6.3 Big Business & Labor.

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Presentation transcript:

6.3 Big Business & Labor

Andrew Carnegie Who was Andrew Carnegie? Born in Scotland Parents were poor Moved to US in 1848, 12 years old By age of 14 he was well positioned in the railroad business in Pennsylvania Given chance to buy stock in the company Made a fortune from his investment Became huge supporter of charities

Carnegie’s Innovations Entered steel business in 1873 Founded Carnegie Steel By 1899, produced more steel than all of Great Britain Business Strategies 1. Searched for ways to make better products more cheaply 2. Attracted the best people by offering them stock

Vertical & Horizontal Integration VERTICAL INTEGRATION HORIZONTAL INTEGRATION Carnegie bought out his suppliers Coal mines Iron mines Ore freighters Railroad lines Goal: Gain complete control over the raw materials and transportation systems Carnegie bought out his competition Companies producing similar products merge together 1901: Carnegie’s companies produced the largest portion of the nation’s steel

Vertical & Horizontal Integration Continued Manufacturing Resources Distribution

Social Darwinism & Business Based on theory of Evolution (Darwin) States that some individuals flourish, some do not “natural selection” weeded out individuals not able to survive Economists used this theory to justify “Laissez-faire “ Economics Marketplace should not be regulated Success & failure in business are governed by natural law

A New Definition for Success Post-Civil War: USA had about 4,000 millionaires According to Social Darwinism: Individual is responsible for success Individual is to blame for failure Appealed to many Protestants, saw riches as a sign of God’s favor Conclusion: The Poor must be lazy, deserved their suffering