New power sources Oil and atomic energy. High Tariffs By 1881, the Treasury had a surplus of $145 million, most of it having come from the high tariff, and there was a lot of clamoring for lowering the tariff, though big industrialists opposed it. Cleveland wasn’t really interested in the subject at first, but as he researched it, he became inclined towards lowering the tariff, so in late 1887, Cleveland openly tossed the appeal for lower tariffs into the lap of Congress. Democrats were upset at the obstinacy of their chief while Republicans gloated at his apparently reckless act.
Yankee Ingenuity In 1860, the U.S. was the 4th largest manufacturer in the world, but by 1894, it was #1, American ingenuity played a vital role, as such inventions like mass production (from Eli Whitney) were being refined and perfected. Popular inventions included the cash register, the stock ticker, the typewriter, the refrigerator car, the electric dynamo, and the electric railway, which displaced animal-drawn cars. Entrepreneurs During the Gilded Age, the rapid transformation from an agricultural and mercantile economy to industrialism, presented unprecedented opportunities to daring speculators and inventive entrepreneurs. Vertical and Horizontal Integration Vertical Integration – This was a business method where a corporation bought out other businesses (though not competitors) along its line of production. For instance, Carnegie might buy land in the Mesabi Range just for the iron ore, then buy the ships to haul the ore, then buy the railroads to haul it, etc. The companies were not competitors, but Carnegie used them, so he figured he might as well own them. Horizontal Integration—This was a business method where the company bought out its competitors. For instance, Standard Oil would buy out smaller oil competitors until it controlled nearly all of the oil industry. National Markets The trading system where prices for stocks and bonds on NYSE and the regional exchanges are listed simultaneously. national markets through industrial combinations and commercial groupings that cross national frontiers Gospel of wealth Many of the newly rich had worked from poverty to wealth, and thus felt that some people in the world were destined to become rich and then help society with their money. This was the “Gospel of Wealth.” Stockholders A mutual shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. A company's shareholders collectively own that
- Fall '14
- History, Standard oil, standard oil company, national labor union., smaller oil competitors