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Objective: Review and evaluate the business practices of the Gilded Age

Objective: Review and evaluate the business practices of the Gilded Age. Causes of Rapid Industrialization. Unskilled & semi-skilled labor in abundance. Abundant capital. New, talented group of businessmen [ entrepreneurs ] and advisors. Market growing as US population increased.

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Objective: Review and evaluate the business practices of the Gilded Age

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  1. Objective: Review and evaluate the business practices of the Gilded Age

  2. Causes of Rapid Industrialization • Unskilled & semi-skilled labor in abundance. • Abundant capital. • New, talented group of businessmen [entrepreneurs] and advisors. • Market growing as US population increased. • Government willing to help at all levels to stimulate economic growth. • Abundant natural resources.

  3. Improvements particular to the RR: Steel: Bessemer Process Standardization

  4. New Business Culture • Laissez Fairethe ideology of the Industrial Age. • Individual as a moral and economic ideal. • Individuals should compete freely in the marketplace. • The market was not man-made or invented. • No room for government in the market!

  5. New Type of Business Entities • PoolCompanies agree to higher prices and divide the profits. • Trust Using horizontal integration to create a large scale business enterprise. • John D. Rockefeller • Standard Oil Co.

  6. New Type of Business Entities • Trust: • Horizontal Integration John D. Rockefeller • Vertical Integration: • Gustavus Swift  Meat-packing • Andrew Carnegie  U. S. Steel

  7. New Type of Business Entities

  8. Iron & Steel Production

  9. Standard Oil Co.

  10. The ‘Robber Barons’ of the Past

  11. Social Darwinism • British economist. • Advocate of laissez-faire. • Adapted Darwin’s ideas from the “Origin of Species” to humans. • Notion of “Survival of the Fittest.” Herbert Spencer

  12. “On Wealth” • The Anglo-Saxon race is superior. • “Gospel of Wealth” (1901). • Inequality is inevitable and good. • Wealthy should act as “trustees” for their “poorer brethren.” Andrew Carnegie

  13. Free Enterprise vs. Government Regulation Should these business leaders continue with their practices? What power is given to the government with respect to the economy in the Constitution? What are the positive and negative effects of the new business culture?

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