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Business Gets Bigger
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National Banks + Tariffs Established during the Civil War Boom and bust on frontier encouraged Republicans National Banking system Provided capital for railroads Stabilized economy against speculation Protective Tariffs Textiles, steel, wool and sugar
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Resources for Industrialization Favorable Gov’t policies Raw materials (water, minerals, iron, metal) Labor Ideas Capitalism….2nd Industrial Revolution2nd Industrial Revolution
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The Rise of the Corporation Dominant form of Business Supported by Gov’t Policies Increased Standard of Living
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”The Era of Combination” Vertical Integration & Horizontal Consolidation Monopolies, Trusts, Holding Companies, Corporations
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Vertical Integration Carnegie-Steel Swift- Meatpacking Predatory Pricing Lowers costs Profit at multiple levels Steel Manuf. Railroads Several Iron Mines
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Horizontal Integration Trusts Monopolies Standard Oil DuPont Eastman Kodak Singer
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Big Business Leaders Captains of Industry or Robber Barons? John D. Rockefeller-Oil Andrew Carnegie-Steel JP Morgan-Finance Jay Gould-Railroads Gustavus Swift-Meat Packing
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Think about it… How do customers benefit from vertical combination? Why does horizontal integration undermine benefits of capitalism?
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William Graham Sumner & “Social Darwinism” A drunkard in the gutter is just where he ought to be, according to the fitness and tendency of things. Nature has set upon him the process of decline and dissolution by which she removes things which have survived their usefulness. A good father believes that he does wisely to encourage enterprise, productive skill, prudent self-denial, and judicious expenditure on the part of his son. One thing must be granted to the rich: they are good natured.
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A National Consumer Culture Advertising A new field Magazines billboards Catalogs and mail order Consumption and deflation
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Economy Unites rEqual access…rural & urban
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Corporate Workplace Women at work Ranks Professions piecework Retail Managers Salesmen
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On the Shop Floor Blue-collar v. White-collar Mass production Scientific management Skilled v. unskilled Race and work
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FRQ . Andrew Carnegie has been viewed by some historians as the “prime representative of the industrial age” and by others as “an industrial leader atypical of the period. Assess the validity of these views. (1986)
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