The Rise of Industrial Capitalism

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The Rise of Industrial Capitalism

• I. Economic Growth, 1865-1900
• Railroads, Steel, and Oil
• Justifying Economic Power Social Darwinism and
  its Challengers
• IV. Gilded Age Politics

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Measures of Growth

• Population, 40 to 75 million from 1860s to 1900
• Gross national product more than tripled
• GNP per capita nearly doubled
• Agriculture shared tremendous expansion
• Manufacturing overtook
• agriculture (1880s)
• all other countries in the world (by 1900)

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II. Railroads

• A national economy
• Stimulus to other industries
• Government subsidies
• Government controls
• Granger laws
• Interstate Commerce Act, 1887

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Union Station, Columbus, 1898
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Transcontinental railroad joining the United
Pacific and Central Pacific Rail- Roads at
Promotory, Utah, 1869
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II. Railroads

• A national economy
• Stimulus to other industries
• Government subsidies
• Government controls
• Granger laws
• Interstate Commerce Act, 1887

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II. Iron and Steel

• Vertical integration
• Carnegie Steel?U.S. Steel
• oligopoly

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IRON AND STEEL PRODUCTION
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• I. The Second Wave

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Andrew Carnegies 64-room mansion at 91st St. and
Fifth Ave., New York City
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II. Oil

• John D. Rockefeller, Standard Oil
• Horizontal integration
• The Sherman Antitrust Act, 1890

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John D. Rockefeller, whose Standard Oil Company
refined 80 of the nations oil
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1886 Cartoon Paying Tribute to King Monopoly
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From The Verdict, 1899 One sees his finish
unless good government retakes the ship.
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The Verdict, 1899 Uncle Sam and the Trust
Vipers.
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The Rams Horn, 1896 Plutocracy Theres no use
growling. Your burden is no heavier than mine.
Look at the taxes I am carrying.
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Explaining Americas Economic Growth

• Character of Americans
• The nations size and natural resources
• Foreign technology, capital
• Immigration
• Corporate subsidies
• Tariffs

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Problems of Economic Growth

• Concentration of great power
• Instability
• Absence of standards for health and safety
• An unprotected labor force

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Justifying Economic Power

• Charles Darwin, Origin of Species, 1859
• Evolution survival of the fittest natural
  selection
• William Graham Sumner and social Darwinism,
  1870s?
• Laissez faire
• Challenges to laissez faire William Demarest
  Lloyd, Wealth against Commonwealth, 1894

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William Graham Sumner, Yale professor, advocate
of social Darwinism Millionaires are a product
of natural selection.
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Henry Demarest Lloyd
Nature is rich but everywhere man, the heir of
nature, is poor. Competition evolves itself
into crime Wealth Against Commonwealth, 1984
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Gilded Age Politics

• Competitive politics and an active electorate
• Politics without the vote
• The Womans Crusade
• Ida B. Wells-Barnett
• Alice Fletcher
• Civil Service Reform
• Efforts to regulate industry
• Interstate Commerce Commission
• Sherman Antitrust Act

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Politics an Active Electorate
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• Politics without the vote
• The Womans Crusade
• Ida B. Wells-Barnett
• Alice Fletcher

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Gilded Age Politics

• Competitive politics and an active electorate
• Politics without the Vote
• Civil service reform Pendleton Act, 1883
• Efforts to regulate industry
• Interstate Commerce Commission
• Sherman Antitrust Act