![]() The theory held that due to natural selection, the most intelligent, industrious, and productive people would grow wealthy and survive while the uneducated and lazy would remain poor and die off. Social Darwinism was embraced by the nation’s wealthy upper class in the late 19th century to justify their accumulation of wealth and power. Produced more and more, it would begin lookingĪbroad for new markets to sell its goods and consequently, for greater influence in the world.Social Darwinism is the application of Darwin’s theory of natural selection to society- specifically in economics and business in America. But this new way of doingīusiness came at the expense of wages and working conditions, leading workers to begin organizing unions and advocating for political For some, this new economy meant a higher standard of living than ever before, with cheap and plentiful The rise of industrialĬapitalism had major consequences on American life, politics,Īnd foreign policy. These groups of supposedlyĬompeting business entities were known as pools. Some companies realized that cooperation was better than competition Standard Oil become the nation's first billion dollar company. Rockefeller who owned Standard Oil, controlled 95% of the country's oil supply by Trusts allowed mergers that put many companies under the control of one parent company. Gilded Age also reduced competition through holdingĬompanies, trusts, and pools. Wait for other companies to send him supplies. This cut out middlemen and ensured that Carnegie never had to Railroads that transported raw materials to the factories, and finished steel from the factories. The iron ore and coal necessary for making steel, and the ships and Owned not just steel mills, but the mines that produced Integration is to control every part of the supplyĬhain for a product. Was one of the first businessmen to employ vertical They did so by consolidatingĪnd controlling markets. Individuals and companies to amass enormous wealth. And there were noĬorporate or income taxes so it was possible for a few Government took a laissez faire, or hands off, approach to Out in the railroad industry taking advantage of government Many of the men who made fabulous fortunes during the Gilded Age, started Ruthless business competition and the magnates of each industry set out to crush their enemies. The titans of industry used other measures to maximize profits as well. They did this in a number of ways: by replacing workers with machines, increasing working hours, andĭecreasing wages for laborers. ![]() Managers worked to increaseĮfficiency and cut costs. During the Gilded AgeĬoordinating supplies and workers, time tables and sales, became its own full time job called management. System of business and shipping made it easy for customersĪnd companies to connect. Montgomery Ward and Sears sold products across the country. Companies like Coca-ColaĪnd Kellogg's Corn Flakes began advertising to national audiences. Corporations also devised new strategies to cope with doing businessĪt a national scale. Railroad, made it easy to get raw materials to factories and finished goods to markets. To speed up record keeping, and electricity which made it possible to work safely after dark. ![]() Transactions over long distances, the typewriter That helped business: the telephone to coordinate Improvements in machineryĪnd manufacturing processes, like the Bessemer process to make steel, increased productivity. ![]() Nearly half a million patents were issued between 18. One of the biggest factorsĬontributing to the rise of industrial capitalism was technology. So let's dive a littleĭeeper into each of these. ![]() New business strategies, business consolidation, and So what caused thisĮconomic transformation? In this video I want toĮxplore some of the factors that contributed to theseĬhanges in work and the economy: technological advancements, The gap between richĪnd poor also increased considerably during this era. The nature of work itself also changed as large corporations began to implement management techniques aimed at increasing efficiency and profit. United States went from being a nation of farmers toĪ nation of factory workers. Worked, how people worked, and how much money they made,Īll changed drastically. Was the 4th largest industrial economy in the world. From the end of the Civil War to the start of theĢ0th Century was one of incredible economic transformation ![]()
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