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The Rise of Big Business

The Rise of Big Business. The New Colossus Not like the brazen giant of Greek fame, With conquering limbs astride from land to land; Here at our sea-washed, sunset gates shall stand A mighty woman with a torch, whose flame Is the imprisoned lightning, and her name

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The Rise of Big Business

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  1. The Rise of Big Business

  2. The New Colossus Not like the brazen giant of Greek fame, With conquering limbs astride from land to land; Here at our sea-washed, sunset gates shall stand A mighty woman with a torch, whose flame Is the imprisoned lightning, and her name Mother of Exiles. From her beacon-hand Glows world-wide welcome; her mild eyes command The air-bridged harbor that twin cities frame. "Keep ancient lands, your storied pomp!" cries she With silent lips. "Give me your tired, your poor, Your huddled masses yearning to breathe free, The wretched refuse of your teeming shore. Send these, the homeless, tempest-tost to me, I lift my lamp beside the golden door!"

  3. Fighting for Profits • What did a business look like before this time? • Run by familyor oneperson. • This meant that no business could grow bigger than one family’s ability to invest in it or run it. • Businesses were local, buying and selling to people living nearby. • What did a business look like after this time? • Railroadsprovided businesses with access to raw materials and customers farther away. • Expansion of businesses and the amount of people responsible for running it.

  4. A number of people share the ownership of a business Developed by investors. If a corp. experiences economic problems, the investors lose no more that they had originally invested. A corp. can buyor sell property, and it could sue. If a person leavesa group, the others could buy outwhat they invested. Accessible to largeamounts of capital, which allowed them to fund newtechnology. Aided by railroads and telegraph, they could operate in different regions. Corporations

  5. Investors maximized profits by: Paying lowwages Paying minimum for raw materials Advertising Monopoly = complete control of a product or service. This allows the controller to setprices. Cartel = corporations work together to eliminate competition. The allies agree to limitproduction and keep prices high. Monopoly

  6. Cornelius Vanderbilt Railroadtycoon Got his competitors to pay him to relocateto minimize competition. John D. Rockefeller Oiltycoon Made deals with railroads. Trust = Group of separate companies that are placed under the control of a single managing board in order to form a monopoly. Monopoly

  7. Andrew Carnegie Steeltycoon Controlled many different businesses that made up all phases of a product’s development. Consumers, workers, and the federal government believed that systems like trusts, cartels, and monopolies were unfair. Most small businesses were bought outor put out of business. Consumers hated the high prices. Monopoly

  8. “Robber Barons” = shrewd capitalists who took advantage and swindled the poor. The majority of these men were philanthropic, establishing universities, museums, and libraries. Monopoly

  9. Charles Darwin- biologist Believed in survival of the fittest. Wealthwas a measure of a person’s inherent valueand those who had it were the ‘most fit’. Social Darwinism

  10. 1887- U.S. Senate created the Interstate Commerce Commission(ICC) to oversee railroadoperations. Set up to monitor business operations. It required the railroads to send their recordsto Congress so that it could initiate investigations of unfairness. 1890- Sherman Antitrust Act Outlawed any trust that operated “in restraintof trade or commerce among the several states”. Regulations

  11. The Changing American Labor Force

  12. Child Labor

  13. Child Labor

  14. “Galley Labor”

  15. Labor Unrest: 1870-1900

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