1.21 Incorporation of America - January 21, 2009- The...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
January 21, 2009- The Incorporation of America I. Industrial Leaders a. Political system was not as involved in problems, it was more the Industrial Leaders in the late 19 th century b. Late 19 th century is an era of economic expansion and crucial changes in the structure of the economy c. “chaos is the order of nature, order is the dream of man”- encapsulates late 19 th century i. Bring order and structure into the marketplace ii. Chaos distinguished the American economy at this time 1. Railroads- all over the place 2. Reading train schedules was nearly impossible because everyone had different time in different towns 3. Oil Rush in PA in 1860’s- underselling, backroom deals, sabotaging other wells d. Leaders who have succeeded during this time economically have been able to control the economy- They have a visible hand of management instead of the invisible hand of the market e. Four examples i. Railroads 1. Winning government subsidies 2. Corruption- Credit Mobile Scam ii. Oil Industry 1. John D. Rockefeller brings order through horizontal integration by attempting to buy up all the oil refineries, sometimes doing it illegally. He acquires 95% of refineries in the country and is no longer competing, he has a monopoly where he can set the prices iii. Steel industry 1. Andrew Carnegie sought to control every element of steel production from digging it out of the ground all the way through the processing and the
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

1.21 Incorporation of America - January 21, 2009- The...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online