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US HISTORY & GOVERNMENT INDUSTRIALIZATION JOHN JAY HS. SIGN POSTING. WAS THE CIVIL WAR A TURNING POINT FOR INDUSTRIALIZATION? WHY SHOULD WE BE CONCERNED ABOUT MONOPOLIES? HOW DO VERTICAL & HORIZONTAL INTEGRATION DIFFER? . TURNING POINTS. WESTWARD EXPANSION.

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Presentation Transcript
slide1

US HISTORY & GOVERNMENT

INDUSTRIALIZATION

JOHN JAY HS

sign posting
SIGN POSTING

WASTHE CIVIL WAR A TURNING POINT FOR INDUSTRIALIZATION?

WHY SHOULD WE BE CONCERNED ABOUT MONOPOLIES?

HOW DO VERTICAL & HORIZONTAL INTEGRATION DIFFER?

turning points
TURNING POINTS

WESTWARD EXPANSION

TRANSPORTATION & COMMUNICATION

CIVIL WAR

ECONOMIC DEVELOPMENT

REFORM MOVEMENTS

IMMIGRATION

war mobilization
WAR MOBILIZATION
  • VETERAN NETWORKS  BUSINESS NETWORKS
  • LOCAL  NATIONAL
  • FRATERNAL ORG’S; MUTUAL-AID SOCIETIES
  • OFFICER CORPS  CORPORATE MIDDLE MANAGERS
  • HOW TO WORK IN BUREAUCRACY / HIERARCHY?
  • LOGISTICS  TRAINING FOR SCALE ORGANIZATION
political defeat of the south
POLITICAL DEFEAT OF THE SOUTH
  • PRO-AG (ANTI-MANUFACTURING)
  • SOUTHERN = PRO-STATES’ RIGHTS (ANTI-FEDERAL)
  • POLITICS = ANTI-TARIFF (FREE TRADE)ANTI-BANK (EASY CREDIT)
  • 1788-1868 = SOUTH WINS* 14/20 PRESIDENTIAL ELECTIONS
  • 1868-1912 = SOUTH WINS 0/9 PRESIDENTIAL ELECTIONS
political defeat of the south1
POLITICAL DEFEAT OF THE SOUTH

GILDED AGE USA = DEVELOPING COUNTRY ( = CHINA & MEXICO)

REPUBLICANS  PRO-INDUSTRY POLICIES

1) GOLD STANDARD/TIGHT MONEY  ANTI-BANK

2) PROTECTIONISM  FREE TRADE

3) NATIONAL MARKET  STATE RIGHTS

GOLD STANDARD  ATTRACTS INT’L INVESTMENT, WHILE

PROTECTIONISMKEPT OUT FOREIGN PRODUCTS

. . . BUT HURT FARMERS (EXPORTERS)

STATE POWER TO REGULATE BUSINESS DECLINED

war finance1
WAR FINANCE

CIVIL WAR = $$$

ISSUED GREENBACKS

TO FINANCE THE WAR

GREENBACKS ≠ BACKED

BY GOLD

  • EASY CREDIT FOR
  • “START-UP” BUSINESSES
war finance2
WAR FINANCE

1860 – 1880 = MANY NEW SMALL BUSINESSES = COMPETITIVE MARKET

1875 (1879) SPECIE RESUMPTION ACT

CREDIT CONTRACTS  BANKRUPTCIES  CONSOLIDATION & MONPOLIZATION

GREENBACKS = “DEMOCRATIZES” WALL STREET JAY COOKE SELLS GREENBACK WAR BONDS TO ORDINARY AMERICANS

robber barons
ROBBER BARONS

WAR PROFITEERS  ROBBER BARONS

RAILROADS: LELAND STANFORD, HENRY VILLARD (SLEEPY HOLLOW), CHAUNCEY DEPEW (PEEKSKILL), E.H. HARRIMAN (ROCKLAND)

OIL / CHEMICALS: JOHN D. ROCKEFELLER (POCANTICO), LEO BAEKELAND (YONKERS)

IRON / STEEL: ANDREW CARNEGIE (SLEEPY HOLLOW), HENRY FRICK

FINANCE: J.P. MORGAN, JAY COOKE, JAY GOULD (TARRYTOWN), JAMES FISK, DANIEL DREW (CARMEL)

rise of wall street
RISE OF WALL STREET

GREENBACKS  DEBT SECURITIES (BONDS)

ROBBER BARON CORPORATIONS  EQUITY SECURITIES (STOCKS)

VOLUME OF STOCK

MARKET  EASY TO

RAISE MONEY, BUT

PRONE TO

MANIPULATION

monopoly
MONOPOLY

GRAIN COSTS $10

BUSHEL = $100 IN CITY

WHAT WILL THE RAILROAD CHARGE?

slide15

SOCIAL LOSS

MARGINAL REVENUE

MONOPOLY

monopoly1
MONOPOLY

COMPETITIVE MARKET: VALUE = COST = PRICE

NO PROFITS & NO BARGAINS

MONOPOLY = UNCOMPETITIVE MARKET

vertical horizontal integration
VERTICAL & HORIZONTAL INTEGRATION
  • CARNEGIE = CARNEGIE (US STEEL) = VERTICAL INTEGRATION
  • ROCKEFELLER = STANDARD OIL = HORIZONTAL INTEGRATION
horizontal integration
HORIZONTAL INTEGRATION

PRE COMCAST-TIME WARNER MERGER

POST COMCAST-TIME WARNER MERGER