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For the first three-quarters of the nineteenth century, investment capital came mostly from the savings of the firms.

Serving as financial advisers to railroads, the investment bankers often eventually found themselves taking control.

With a vertical-growth strategy, a company gained control of two or more stages of a business operation.

The industries of Rockefeller and Carnegie illustrate not only the process of developing an industrial corporation, but also how new technologies made it possible to use natural resources in new ways and on a grander scale than before.

The wave of mergers swept through American businesses in 1893 resulted in the first billion dollar corporation.

J. Pierpont Morgan created United States Steel Company when he merged nine competing steel manufacturers into one.

The late 1800s was a time of explosive growth, invention, and innovation. What the innovations of the era had in common was that they were made into systematic businesses.

Herbert Spencer advocated “social Darwinism.”

Henry George: large landowners were the source of inequality.

Proposed a single tax on unearned profits

According to Henry George, where did the “unearned” profits originated in rising land prices.

1890 was one of the major years of economic growth and prosperity during the Gilded Age.

Bellamy, Looking Backward (1888)

United states v. E.C. Knight Co. limited its application.

Sherman Antitrust Act was deliberately vague.

Nearly all women working in industry were born in the city.

Males tended to no longer pursue certain professional occupations once women entered them in significant numbers, this was due to certain jobs that were “feminized.”

The bulk of the manpower come, to work in the many new factories from both the rural areas of America and Europe.

Insurance was a union benefit the railroad “brotherhoods” provided their members prior to the Civil War.

For ordinary workers to affect the industrial order, they had to develop their own kind of integrated system. Workers’ systematic approach to industrialization was unionization.

Carnegie preached a Gospel of Wealth.