Rise Of Big Business
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Rise Of Big Business

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Rise Of Big Business Presentation Transcript

  • 1. The Incorporation of America
  • 2. U. S. Patents Granted 1790s  276 patents issued. 1990s  1,119,220 patents issued.
  • 3. The Light Bulb
  • 4. Thomas Alva Edison
    • “ Wizard of Menlo Park”
  • 5. The Phonograph (1877)
  • 6. The Ediphone or Dictaphone
  • 7. The Motion Picture Camera
  • 8. Alexander Graham Bell Telephone (1876)
  • 9. Model T Automobile Henry Ford I want to pay my workers so that they can afford my product!
  • 10. “ Model T” Prices & Sales
  • 11. Essential Question
    • Industrialization increased the standard of living and the opportunities of most Americans, but at what cost ?
  • 12. Causes of Rapid Industrialization
    • Steam Revolution of the 1830s-1850s.
    • The Railroad fueled the growing US economy:
        • First big business in the US.
        • A magnet for financial investment.
        • The key to opening the West.
        • Aided the development of other industries.
  • 13. Causes of Rapid Industrialization
    • Technological innovations.
        • Bessemer and open hearth process
        • Refrigerated cars
  • 14. Causes of Rapid Industrialization
    • Unskilled & semi-skilled labor in abundance.
    • Abundant capital.
    • New, talented group of businessmen [ entrepreneurs ] and advisors.
    • Market growing as US population increased.
    • Government willing to help at all levels to stimulate economic growth.
    • Abundant natural resources.
  • 15. Growth of Railroads
    • Government justified giving Railroads land grants and loans for military and postal service purposes.
    • Union Pacific Railroad extended railroad west from Omaha, NE.
    • Central Pacific Railroad completed the transcontinental rail line from Sacramento, CA to Sierra, NV
    • The two lines met near Ogden, UT
  • 16. Revolution by Railways
    • Transcontinental RR created domestic market for raw materials and manufactured goods.
    • Stimulated mining and agriculture by making the movement of goods to market faster and farther.
    • Creation of cities around RR
    • Advertising increased immigration from Europe to farm the west.
    • Introduction of time zones
    • Created new society of millionaires.
  • 17. New Business Culture
    • Laissez Faire  the ideology of the Industrial Age.
    • Individual as a moral and economic ideal.
    • Individuals should compete freely in the marketplace.
    • The market was not man-made or invented.
    • No room for government in the market!
  • 18. New Type of Business Entities
    • Pool 1887  Interstate Commerce Act  Interstate Commerce Commission created.
    • Trust  John D. Rockefeller
    • Standard Oil Co.
  • 19. New Type of Business Entities
    • Trust :
        • Horizontal Integration  John D. Rockefeller
        • Vertical Integration :
          • Gustavus Swift  Meat-packing
          • Andrew Carnegie  U. S. Steel
  • 20. Standard Oil Co.
  • 21. Iron & Steel Production
  • 22. New Type of Business Entities
  • 23. U. S. Corporate Mergers
  • 24. New Financial Businessman
    • The Broker:
      • J. Pierpont Morgan – “Stock Watering”
      • - “Interlocking Directorate”
  • 25. Wall Street – 1867 & 1900
  • 26. The Reorganization of Work The Assembly Line
  • 27. % of Billionaires in 1900
  • 28. % of Billionaires in 1918
  • 29. The Protectors of Our Industries
  • 30. The ‘Bosses’ of the Senate
  • 31. The Gospel of Wealth: Religion in the Era of Industrialization Russell H. Conwell
    • Wealth no longer looked upon as bad.
    • Viewed as a sign of God’s approval.
    • Christian duty to accumulate wealth.
    • Should not help the poor.
  • 32. “ On Wealth” Andrew Carnegie
    • The Anglo-Saxon race is superior.
    • “ Gospel of Wealth ” (1901).
    • Inequality is inevitable and good.
    • Wealthy should act as “trustees” for their “poorer brethren.”
  • 33. Impact of Industrial Revolution
    • Public no longer lived by the clock of nature.
    • Women entered the work force with invention of typewriter and telephone.
    • 1/10 of American people owned 90% of the nation’s wealth.
    • Hundreds of thousands immigrants entered the US created a large, cheap labor market
  • 34. Actions Against Labor Unions
    • Injunctions – court order ordering strikers to return to work.
    • Lockouts – employers would lock the doors to the factories and “starve them into submission”
    • Yellow-Dog Contracts – employees were forced to sign an agreement not to join a labor union.
    • Black List – Employers would put trouble makers on a list and circulate the list to other employers making it difficult to find work.
  • 35. Regulating the Trusts
    • 1886  Wabash, St. Louis & Pacific Railroad Company v. IL
    • The court declared invalid an Illinois law prohibiting long- and short-haul clauses in transportation contracts.
    • Interstate Commerce Act 1887
    • Prohibited rebates and pools and required RR to openly publish their rates and charging more for short hauls than for long ones on the same line.
  • 36. Interstate Commerce Commission
    • Provided a forum where competing businesses could resolve conflicts.
    • It prevented “rate wars” among RR lines.
    • Stabilized the existing business system.
    • 1 st attempt by the Federal Government to regulate business in the best interest of society.
  • 37. Sherman Antitrust Act
    • Declared illegal every contract, combination (in the form of trust or otherwise), or conspiracy in restraint of interstate and foreign trade.
    • It did not distinguish between “good” trusts and “bad” trusts limiting actions of labor unions who were restraining trade.
    • The law proved ineffective because of the loop holes corporate lawyers found.