But over the next two decades an altogether new type of business, a new scale of doing business, swept over the American landscape. There were large factories in the United States before 1880 -businesses that were heavily capitalized, employing several thousand How would you view them? Create a T-Chart to compare the two terms.The New Scale of Business.Used their great fortunes to further social progress.Believed that those who profited from society owed it something in return.Those who were wealthy, such as Carnegie, attempted to extend and soften the harsh philosophy of Social Darwinism through philanthropy.Argued that society progressed and became better because only the fittest were successful.Applied Darwin’s theory of evolution and natural selection to human society.Proposed by Herbert Spencer, English philosopher.Horatio Alger -expressed individualism through numerous “rags-to-riches” novels involving the poor going to the big city and becoming successful.No matter how humble a persons origins, they could rise in society and go as far as their talents and commitment would take them.Characterized by ruthless pursuit of profit and government corruption.EX:- Carolinas Medical Center- buys out the other hospitals.Create your own horizontal integration- pick an industry and show how it work.EX: Pork- own feed mill feed mill, own the farms hogs are raised- own processing plants, distribution, grocery store.Create your own vertical integration- pick a business and show the process.Take out a sheet of paper to be put in Goal 5 of portfolio. What is the problem with what Rockefeller was doing?ġ911-Government found his company to be a monopoly and forced it to be divided into 34 companies including Used horizontal integration to buy out smaller refiners.By 1880s-controlled more than 90% of oil refining in the U.S.By 1900 oil fields from PA to TX had been opened.Caused major expansion of oil business.At one time was the largest producer of steel in the world, now produces less than 10%.He and Elbert Gary then merged Carnegie’s steel with their holdings in the Federal Steel Company to form U.S.1901-Carnegie decided to sell his steel company to Morgan.Buy up the raw materials, transportation, production/manufacturing, retail/sales.By the 1890s, his company was the largest and most profitable enterprise in the world.Success brought by the Carnegie Steel Company cemented Carnegie as a “Captain of Industry” He decided to get into the steel business and opened a company in Pittsburgh in 1875.Met Sir Henry Bessemer who invented a new process of making high quality steel-now called the Bessemer Process. George Westinghouse developed the new air brake system for trains in 1868 using compressed air after viewing a collision.Began a RR empire by merging popular lines in NY to form the New York Central and Hudson River RR.Central Pacific-started in California headed east.Built by Civil War Veterans and Irish Immigrants.
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