The American Industrial Revolution Why? A wealth of natural resources Growing population (labor and markets) Technological innovation Government support.

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Presentation transcript:

The American Industrial Revolution Why? A wealth of natural resources Growing population (labor and markets) Technological innovation Government support of business Video

Captains of Industry or Robber Barons? Electricity - Thomas Edison and George Westinghouse Railroads – George Pullman, William Vanderbuilt, Jay Gould, Cyrus Fields Steel – Andrew Carnegie, J.P. Morgan Oil – J.D. Rockefeller Finance – J.P. Morgan What did Social Darwinists claim about these men?

Business Tactics The goal was to create a monopoly. Price fixing – videovideo Horizontal integration Vertical integration – videovideo Trusts – videovideo How would you vertically integrate a fast food chain?

Monopolies: The good, the bad and the ugly The Good Created jobs Production innovation $$$ in the economy Paid taxes Improved trade with other nations Philanthropy Impact The Bad No competition Stifled product innovation High prices Labor problems Corruption (Credit Mobilier) Too much economic control

Regulating Business Interstate Commerce Act – Created the Interstate Commerce Commission to regulate railroad rates. Munn v. Illinois – Supreme Court decision allowing railroad regulation. Sherman Anti-Trust Act – Made it illegal to form a trust.