American Industrialization (The Bad) Monopolies and Work Conditions United States History Mr. Chrestensen
Analyze the cartoon: The men’s shirts in back read “trusts”. Cartoon name, Bosses of the Senate
Industrial giants Andrew Carnegie Poor immigrant from Scotland Built steel plant in Pennsylvania Used the Bessemer process Vertical integration
Industrial Giants John D. Rockefeller Ultimately, controlled 90% of the oil industry Standard Oil Co. “If you can’t beat ‘em, join ‘em!” Horizontal via trust agreements Not legal mergers
Industrial Giants JP Morgan “House of Morgan” Dominates the banking industry Stocks and loans Cornelius Vanderbilt Swept up the RR industry
Why the “Gilded Age”? -”Because the open display of wealth among American elite seemed like a cheap picture frame- golden on the outside, but rotting on the inside.” -Mark Twain Discussion: What would you do if you had enormous wealth? Carnegie’s Gospel of Wealth :sign of divine approval, yet, must be a “trustee for his poorer brethren”.
Social Darwinism Philosophers came up with this from Charles Darwin’s theory of “natural selection” Economists use to justify laissez faire 4000 new millionaires, others lazy or weak!
Fewer control more Buying out competitors: monopoly Combining competing company’s into huge businesses: trusts Decisions in the hand of “trustees” Many used ruthless tactics manipulation Many paid low wages Anything to make a buck!
Who were the “Robber Barons”?
The Sherman Antitrust Act 1890 Made it illegal to form a trust that interfered with free trade Difficult to prosecute
Corruption in business and government Hippocampus lesson
How most people lived The middle class slowly grew, but most Americans poor 1% (wealthy), had more wealth than other 99% (poor) combined! Candlepower, no plumbing, wood stoves, crammed tenement housing
Tenement housing, NYC
NYC: A modern city full of pluses and minuses…
The Story of Us DVD DVD: “Cities” Skyscrapers (19-24)
How most people worked “Breaker Boys” and “Mill Kids”: Child Labor
How most people worked You had no rights! A factory and a steel mill.
The rights of laborers Hippocampus link
Positives and Negatives of Big Business