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the expansion of american industry

The Expansion of American Industry

“This, then, is held to be the duty of the man of Wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance; to provide moderately for the legitimate wants of those dependent upon him; and after doing so to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer, and strictly bound as a matter of duty to administer in the manner which, in his judgment, is best calculated to produce the most beneficial results for the community -- the man of wealth thus becoming the mere agent and trustee for his poorer brethren, bringing to their service his superior wisdom, experience, and ability to administer, doing for them better than they would or could do for themselves.”

- From “Wealth,” by Andrew Carnegie, North American Review (1889)

the expansion of american industry1

The Expansion of American Industry

“Law? Who cares about the law. Ain’t I got the power?

- Comment alleged to have been made by Cornelius Vanderbilt -

“You have undertaken to cheat me. I won’t sue you, for the law is too slow. I’ll ruin you.”

- Cornelius Vanderbilt -

the expansion of american industry2

The Expansion of American Industry

Monopoly–

Market structure with only 1 seller of a particular product

Example: Orange & Rockland, U.S. Steel, Standard Oil

Trust–

Legally formed combination of different corporations or companies selling the same product.

All corporations answer to a Board of Trustees.

Example: Standard Oil

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The Expansion of American Industry

Cartel–

Group of different producers or sellers who agree to regulate supply and demand to control prices.

Done to eliminate smaller competition.

Example: OPEC

Economic Theories –

Laissez-faire

Social Darwinism

“Gospel of Wealth”

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The Expansion of American Industry

Horizontal Consolidation

John D. Rockefeller –

Used latest technology and practices to drive out competition.

Received rebates from railroads to cut costs.

Believed in

Laissez-Faire

Social Darwinism

“Gospel of Wealth”

the impact of big business1

The Impact of Big Business

Purchased by Rockefeller

Horizontal Consolidation

Standard Oil Company

Independent Oil Refineries

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The Expansion of American Industry

Vertical Consolidation

Andrew Carnegie & J.P. Morgan –

Controlled ALL phases of production to eliminate competition, stabilize rates, and reduce debt (costs).

Used the Bessemer Process to mass produce steel.

Formed the U.S. Steel Corporation and later sold it to Morgan.

Believed in

Laissez-Faire

Social Darwinism

“Gospel of Wealth”

the rise of labor unions

The Rise of Labor Unions

The Workplace–

Poor working conditions, low wages, child labor

Quitting & Absenteeism

Increased efficiency through piecework, scientific management, and time and motion studies

Employees–

Seeking wage reform and improved conditions

Some turned to Socialism

**Formation of unions

the rise of labor unions1

The Rise of Labor Unions

Employers –

Lockouts

Blacklists

Yellow-dog Contracts

Scab workers

Private militias – Pinkertons

Assistance from the government and the courts

the rise of labor unions2

The Rise of Labor Unions

Unions –

NLU (1866)

All workers

Wage reform and an 8 hour day

Social programs

Knights of Labor (1869)

Terrence Powderly

All workers

Social Reforms

Arbitration

the rise of labor unions3

The Rise of Labor Unions

Unions –

AF of L (1886)

Samuel Gompers

Skilled workers

Reform of wages, hours, and conditions

Used strikes and boycotts in order to gain Collective Bargaining power.

IWW - Wobblies (1905)

Radical group