1. American Industry

2. Business Regulations
What are some business regulations that the government has put in place to protect workers and business owners?

3. Minimum wage
40 hour work week
Overtime pay for more than 40 hours a week and/or more than 8 hours worked in a day
Workers comp for injury
Health insurance
Personal stake in the betterment of the company through stocks
Safety measures for building codes
Hiring requirements- age, citizenship, health requirements
Hiring discriminations- gender and race

4. Trust Titans Top business leaders in the late 1800’s and early 1900s:
Andrew Carnegie- the steel king
John D Rockefeller- the oil baron
J. P. Morgan- premier financer, bank owner
All three men were known for their great business minds, their wealth and their fairly illegal means of gaining wealth

5. Steel Titan Carnegie pioneered: Vertical integration
Combining into one organization all phases of manufacturing from mining to marketing
When producing steel only those employed by Carnegie were allowed to touch the product
Miners employed by Carnegie dug the ore from the mines, his ships carried the ore across the Great Lakes, his railroads delivered the product to the factory, his factory workers produced the ore into steel.
Produced reliable product and cut out middleman costs

6. Oil Titan Rockefeller pioneered: horizontal integration
Allying with competitors to monopolize a given market
Created the Trust
Stockholders in various smaller oil companies assigned their stock to the board of directors of his Standard Oil Company, he then consolidated the companies into one

7. Banking Titan J.P. Morgan pioneered: interlocking directorates
Executives or directors from one company serve on the Board of Directors of another company

8. The Gospel of Wealth
Those of great wealth thought that even though God had given them their money, they did have a moral responsibility to prove themselves worthy
Social Darwinism- survival of the fittest
Those with better natural talents won over those with little to no talent

9. Government Regulates Business
Sherman Anti-Trust Act
Forbid combinations in business
No restrictions on good or bad, just bigness
This act did very little, it truly had no power to control business combinations

10. Southern Industry Remained very little
Agriculture still ruled majority of economy
The first manufactured good was pre- rolled cigarettes
The next manufactured good was textiles: cotton. Using the agricultural good they produced and actually making it into fabric