The Second Industrial Revolution John D. Rockefeller Standard Oil Trust Controlled 95% of all oil refineries in the U.S. Ruthless Business Practices, Spies.

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Presentation transcript:

The Second Industrial Revolution John D. Rockefeller Standard Oil Trust Controlled 95% of all oil refineries in the U.S. Ruthless Business Practices, Spies and Kickbacks Horizontal Integration Trust=control of smaller oil companies, all operations. Andrew Carnegie United States Steel first billion dollar Corporation. Dominated Steel Market Vertical Integration from “Mining to Marketing” *Mining in Minnesota *Shipping across Great Lakes *Railroads carry ore to… * Pittsburgh where blast furnaces make steel.

Gospel of Wealth— The millionaires are a product of natural selection…They get high wages and live in luxury, but the bargain is a good one for society. ~William Graham Sumner Plutocracy or rule by the wealthy In 1890, the nation’s total property was valued at $65billion. $25 billion was owned by corporations. In 1900, ten percent of the population owned ninety percent of the national wealth. Meat packing, tobacco, sugar, and leather industries were all controlled by trusts. Government Intervention Sherman Anti-trust Act is passed in Protect the public from business than are so big that they can restrain trade. However this law is used against labor unions as well as corporations.

Workers Organize— Hurrah, hurrah, for labor, it is mustering all its powers, And shall march along to victory with the banner of eight hours. National Labor Union ,000 members Knights of Labor 1869—Terence V. Powderly Skilled and Unskilled Workers Eight-Hour Work Day plus Safety and Health Codes American Federation of Labor 1886—Samuel Gompers 500,000 Members by 1900 Skilled Worker Only; Local Chapters Higher Wages and Closed Shop (must join union to be hired) Thirty-Two National Unions by 1872 Bricklayers, typesetters, shoemakers, etc.

Anti-Union Forces— I can hire one-half of the working class to kill the other half. ~Jay Gould Depression of 1873 provided an excuse for lowering wages. Corporate Actions— Lockouts, Strike Breakers, Yellow-Dog Contracts, Blacklists, Company Towns (coal mining) Labor Strikes and Violence— there were 23,000 strikes. *The Great Railroad Strike 1877 *Haymarket Square Bombing 1886—Anarchists 100 people injured, 11 killed. *1500 Strikes in 1877—Much Violence Nationwide *Homestead Steel Strike people were killed. *Pullman Strike 1893 Federal Troops were called in. Labor Day became a national holiday in 1894.