U.S. HISTORY: THE RISE OF BIG BUSINESS. Mr. Weber Room 217. Activator: Write a summary of the notes from Monday.
All students discuss the corporate mergers that produced trusts and cartels and the economic and political policies of industrial leaders (like Andrew Carnegie and John D. Rockefeller). 11.2.5.
British economist Herbert Spencer
Advocate of Laissez Faire
Adapted Darwin’s ideas from “Origin of the Species” to human behavior.
Notion of survival of the fittest
Social Darwinism in America.
Wrote “Folkways” 1906
Individuals must have complete freedom to struggle, succeed or fail
Therefore government intervention to reward society or economy is pointless
John D. Rockefeller wanted to buy out the competition but government prevented companies from owning the stock of other companies (reduce competition, etc.)
So he formed a board of trustees which he controlled to manage companies combined into a “TRUST.”
Because they did not merge they violated no laws. Still, Carnegie was able to create a monopoly which controlled the majority of the nation’s oil refining companies.
Abundant Natural Resources
- The Anglo Saxon race is superior.
- “Gospel of Wealth” (1901)
- Inequality is inevitable and good.
- Wealthy should act as trustees for poor people.