the philosophy of the industrialists. thomas jefferson spoke of “life, liberty, and the pursuit...
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The Philosophy of the Industrialists
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Thomas JeffersonSpoke of “Life, Liberty, and the Pursuit
of Happiness” Contrasting ideals of freedom lead to clash
in the “Gilded Age” Pursuit of happiness vs. Pursuit of Property
Why did so many Americans view corporations as evil entities that destroyed the dream of “Pursuit of Happiness?”
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Does this help you understand?
No analogy in the past Individual achievement and Protestant “work-ethic”
basis New corps de-emphasized human element
Corporations were artificial creations Agreement between legislators and businessmen
Corporations threatened free competition Healthy competition benefits consumers and
producers
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ReconciliationAre corps. beneficial to “happiness?”Justification:
Social Darwinism- Suvival of the fittest (rich=fit, poor=lazy)
Old ideal: hard work makes one (as well as nation) strong
Profit Incentive ($) as human motive
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Social DarwinismHerbert Spencer (English Philosopher, coined
term ‘survival of the fittest’) Human society modeled after nature Humans should not interfere with nature Nature selects only the fittest for survival Welfare, state schooling, systematized
health care interferes Allows the “weak” to survive; damages “purity”
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Self-Adjusting Economy
“Invisible Hand”—Adam Smith (Scottish
philosopher, econ. theorist) People are naturally selfish People go into business to gain wealth/power Called for no gov’t interference (laissez faire)
The activity is good for all society More production and trade More Competition Competition helps all with more goods/lower
prices This creates jobs/spreads wealth
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More on SmithPolitical Economy ruled by unchanging
laws (think laws of nature or God)Self-Interest is natural and beneficialFree competition is a necessary law of
economicsGovernment is inefficient and should not
be involved with economic matters
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Gospel of Wealth Essay written in 1889 Carnegie- wealthy must prove they are
moral/responsible Philanthropy is the key (he gives millions to build
public libraries across USA) Poverty is a consequence of a Cap.society but giving
$ to poor will alleviate poverty Excessive spending by rich is wrong, what will get
you into heaven is helping the poor Carnegie Foundation- today gives $ to fund education
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Fewer Control More Businesses try to control
industry with mergers – buy out competing companies
Form monopolies – control production, wages, and prices
John D. Rockefeller founds Standard oil Company, forms trust Trust - separate
companies run as one giant corp.
The monopoly, represented by a pig, is trying to steal the world away from the poor man through the control of major industries
such as mining, railroad, telegraph, telephone and others.
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Fewer Control MoreRockefeller and the “Robber Barons”
Rockefeller profits by paying low wages and underselling others
When he controls the market, he raises prices
0
50
100
150
200
250
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Total number of billionaires
1865
1900
2004
322
279Chart shows the comparison in the number of billionaires from
1865 through 2004
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How rich were the “robber barons” compared to Microsoft founder Bill
Gates?
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The millions made by the robber barons is at the expense of the workers