1. Growth of a new economy, big business and labor unions during the Gilded age

2. New Technology leads to new opportunities
New inventions and technology helped fuel economic expansion
Bessemer process, steam power, petroleum, electricity helped revolutionize society in that all these led to the creation of new business opportunities .

3. Development of the National Market
Because of improved transportation and communication, the nation was linked together
Business could produce and ship throughout the nation leading to mass production an larger profits
New methods of advertising and selling were developed

4. New Types of Businesses and Economic System
Corporations
Free Enterprise System
Businesses formed corporations
Shareholders invested in the business by purchasing stocks with gave them some ownership and profits
This made it possible for companies to raise money to build factories, purchase materials and start their company
Government took a laissez-faire approach in that they did little to interfere with big business practices
Goal is to maximize your profit

5. Era of Big Business Pro’s of Big Business Con’s of Big Business
Large business are more efficient, leading to lower prices
They can hire large number of workers
They can produce goods in large quantities
They have the resources to support expensive research and invent new items
They have unfair competitive advantage against smaller businesses
They sometimes exploit workers
They are less concerned with where they do business and pollute the area
They have an unfair influence over government policies affecting them

6. Industrial Giants of the Gilded Age

7. Laws Against Anti-Competitive Practices
At first the government did little to regulate big business. However even under laissez- faire, the government had a role in the economy and protection of consumers
Reformers called for action in response to recent corruptions
Examples of government interaction and limits of big business are seen in the Interstate Commerce Act and the Sherman Anti-Trust Act

8. The Rise of Labor Unions

9. Workers seek a National Voice
Knights of Labor
American Federation of Labor
Demanded 8 hour work days
Unified all workers
Called for higher wages
Opposed child labor
Wanted strict immigration laws
Fell apart
Separated skilled and unskilled
Goals included 8 hour work day, higher wages and better work conditions
Emerged as principle voice of organized labor force.

10. Government’s Attitude Towards Unions
Most government officials favored business rather than unions
Greater Influence of Business- Business leaders often gave money to political campaign funds, saw worker demands as greedy
Protector of the Economy: Because more than a 20,000 strikes took place government feared that this would disrupt the economy. Troops often had to get involved in riots
Public Opinion- Most Americans agreed with laissez faire and felt that business should hire and fire as they pleased. Others felt that the riots would effect cost of goods

11. Andrew Carnegie vs. John D
Andrew Carnegie vs. John D. Rockerfeller Robber Barron or Captain of Industry??
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