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Big Business. A Change in Values. The Old : handmade goods, self-sufficiency, rural population, family is very important. The New : machine-made goods, inter-dependency (division of labor), urban population, family is less important. New values : speed, convenience, power, profit.

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a change in values
A Change in Values
  • The Old : handmade goods, self-sufficiency, rural population, family is very important.
  • The New: machine-made goods, inter-dependency (division of labor), urban population, family is less important

New values: speed, convenience, power, profit

free enterprise
Free Enterprise
  • Capitalism – Economic system where private businesses run most industries.
  • Free enterprise – a business that is free from government involvement
  • Entrepreneurs – people who start a new business
    • Proprietorship – One owner
    • Partnership – Two or more owners
    • Corporation – Many owners
the cycle of industry
The Cycle of Industry






reasons for the rise of heavy industry
Reasons for the rise of heavy industry
  • 1. Natural Resources
  • 2. Inventions
  • 3. Investors (Entrepreneurs)
  • 4. Large labor force
what allowed these four factors to bring about huge profits
What allowed these four factors to bring about HUGE profits?
  • 1. New Sources of Power
    • (steam, coal, oil, electricity, solar, nuclear, ?)
  • 2. Transportation improvements

(railroad, automobile, planes/jets, rockets . .)

  • 3. Improved Communications

(telegraph, telephone, radio, television, . . .)

social darwinism and philantrhopy
Social Darwinism and Philantrhopy
  • Laissez Faire Capitalism  Hands off economic system.
  • Necessary limits are still implemented
    • Child labor laws, minimum wage, safe working conditions, environmental laws
  • Survival of the fittest  We know what Darwins theory of survival of the fittest looked like, how does it pertain to businesses?
    • What did animals do to survive in their environment?
http sayiamgreen com blog 2009 09 the 10 most polluted cities in the world
the anti trust movement
The Anti – Trust Movement
  • As corporations grew stronger, some used their power to drive smaller competitors out of business.
    • How might a big company be able to do this?
  • Monopolies
  • 1890 – Sherman Antitrust Act is passed  Any attempt to monopolize… any part of the trade or commerce among the several states was a crime.
cornelius vanderbilt
Cornelius Vanderbilt
  • 1. Nicknamed “The Colossus of Roads”
  • 2. The first millionaire
  • 3. Established a railroad monopoly in New York
  • 4. Was worth $150,000,000 when he died in 1877
tell a person of the opposite sex
Tell a person of the opposite sex

What characteristics do you think are necessary to make someone a self-made millionaire?

andrew carnegie
Andrew Carnegie
  • Age 12 – earned $1.20 per week as a bobbin boy
  • Won a job as a telegrapher; stayed up at night memorizing morse code
  • Invested in capital, little bits at a time ex. “Sleeping cars”
  • Gained a monopoly in the steel industry:
    • Vertical Integration
  • Remembered for his “Rags-to-Riches” career
  • Was worth $300,000,000 (today 189 Billion) when he sold Carnegie Steel to J.P. Morgan in 1901
  • Was a philanthropist – (Greek) “lover of mankind” ex. Founded 3,000 libraries, several colleges, concert halls
  • Famous quotations
    • “Put all your eggs in one basket.”
    • “He who dies wealthy, dies disgraced.”
john d rockefeller
John D. Rockefeller
  • Organized an oil monopoly in Ohio; spread to entire East Coast
  • Remembered for his fierce competitiveness: “Oil Wars”
    • was hated by the public and the media
  • was worth 1 billion by 1892; also a philanthropist
    • First billionaire!
  • showed what cost-cutting can do ex. sealing oil drums
  • Used horizontal integration
  • “God gave me my money.”
jp morgan
JP Morgan
  • 1. American banker and financier
  • 2. twice “bailed out” the government
  • 3. Advisor to President Cleveland
  • 4. Consolidated companies ex. International Harvester, General Electric, U.S. Steel
  • 5. Possessed an incredible knack for investing in lucrative ventures
top 10 corporations in america today
Top 10 Corporations in America Today