emergence of big business
TRANSCRIPT
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Natural ResourcesNatural Resources
America had tons of natural resources
Natural resources were used to generate huge profits by new American businesses
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Laissez – Faire CapitalismLaissez – Faire CapitalismGov’t should not interfere with private businesses
Businesses took advantage of people and abused workers’ rights
Businesses did “anything to turn a larger profit”
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Special Business ConsiderationsSpecial Business ConsiderationsGov’t granted special privileges to business owners
Gave free land to railroad owners by stealing it from rightful owners
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ImmigrationImmigrationImmigrants increased the labor supply
Businesses paid immigrants as little as possible in order to generate huge profits
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MonopolyMonopolyOne business owner controls the whole market of a product
Drives other competitors out of business to raise their prices
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TrustsTrustsOne company controls the making of a product
Allows company to control the price of the product
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CorporationCorporationLarge companies made up of smaller businesses
Limited LiabilityAllowed people to invest money with little risk
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Robber barronsRobber barronsWealthy business owners who lied, cheated, and stole fortunes from average Americans
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Captains of IndustryCaptains of IndustrySmart businessmen who earned their money through legal business practices
Gave millions of dollars to charity
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Andrew CarnegieAndrew CarnegieScottish Immigrant
Created US Steelfirst corporation worth $1 billion dollars
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Andrew CarnegieAndrew CarnegieBelieved in Social Darwinismpeople can whatever they want to make money
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Andrew CarnegieAndrew CarnegieGave 80% of his money back to the public
Workers protested working conditions in his factories
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J. P. MorganJ. P. MorganBanking tycoon who made millions off of investments and investment companies
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John D RockefellerJohn D RockefellerCreated the Standard Oil Company in 1870 (trust)
Able to control the price of oil in America by owning all aspects of oil production
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John D RockefellerJohn D RockefellerGave $500 million dollars to various charities
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Cornelius VanderbiltCornelius VanderbiltMade a fortune in the railroad business
Introduced the use of steel rails and a standard gauge (distance between rails).