Big Business and Industrialization in America U S
Big Business and Industrialization in America U. S. History
Big Business �Late 1800’s – Industrial Revolution in America �Booming population meant MORE goods needed in LESS time – efficiency! �Population increase caused by several factors �Internal growth of country – more people having children �Immigration – war/conflict, political unrest, famine, etc.
Big Business �In early years, no limit to how much control individuals could acquire �Very innovative, fresh-thinking entrepreneurs gained control �Control supply lines and then choke off competition �Buy up stock of other company’s �How was success justified? �Social Darwinism – “survival of the fittest” in society
Big Business �“Robber Barons” – steel, oil, railroads – the “bees that make the most honey…” �Not only did these men have control of an industry, look at the importance of industry �Paid employees very low wages �Andrew Carnegie – steel �Offer stock in company �New machinery and ideas
Big Business �John D. Rockefeller - oil �Standard Oil Company – sell oil for cheap to destroy competition, then hike up prices �Trust movement – don’t take over other companies, merge with them �Money was then made as one large corporation
Big Business �Cornelius Vanderbilt – railroads �Control the means of transporting goods to and from markets �Short lived fame/success w/ invention of automobile, but made plenty of money to last �Vanderbilt University
Big Business �Union movement �American Federation of Labor – Samuel Gompers; International Workers of the World – Eugene V. Debs �Unions sought to improve working conditions, wages, etc.
Big Business �In the end, many of these “robber barons” wanted a positive legacy �Libraries, museums, and colleges for all of employees to enjoy �Problem was that many of these business leaders didn’t realize the life workers had
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