September 29, 2010 How were the tycoon companies of the 1890’s formed? Map Activity Who were the tycoons? How did they build their empires? How does this.

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September 29, 2010 How were the tycoon companies of the 1890’s formed? Map Activity Who were the tycoons? How did they build their empires? How does this all fit into Social Darwinism? Political Cartoon Homework: Finish Notes and begin studying for test

Left job at Pennsylvania Railroad to enter steel business New Business Strategies –Continuously searched for ways to make better products cheaply –Incorporated new machinery and techniques that allowed him to track costs –Attracted talented people by offering them stock in the company –Encouraged competition among his assistants

Vertical integration – bought out suppliers in order to control the raw materials and transportation systems Horizontal Integration – attempted to buy out competing steel producers (companies producing similar products merge)

Controlled almost the entire steel industry Produced the largest portion of the nation’s steel

Principles of Social Darwinism –Grew out of Charles Darwin’s theory of biological evolution –Natural selection – the best-adaptive survive and the weakest die off –Herbert Spencer used the theory to explain the evolution of human society –Used it as a way to justify laissez-faire doctrine A market place should not be regulated –William Summer promoted theory that businesses went through the same natural law

The theory of evolution supported the notion of individual responsibility and blame Appealed to Protestant work ethic of many Americans Riches were a sign of god’s favor, poor must be lazy or inferior who deserved their lot in life

Growth and Consolidation