The New Colossus Not like the brazen giant of Greek fame, With conquering limbs astride from land to land; Here at our sea-washed, sunset gates shall stand A mighty woman with a torch, whose flame Is the imprisoned lightning, and her name Mother of Exiles. From her beacon-hand Glows world-wide welcome; her mild eyes command The air-bridged harbor that twin cities frame. "Keep ancient lands, your storied pomp!" cries she With silent lips. "Give me your tired, your poor, Your huddled masses yearning to breathe free, The wretched refuse of your teeming shore. Send these, the homeless, tempest-tost to me, I lift my lamp beside the golden door!"

Fighting for Profits What did a business look like before this time?What did a business look like before this time? – –Run by family or one person. – –This meant that no business could grow bigger than one family’s ability to invest in it or run it. – –Businesses were local, buying and selling to people living nearby. What did a business look like after this time?What did a business look like after this time? – –Railroads provided businesses with access to raw materials and customers farther away. – –Expansion of businesses and the amount of people responsible for running it.

Corporations A number of people share the ownership of a businessA number of people share the ownership of a business – –Developed by investors. – –If a corp. experiences economic problems, the investors lose no more that they had originally invested. – –A corp. can buy or sell property, and it could sue. – –If a person leaves a group, the others could buy out what they invested. – –Accessible to large amounts of capital, which allowed them to fund new technology. – –Aided by railroads and telegraph, they could operate in different regions.

Monopoly Investors maximized profits by:Investors maximized profits by: – –Paying low wages – –Paying minimum for raw materials – –Advertising Monopoly = complete control of a product or service.Monopoly = complete control of a product or service. – –This allows the controller to set prices. Cartel = corporations work together to eliminate competition.Cartel = corporations work together to eliminate competition. – –The allies agree to limit production and keep prices high.

Monopoly Cornelius VanderbiltCornelius Vanderbilt – –Railroad tycoon – –Got his competitors to pay him to relocate to minimize competition. John D. RockefellerJohn D. Rockefeller – –Oil tycoon – –Made deals with railroads. Trust = Group of separate companies that are placed under the control of a single managing board in order to form a monopoly.Trust = Group of separate companies that are placed under the control of a single managing board in order to form a monopoly.

Monopoly Andrew CarnegieAndrew Carnegie – – Steel tycoon – –Controlled many different businesses that made up all phases of a product’s development. Consumers, workers, and the federal government believed that systems like trusts, cartels, and monopolies were unfair.Consumers, workers, and the federal government believed that systems like trusts, cartels, and monopolies were unfair. – –Most small businesses were bought out or put out of business. – –Consumers hated the high prices.

Monopoly “Robber Barons” = shrewd capitalists who took advantage and swindled the poor.“Robber Barons” = shrewd capitalists who took advantage and swindled the poor. The majority of these men were philanthropic, establishing universities, museums, and libraries.The majority of these men were philanthropic, establishing universities, museums, and libraries.

Social Darwinism Charles Darwin- biologistCharles Darwin- biologist Believed in survival of the fittest.Believed in survival of the fittest. Wealth was a measure of a person’s inherent value and those who had it were the ‘most fit’.Wealth was a measure of a person’s inherent value and those who had it were the ‘most fit’.

Regulations U.S. Senate created the (ICC) to oversee operations U.S. Senate created the Interstate Commerce Commission (ICC) to oversee railroad operations. Set up to monitor business operations.Set up to monitor business operations. It required the railroads to send their to Congress so that it could initiate investigations of unfairness.It required the railroads to send their records to Congress so that it could initiate investigations of unfairness Sherman Antitrust Act1890- Sherman Antitrust Act Outlawed any trust that operated “in of trade or commerce among the several states”.Outlawed any trust that operated “in restraint of trade or commerce among the several states”.

The Changing American Labor Force

Child Labor

“Galley Labor”

Labor Unrest: