UNIT 6: THE TURN OF THE CENTURY

GROWTH OF INDUSTRY

BIG BUSINESS AND TRUSTS

 1.) Availability of workforce  2.) National markets created by transportation  3.) Lower-cost production  4.) Inventions  5.) Advertising  6.) Financial Resources  7.) Access to raw materials and energy REASONS WHY BIG BUSINESS GREW

 National Markets created by transportation= RAILROADS

 1.) Exclusive control of a commodity or service.  2.) Having so much control that you can manipulate prices.  3.) Many buyers, one seller. MONOPOLY

 Definition- Business Trust: noun- An organization or combination of organizations united under one “board of trustees” Why? 1.) To control the supply and price 2.) To control and monopolize a trade, industry or business 3.) To get rid of competition 4.) To make MONEY, PROFIT- to make prices go UP TRUSTS

 A sum of money paid to shareholders of a corporation.  Paid out of earnings (profit).  Share: A small piece of the company DIVIDEND

 Pittsburg  Steel  Detroit  Automobile  Chicago  Meat Packing  New England (New York City ect.)  Textiles (making clothes) UNITED STATES INDUSTRIAL CITIES

REVIEW: CAPITALISM

 Demand stays the same (or increases)  Supply is control by ONE company  Horizontal Integration: Buy up all the other competing businesses  Vertical Integration: Buy up all the equipment and services needs to dominate production  Result: YOU SET THE PRICE! MAKE ALL THE MONEY!!! NO COMPETITION MONOPOLY

MONOPOLY AND CAPITALISM

 Founder, chairman, -major shareholder  $1.4 billion  $663.4 BILLION 2007 JOHN D. ROCKEFELLER- STANDARD OIL

 Andrew Carnegie ( )- Carnegie Steel GIANT INDUSTRIAL CORPORATIONS

BESSEMER CONVERTER

 Merged Edison General Electric and Thomson-Houston Electric Company to form General Electric- GE J.P. MORGAN- FINANCIER, BANKER,

 Merged the Federal Steel Company with Carnegie Steel (and several other smaller steel companies) to make U.S. Steel  In 1890–1913, 42 major corporations were organized or their securities were underwritten, in whole or part, by J.P. Morgan and Company. J.P. MORGAN AND COMPANY

 The largest bank in the US today.  Just paid $13 BILLION dollar fine for helping to create the 2008 Financial meltdown. JPMORGAN CHASE

 Philosophy  William Graham Sumner “What Social Classes Owe to Each Other” -Nothing -We are not obligated to help the weak -Free Market Capitalism is best- taxes and regulation are harmful SOCIAL DARWINISM

 Definition: (Noun) Actions benefiting society. -Public libraries -Promoting research -Universities -Museums -Public Television -John D. Rockefeller -(1 st, 2 nd, 3 rd ) -Henry Ford PHILANTHROPY

 Republican-Progressive  1.) Conservation of Natural Resources  Antiquities Act (1906)  Conserved 230,000,000 acres of public land  2.) Control of Corporations  Sued Northern Securities Company (JP Morgan) and broke up the railroad monopoly (1902). Total 54 anti-trust lawsuits  3.) Consumer Protections  Pure Food and Drug Act (1906): regulated production and sale of food and drugs  Meat Inspection Act (1906): federal inspection of meat products ROOSEVELT'S SQUARE DEAL ( )

 Sherman Act (Roosevelt/ Taft) -Prohibits business practices that reduce competition -Forces the federal government to investigate -Limits cartels and monopolies  Clayton Anti-trust Law (Wilson) -No exclusive deals -No mergers that reduce competition ANTI-TRUST LAW

 Standard Oil controlled 88% of the oil in the US  % of production and 85% of final sales  the US Department of Justice sued Standard under federal anti-trust law, the Sherman Antitrust Act  1911: Standard was dissolved into 33 separate companies  “Baby Standards” are Exxon Mobile and Chevron STANDARD OIL- ROCKEFELLER

WOMEN’S RIGHTS MOVEMENT

 Abolitionist Sojourner Truth at the Women's Convention in 1851  The women’s suffrage (voting) movement came out of the abolitionist (freedom from slavery) movement.  How does Sojourner feel about equality between the sexes? Blacks and whites? What kind of argument is she making? Is it effective? Why/ why not? "AIN'T I A WOMAN?”

SENECA FALL CONFERENCE 1848

 First Women’s Right’s Convention in the United States  Elizabeth Cady Stanton and other Quaker women led  The Declaration of Sentiments- signed by 100 of the 300 guests (68 women, 32 men) -Foundational document in the United States Women’s Suffrage Movement -Video SENECA FALLS CONFERENCE 1848

 January Women begin picketing the White House  June- November protesters were arrested  National Woman's Party Leader, Alice Paul, staged a hunger strike in jail after her arrest. Prison doctors had to force-feed her and others.  January Bad publicity= President Wilson gave support to the suffrage movement  August 18, with the ratification of the Nineteenth Amendment, women achieved the right to vote. WOMEN FINALLY GET THE VOTE

 In 1989 Scottish political scientist Richard Rose noted that most American historians endorse exceptionalism. He suggests that these historians reason as follows:  “Its uniqueness is explained by any or all of a variety of reasons: history, size, geography, political institutions, and culture.”  In this view, U.S. exceptionalism stems from its emergence from a revolution, becoming what political scientist Seymour Martin Lipset called "the first new nation” and developing a uniquely American ideology, "Americanism", based on liberty, egalitarianism, individualism, republicanism, populism and laissez-faire. AMERICAN EXCEPTIONALISM

 Industrial Revolution = need for markets abroad  Alaska ($7.2 million- less than 2 cents an acre) Why? GOLD  Congress agrees to pay for a massive navy (at least 20 large ships)  Spanish-American War (Cubans + American Sugar Investors + Teddy Roosevelt & American Navy vs. Spain)  United States WINS Cuba, Puerto Rico, Guam, Philippines  United States takes Hawaii AMERICAN IMPERIALISM

 16 th Amendment: Granted Congress the power to tax income. (1913)  17 th Amendment: Direct election of US Senators. (1913)  18 th Amendment: Prohibited making, selling or transporting. (1919) Repealed by 21 st - (1933)  19 th Amendment: Provided woman’s suffrage. (1920) PROGRESSIVE ERA AMENDMENTS