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40 Cards in this Set

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  • Back
the insustrial period in the US was from
1865 - 1905
the civil war period/1865 was called ...
the take-off period
concentration on
millionaires, capitol, investment, banks spreading $$$$
readily available capitol was called
liquid capitol
immigrants came from
SE europe (The New Immigration)
i.e. italians,, greeks, slovaks, slavs, serbs
we started lots of .... and use a lot of...
factories, natural resources (coal, iron)
we had a lot of...
technological inventions (crack oil for kerosene lamps)
Bessemer
took iron x made steel in mass quantities
Edison
research x development, assembly line for invention, think until solve problems
corporation
new x improved joint stock company, partnership businesses
corporations dominate bc
they won't fall if someone dies, stockholders, limited liability, friendly atmosphere, admiration of $$$
government was ... towards businesses
friendly, no taxes x regulations (bc money controlled the gov, strikes were illegal)
Herbert Spencer
Social darwinism
Social Darwinism
adopted darwinism to human society x it becomes extremely popular after the civ war
Gentlemen's Agreements
eliminated competition, were illegal, caused prices to go down
gentlemen's agreements were
written formally by lawyers, but couldnt be enforced bc illegal
trust
trustee reps company, you're trustor, board of trustees makes decisions x effect, run all companies and therefore have one giant company (i.e. Rockefeller's "Standard Oil")
Trusts lasted until
Anti-Trust laws were passed
Holding Company
no purpose but to buy x hold stock in other companies, influence business decisions in other companies through stock
HoCos were allowed bc
competition produces a winner and americans love winners i.e. Rockefeller
Rockefeller used a
horizontal combination (monopoly through having all of something, control of product x profit)
Carnegy used a
vertical combination (complete control of something from ground to door x exchange for momey) controllee costs independence, undercut competitors
Rockefeller
middle class,,, native american, OH boy, dad has whole other fam in canada,, leaves for them (travelling salesman), Rockefeller becomes man of the house
Rockefeller needed a
new field to invest into, so dad gave him a 1k loan (repaid w interest) and he started a small general store (dime store) during civ war
Drake drilled first oil near
Cleveland, W. Penn, shipped it to cleveland to be refined.. Rockefeller incests x buys 30 refineries x is v relentless
after buying oil refineries, rockefeller lowers
transportation cists x prices, getd railroad rebates on shipping, secret rebate through South Shore bc they need to fill cars, he drops prices, they go out of business, he buys them all up, has a monopoly
John Archibold
convinces 8 remaining refineries (not in Standard Oil) to join ACME oil, they do so, ACME is a subsidary of Standard x Arch is VP of Standard
Rockefeller feels as if he
has done good by monopolizing the oil companies, but is looked at by some as a robber barron, hired a PR Firm to fix his image
Rockefeller was
major philanthropist, estab. UofChicago,, v religious, deacon of church, public service = important
Carnegie
scottish, started as bobbin boy, ends up telegraph line slinger, telegrsph operator in pittsburg, secretary for RR owner, gets on ground floor of steel industry in pittsburg
Carnegie never
sells stock, forms corp., gets capitol like everyone else. he forms a partnership x gets 40 partnes to form steel industry
carnegie feels
$$ should be used to help people
carnegie never makes more than
25% of america's steel, just runs process, employs management, has someone else shoot strikers,, believes dying rich = dying disgraced
carnegie gives $$
to JP Morgannx fam, their bank buys steel mill for 440 mill, makes it a corp., sells to stockholders, capitolizes at $1bill+,, dominates world steel
US steel dominates, makes lots of $$, then carnegie
starts giving away $$ (Carnegie tech, libraries everywhere, carnegie hall), tries to increase literacy
meat packing industry grows
rather informally, 4 companies: Armour (efficient), Swift (refridgerated), other two not as important
cows are
auctioned by farmers
moresoldiers die from
bad beef than wounds
moresoldiers die from
bad beef than wounds
industrialization led to
urbanization (moving to cities w jobs)