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Impacts of Big Business

Impacts of Big Business. What does this picture tell us about how big business was perceived?. Impact of Big Business. Industrialisation = Urbanisation + powerful wealthy elite. Political influence – Republican Party + mass newspapers.

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Impacts of Big Business

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  1. Impacts of Big Business

  2. What does this picture tell us about how big business was perceived?

  3. Impact of Big Business • Industrialisation = Urbanisation + powerful wealthy elite. • Political influence – Republican Party + mass newspapers. • Backlash – mass labour force leads to rise of socialist thoughts. • Boom & Bust made it hard for farmers, small business & workers.

  4. Economic Impact • 1890 Sherman Anti-Trust Act – prevent price fixing and unfair competition. Allowed Govt to break up big companies. • 1893 financial panic led to sharp drop in gold reserve and pressurised the govt to bring in a high protective tariff.

  5. Social Impact • Rapid increase in Trade Union membership from 1890 onwards. • American Federation of Labor (AFL) 300k members. Considered too moderate and little concern for the unskilled. • Industrial Workers of the World (IWW) 50k members. More radical, known as the “Wobblies”. Openly socialist & links to anarchism. • IWW considered revolutionary by conservatives and big business. • Strikes & riots in 1912 and 1913. • During WW1, IWW considered unpatriotic. Major target during “Red Scare” 1919 & 1920.

  6. Conclusions • Big business led directly to USA becoming a modern economic superpower. • Indirectly led to rise in variety of opposition and social mobilisation from those who felt threatened.

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