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US HISTORY & GOVERNMENT INDUSTRIALIZATION JOHN JAY HS. SIGN POSTING. WAS THE CIVIL WAR A TURNING POINT FOR INDUSTRIALIZATION? WHY SHOULD WE BE CONCERNED ABOUT MONOPOLIES? HOW DO VERTICAL & HORIZONTAL INTEGRATION DIFFER? . TURNING POINTS. WESTWARD EXPANSION. - PowerPoint PPT Presentation
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US HISTORY & GOVERNMENTINDUSTRIALIZATION
JOHN JAY HS
SIGN POSTING
WAS THE CIVIL WAR A TURNING POINT FOR INDUSTRIALIZATION?
WHY SHOULD WE BE CONCERNED ABOUT MONOPOLIES?
HOW DO VERTICAL & HORIZONTAL INTEGRATION DIFFER?
TURNING POINTS
ECONOMIC DEVELOPMENT
REFORM MOVEMENTS
TRANSPORTATION & COMMUNICATION
IMMIGRATION
WESTWARD EXPANSION
CIVIL WAR
OVERVIEW
WAR MOBILIZATION
VETERAN NETWORKS BUSINESS NETWORKSLOCAL NATIONAL FRATERNAL ORG’S; MUTUAL-AID SOCIETIES
OFFICER CORPS CORPORATE MIDDLE MANAGERSHOW TO WORK IN BUREAUCRACY / HIERARCHY?
LOGISTICS TRAINING FOR SCALE ORGANIZATION
POLITICAL DEFEAT OF THE SOUTH
PRO-AG (ANTI-MANUFACTURING)SOUTHERN = PRO-STATES’ RIGHTS (ANTI-FEDERAL) POLITICS = ANTI-TARIFF (FREE TRADE)
ANTI-BANK (EASY CREDIT)
1788-1868 = SOUTH WINS* 14/20 PRESIDENTIAL ELECTIONS
1868-1912 = SOUTH WINS 0/9 PRESIDENTIAL ELECTIONS
POLITICAL DEFEAT OF THE SOUTH
GILDED AGE USA = DEVELOPING COUNTRY ( = CHINA & MEXICO)
REPUBLICANS PRO-INDUSTRY POLICIES 1) GOLD STANDARD/TIGHT MONEY ANTI-BANK2) PROTECTIONISM FREE TRADE 3) NATIONAL MARKET STATE RIGHTS
GOLD STANDARD ATTRACTS INT’L INVESTMENT, WHILEPROTECTIONISM KEPT OUT FOREIGN PRODUCTS . . . BUT HURT FARMERS (EXPORTERS)
STATE POWER TO REGULATE BUSINESS DECLINED
WAR FINANCE
WAR FINANCECIVIL WAR = $$$
ISSUED GREENBACKS TO FINANCE THE WAR
GREENBACKS ≠ BACKEDBY GOLD
EASY CREDIT FOR “START-UP” BUSINESSES
WAR FINANCE
1860 – 1880 = MANY NEW SMALL BUSINESSES = COMPETITIVE MARKET
1875 (1879) SPECIE RESUMPTION ACT
CREDIT CONTRACTS BANKRUPTCIES CONSOLIDATION & MONPOLIZATION
GREENBACKS = “DEMOCRATIZES” WALL STREET JAY COOKE SELLS GREENBACK WAR BONDS TO ORDINARY AMERICANS
ROBBER BARONSWAR PROFITEERS ROBBER BARONS
RAILROADS: LELAND STANFORD, HENRY VILLARD (SLEEPY HOLLOW), CHAUNCEY DEPEW (PEEKSKILL), E.H. HARRIMAN (ROCKLAND)
OIL / CHEMICALS: JOHN D. ROCKEFELLER (POCANTICO), LEO BAEKELAND (YONKERS)
IRON / STEEL: ANDREW CARNEGIE (SLEEPY HOLLOW), HENRY FRICK
FINANCE: J.P. MORGAN, JAY COOKE, JAY GOULD (TARRYTOWN), JAMES FISK, DANIEL DREW (CARMEL)
RISE OF WALL STREET GREENBACKS DEBT SECURITIES (BONDS)
ROBBER BARON CORPORATIONS EQUITY SECURITIES (STOCKS)
VOLUME OF STOCK MARKET EASY TORAISE MONEY, BUTPRONE TO MANIPULATION
INDUSTRIAL IDEOLOGY
MONOPOLYGRAIN COSTS $10
WHAT WILL THE RAILROAD CHARGE?
BUSHEL = $100 IN CITY
MARGINAL REVENUE
SOCIAL LOSS MONOPOL
Y
MONOPOLY
COMPETITIVE MARKET: VALUE = COST = PRICE
NO PROFITS & NO BARGAINS
MONOPOLY = UNCOMPETITIVE MARKET
VERTICAL & HORIZONTAL INTEGRATION
CARNEGIE = CARNEGIE (US STEEL) = VERTICAL INTEGRATION
ROCKEFELLER = STANDARD OIL = HORIZONTAL INTEGRATION
VERTICAL INTEGRATION
HORIZONTAL INTEGRATION
PRE COMCAST-TIME WARNER
MERGER
POST COMCAST-TIME WARNER
MERGER
COMPETITION & PRICES