Chpt. 17-18 review - From Chapter 17 plus lecture notes...

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From Chapter 17 plus lecture notes Preconditions for an American Second Industrial Revolution – Pre-conditions:  The country had… 1.  Abundant natural resources 2. A growing labor supply 3. An expanding market for manufactured goods 4. Capital for investment 5. The federal government actively promoted industrial and agricultural  development Economic transformation in modes of production part of the growing economy was the economic transition from the artisan workshop to the factory. Mass migration, mass production, and mass consumption explosion of population….allowed for mass consumption of products…. . Mass Migration allows for Mass Production…. .which allows for Mass Consumption ….which leads to Mass Transportation, Marketing, and Advertising….all of this is triggered by CAPITAL…. . Pools, trusts, and mergers Pools (Would divide markets and agree to set prices – “price fixing”); Trusts (legal devices…. .director of one company would over see competing companies); Mergers (big companies gobbled up little companies). The goal of the businessmen engaged in these practices was to consolidate so as to avoid “cut-throat” competition. Andrew Carnegie and John D. Rockefeller - Carnegie (rags to riches; made his wealth with a vertical integrated steel company; by the 1840’s he controlled the steel industry; he believed in the Gospel of Wealth….giving back and looking out for society); Rockefeller (dominated the oil industry…arranged secret deals….used horizontal expansion and used vertical too….spread the wealth…. both Carnegie and Rockefeller were admired and hated by the public. Admired for their success and for their philanthropy but detested for their exploitation of workers.) Gospel of Wealth - –  distributing your wealth to society….giving your money  to schools, the arts, etc….but the distribution are under your terms. 
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Carnegie believed that super rich capitalist like himself needed to serve as  trustees of the poor and through philanthropy, edify/uplift society with schools,  hospitals, parks, the arts, and so on. Vertical integration
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Chpt. 17-18 review - From Chapter 17 plus lecture notes...

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