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The Rise of Big Business

The Rise of Big Business

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The Rise of Big Business

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  1. The Rise of Big Business

  2. Robber Barons • Business leaders who built their fortunes by stealing from the public • Drained country of natural resources • Drove competitors to ruin • Paid workers meager wages • Dangerous/unhealthy conditions

  3. Captains of Industry • Business leaders who served their nation in a positive way • Increased supply of goods: • factories, productivity • Created jobs • Founded/funded museums, libraries

  4. Barons or Captains?? • Andrew Carnegie • Steel King • Created Bessemer process to create steel easier and cheaper • John D. Rockefeller • Oil tycoon • J. P. Morgan • Banker who financed many industries

  5. Social Darwinism • Society should do as little as possible to interfere with people’s pursuit of success “Society as a whole would benefit”

  6. Monopoly Complete control of a product or service Remaining company could charge any price Cartel Loose association of businesses that make/supply the same product Members agree to limit supply of product and keep prices high Monopolies vs. Cartels

  7. Combination & Integration • Horizontal Combination • Combine many competitors into one company • Vertical Integration • Gain Control of all phases of production

  8. Gospel of Wealth • Hard work and perseverance leads to wealth and that God justified attainment of great wealth. • A new view recently stated that wealth garnered from earthly success should be used for good works • Andrew Carnegie promoted this view in 1889 after securing millions through steel manufacturing