economics in gilded age america
- Created by: shannonboulton
- Created on: 07-05-19 17:46
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- economics in gilded age
- economics are what help make US growing continental power in 19thC to major global in 20th
- business men and industrial leaders = result of global power, accumulation in hands of very few men and extremely amount of wealth and power
- small elites own big bussinesses
- business men and industrial leaders = result of global power, accumulation in hands of very few men and extremely amount of wealth and power
- gov unwilling to intervene
- new technology= expand, changes lives of american's
- leaders amke money, advances in steel make manufacturing easier, refrigeration invention makes long distance traponsportatino of food possible, packaging of food new ways,
- railroad= possible due to steel, Robber Barons who exploited though
- connect west with east, US 3,000 miles wide
- Jay Gould= buying run down railroad and making minor cosmetic imrpvoements adding more value and selling on at enourmous profit.
- Cornelius Vanderbilt= monopoly of railroad in NY area, right place at time and bribery
- credit mobilier scandal= company paid 94M for 44M work, tax payer money
- railroad= possible due to steel, Robber Barons who exploited though
- leaders amke money, advances in steel make manufacturing easier, refrigeration invention makes long distance traponsportatino of food possible, packaging of food new ways,
- standard oil
- Rockefeller= sets up oil company and takes over competition, at time of need for oil and new technology
- controls 95% of US oil production in 1889-90
- everyone reliant on his copmany enabling him to set higher prices, creates vertical integration (makes everything self)
- interest of oil grows, looks at ways to consolidate power... monopolies/restrictions so he creates trusts
- trusts used to centralise control and get aorund legislation= manage property belongs to others
- Rockefeller= sets up oil company and takes over competition, at time of need for oil and new technology
- Carnegie- steel
- slowly builds up monpoly on steel production
- also argues (Gospel of Wealth) that big business is good for American interest as reflect social development rather than everyone be poor
- still donated parts of his wealth to public spheres like schools and playgrounds
- banking= J.P Morgan = trades shares and makes fortnues, acquires railroads, invets into steel
- these trusts and monopolies transformed america into power house, but also kept prices high and prevented competition and set low wages
- economics are what help make US growing continental power in 19thC to major global in 20th
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