experiments in industrialization

How did businesses change after the railroad boom?

Big corporations emerge that produce goods faster and cheaper.

Social Darwinism

The idea that some citizens become wealth and powerful because they are innately better.

Laissez-Faire

Government support for businesses: translates to “hands-off”

Pros of Big Business

Produced larger quantity of goods, hired large # of workers, more efficient = lower prices

Cons of Big Business

exploited workers, unfair influence on politics, unconcerned about environmental harm

Robber Baron

Cruel, ruthless businessmen who used unethical methods to make their fortunes.

Vertical Integration

A vertically integrated company owns all steps of production from start to finish.

Horizontal Integration

A company acquires one or more companies at the same level of the supply chain within its industry to get rid of competition.

Trust

A set of companies that are managed by a board of trustees. Trustees control operations, pricing, and business strategy of ALL the companies involved.

Andrew Carnegie

profited from steel

John d. Rockefeller

profited from oil/petroleum

J.P. Morgan

profited from banking