THE GILDED AGE BIG BUSINESS
WHAT IS THE GILDED AGE? LATE NINETEENTH CENTURY SPREAD OF RAILROAD LINES MOVING TO INDUSTRIALIZED CITIES LABOR UNIONS POLITICAL CORRPUPTNESS
INDUSTRIALIZATION MOVEMENT FROM RURAL (FARMS) TO URBAN (CITIES) LARGE SCALE MANUFACTURING
CAUSES OF INDUSTRIALIZATION A LOT OF NATURAL RESOURCES NEW MANUFACTURING METHODS IMPROVED TRANSPORTATION
RESULTS OF INDUSTRIALIZATION GROWTH OF CITIES INCREASED TRADE ENORMOUS FORTUNE
WHERE WERE PEOPLE MOVING DURING THE GILDED AGE? This image illustrates the change from – A direct democracy to a representative one A foreign policy of isolationism to interventionism A slave owning society to one without slavery A rural society moving to an urban society WHERE WERE PEOPLE MOVING DURING THE GILDED AGE? WHAT CAN YOU SEE IN THIS PICTURE? WHY DO YOU PEOPLE MOVED TO THESE AREAS?
MORE EFFICIENT WAY OF PRODUCING STEEL INVENTIONS BESSEMER PROCESS ELECTRICITY TELEPHONE MORE EFFICIENT WAY OF PRODUCING STEEL THOMAS EDISON BUSINESSES COULD STAY OPEN LONGER MAKE MORE PRODUCTS ALEXANDER GRAHAM BELL COULD COMMUICATE ACROSS A DISTANCE
MONOPOLY – BIG BUSINESS PHILANTROPHIST – GIVING MONEY TO CHARITY CAPTAINS OF INDUSTRY – BUSINESS LEADER ROBBER BARON – EXPLOITED RESOURCES TO BE RICH KEY VOCABULARY KEY VOCABULARY
BIG BUSINESS OWNERS ANDREW CARNEGIE JOHN D. ROCKEFELLER J.P. MORGAN OWNED STEEL INDUSTRY JOHN D. ROCKEFELLER OWNED STANDARD OIL COMPANY J.P. MORGAN SUCCESSFUL BANKER
ANDREW CARNEGIE FOUNDED CARNEGIE STEEL PHILANTHROPIST (GAVE MONEY TO CHAIRTY) PAID WORKERS LOW WAGES “PROVIDE LADDERS UPON WHICH THE ASPIRING CAN RISE”
GOSPEL OF WEALTH GIVE MONEY IN A WAY THAT BENEFITS OTHERS DECIDE WHAT KIND OF HELP POOR PEOPLE NEED USE WEALTH FOR THE GREATER GOOD OF SOCIETY
JOHN D. ROCKEFELLER STANDARD OIL COMPANY HAD A MONOPOLY OVER THE PRODUCT FORCED RAILROAD COMPANIES TO GIVE HIM SPECIAL RATES CHARGED COMPETITORS HIGHER PRICES
“LAISSEZ-FAIRE” BUSINESS FRENCH FOR “HANDS OFF” GOVERNMENT SHOULD NOT INTERFERE IN FREE MARKET ECONOMY WORKED BETTER WITHOUT GOVERNMENT INTERFERENCE GREAT FOR BUSINESS OWNERS “LAISSEZ-FAIRE” BUSINESS
SOCIAL DARWINISM TOOK CHARLES DARWIN’S THEORY OF “SURVIVAL OF THE FITTEST” APPLIED IT TO PEOPLE IF YOU WERE POOR.. IT’S YOUR FAULT ONLY THE RICH WILL SURVIVE
ROBBER BARON CAPTAIN OF INDUSTRY EXPANDS MARKETS CREATES MORE JOBS FUNDS NATION’S PUBLIC INSTITUTIONS PRACTICES PHILANTHROPY (CHARITABLE) DRAINS COUNTRY OF RESOURCES CORRUPTS PUBLIC OFFICIALS PAYS POOR WAGES WORKERS WORK IN DANGEROUS CONDITIONS
POLITICAL CORRUPTION PROVIDING SPECIAL PRIVLEDGE OFFERING BRIBES INDUSTRIES USED CONNECTIONS WITH CORRUPT GOVERNMENT OFFICIALS
MONOPOLIES DURING THE GILDED AGE THERE WAS AN INCREASE IN SUPPORT FOR BIG BUSINESS
TODAY’S RECAP
BESSEMER PROCESS PRODUCED… MOVING FROM RURAL TO… URBAN COUNTRYSIDE FARM WHAT IS RURAL? WHAT IS URBAN? CITY STEEL BESSEMER PROCESS PRODUCED… LIGHT BULB CREATED BY.. THOMAS EDISON
WHAT COULD BUSINESSES DO? ANOTHER NAME FOR BIG BUSINESS? STAY OPEN LONGER MONOPOLY ANOTHER NAME FOR BIG BUSINESS? PHILANTHROPIST MONEY TO CHARITY CARNEGIE STEEL ANDREW CARNEGIE JOHN D. ROCKEFELLER STANDARD OIL
SPECIAL PRIVLEDGE/BRIBES INCREASE IN SUPPORT FOR.. J.P. MORGAN BANKING HANDS OFF “LAISSEZ FAIRE” SOCIAL DARWINISM ONLY RICH SURVIVE POLITICAL CORRUPTION SPECIAL PRIVLEDGE/BRIBES INCREASE IN SUPPORT FOR.. BIG BUSINESS