January 3, 2018 U.S. History Agenda: DO NOW: Term Matching NOTES #29: What economic theories existed during the Industrial Revolution? CLASS ASSIGNMENT: “Attitudes Toward Business”

What economic theories existed during the Industrial Revolution What economic theories existed during the Industrial Revolution? Notes #29

The Industrial Revolution was a period from the mid to late 1800s when the mass production of goods occurred in the U.S. through the use of factories.

During this period, the U. S During this period, the U.S. government committed itself to the theory of laissez-faire capitalism.

The Wealth of Nations (1776) According to this theory, the economy functions best when the government does not interfere in business. Adam Smith; author of The Wealth of Nations (1776)

Carnegie Steel Company As a result of this theory, the U.S. economy grew and big business developed. Carnegie Steel Company Standard Oil Company

Rockefeller (oil refining) (railroads and shipping) Famous big business leaders included Andrew Carnegie and John D. Rockefeller, who embraced . . . Carnegie (steel) Rockefeller (oil refining) Cornelius Vanderbilt (railroads and shipping)

Charles Darwin; originator of the theory of evolution . . . the theory of Social Darwinism because it supported their belief that economic success comes to the hardest working and most competent. Charles Darwin; originator of the theory of evolution

Some Americans described these big business leaders as being captains of industry for helping out others. Rockefeller University Carnegie Hall Vanderbilt University 

Other Americans described these big business leaders as being robber barons for using ruthless business tactics against their competitors.