darwinism is

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Speaker C

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In the late 19th century, owners of big businesses generally embraced Social Darwinism because it reinforced their belief that

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economic success demonstrates fitness to lead

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The 19thcentury philosophy of Social Darwinism maintained that

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economic success comes to those who are the hardest working and smartest

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The growth of a large business is merely survival of the fittest. The American beauty rose can be produced in the splendor and fragrance which bring cheer to its beholder only by sacrificing the early buds which grow up around it. This is not an evil tendency in business. It is merely the working out of a law of nature and a law of God. . . ." John D. Rockefeller, Jr. This passage describes the concept of

answer

Social Darwinism

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