aim: how did the gilded age lead to industry and big business?
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Aim: How did the Gilded Age lead to Industry and Big Business? . Do Now: Homework: Modern Robber Barons . Causes of Industrialization. Natural Resources. Civil War. Technology. Growing Workforce. Gov’t Policies. Civil War . - PowerPoint PPT PresentationTRANSCRIPT
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Aim: How did the Gilded Age lead to Industry and Big Business? Do Now:Homework: Modern Robber Barons
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Causes of Industrialization
CivilWar
NaturalResources
Growing Workforce
TechnologyGov’tPolicies
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Civil War •The War encouraged production, innovation, and expansion of the railroad.
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Natural Resources •Ample Natural Resources like oil, fuels, and its growth.
Rockefeller
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Growing Workforce• Immigrants are willing to work for low wages.
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Technology •New technology and innovative business practices spurred growth.
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Gov’t Policy •Government policies encouraged investment in business practices.
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THE RISE OF BIG BUSINESS!
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Trusts• A group of separate companies placed under
control of a single management board.• Assign Stock to a board of trustees
Corporations • (firms)• Group ownership develops •Work to MAXIMIZE profits.
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Monopoly • Complete control of a product or service• They must buy out competitors or drive them out!
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“Captains of Industry”
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JP MORGAN • Private banking
Carnegie • “steel king” • Iron. Steel.
“Captains of Big Business”
Rockefeller Vanderbilt • Oil• Standard Oil Company
• Railroad Industry
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Business leaders are getting wealthy; smaller companies and consumers begin to question big businesses’ goals and tactics .
The Debate over Big Business
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The Debate over Big Business “Robber Baron”
• Harm of high prices• Shrewd the
capitalists • Drive out small
businesses • Excessive power
“Captain of Industry”
• Provide thousands of jobs • Organized industry• Developed
business practices • Philanthropists
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Social Darwinism •Wealth was a measure of one’s inherited value on those who had it and were the most “fit”.
Does this JUSTIFY THE BUSINESS PRACTICES OF MONOPOLIES?
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% of Billionaires in 1900
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Important Business Practices Protective Tariffs
Laissez Faire
Subsidizing
Railroad Strike
Breaking Antiunio
n Actions
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Antiunion Actions • Sherman Antitrust Act (1890): to order unions to STOP disrupting free trade. It outlawed any trust that operated restraint of trade or commerce in the US.
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Exit Ticket: Were the Titans of Big Business: Captains of Industry or Robber Barons..WHY!?