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The Rise of Big Business: National Banks and the Second Industrial Revolution

This exploration delves into the development of big business during America's Second Industrial Revolution, tracing its roots from the Civil War through the establishment of national banking systems and protective tariffs that spurred capital for railroads and industrialization. Key figures such as Andrew Carnegie and John D. Rockefeller shaped this new economy with vertical and horizontal integration. It also examines consumer culture's impact through advertising and the changing corporate workplace dynamics. How do these elements showcase the dual nature of capitalism?

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The Rise of Big Business: National Banks and the Second Industrial Revolution

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  1. Business Gets Bigger

  2. National Banks + Tariffs • Established during the Civil War • Boom and bust on frontier encouraged Republicans • National Banking system • Provided capital for railroads • Stabilized economy against speculation • Protective Tariffs • Textiles, steel, wool and sugar

  3. Resources for Industrialization • Favorable Gov’t policies • Raw materials (water, minerals, iron, metal) • Labor • Ideas • Capitalism….2nd Industrial Revolution

  4. The Rise of the Corporation • Dominant form of Business • Supported by Gov’t Policies • Increased Standard of Living

  5. ”The Era of Combination” • Vertical Integration & Horizontal Consolidation • Monopolies, Trusts, Holding Companies, Corporations

  6. Vertical Integration • Carnegie-Steel • Swift- Meatpacking • Predatory Pricing • Lowers costs • Profit at multiple levels

  7. Horizontal Integration • Trusts • Monopolies • Standard Oil • DuPont • Eastman Kodak • Singer

  8. Big Business Leaders • Captains of Industry or Robber Barons? • John D. Rockefeller-Oil • Andrew Carnegie-Steel • JP Morgan-Finance • Jay Gould-Railroads • Gustavus Swift-Meat Packing

  9. Think about it… • How do customers benefit from vertical combination? • Why does horizontal integration undermine benefits of capitalism?

  10. William Graham Sumner & “Social Darwinism” A drunkard in the gutter is just where he ought to be, according to the fitness and tendency of things. Nature has set upon him the process of decline and dissolution by which she removes things which have survived their usefulness. A good father believes that he does wisely to encourage enterprise, productive skill, prudent self-denial, and judicious expenditure on the part of his son. One thing must be granted to the rich: they are good natured.

  11. A National Consumer Culture • Advertising • A new field • Magazines • billboards • Catalogs and mail order • Consumption and deflation

  12. Economy Unites rEqual access…rural & urban

  13. Corporate Workplace • Women at work • Ranks • Professions • piecework • Retail • Managers • Salesmen

  14. On the Shop Floor • Blue-collar v. White-collar • Mass production • Scientific management • Skilled v. unskilled • Race and work

  15. FRQ • . Andrew Carnegie has been viewed by some historians as the “prime representative of the industrial age” and by others as “an industrial leader atypical of the period. • Assess the validity of these views. (1986)

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