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US HISTORY & GOVERNMENTINDUSTRIALIZATION
JOHN JAY HS
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SIGN POSTING
WAS THE CIVIL WAR A TURNING POINT FOR INDUSTRIALIZATION?
WHY SHOULD WE BE CONCERNED ABOUT MONOPOLIES?
HOW DO VERTICAL & HORIZONTAL INTEGRATION DIFFER?
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TURNING POINTS
ECONOMIC DEVELOPMENT
REFORM MOVEMENTS
TRANSPORTATION & COMMUNICATION
IMMIGRATION
WESTWARD EXPANSION
CIVIL WAR
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OVERVIEW
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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
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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
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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
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WAR FINANCE
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WAR FINANCECIVIL WAR = $$$
ISSUED GREENBACKS TO FINANCE THE WAR
GREENBACKS ≠ BACKEDBY GOLD
EASY CREDIT FOR “START-UP” BUSINESSES
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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
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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)
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RISE OF WALL STREET GREENBACKS DEBT SECURITIES (BONDS)
ROBBER BARON CORPORATIONS EQUITY SECURITIES (STOCKS)
VOLUME OF STOCK MARKET EASY TORAISE MONEY, BUTPRONE TO MANIPULATION
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INDUSTRIAL IDEOLOGY
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MONOPOLYGRAIN COSTS $10
WHAT WILL THE RAILROAD CHARGE?
BUSHEL = $100 IN CITY
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MARGINAL REVENUE
SOCIAL LOSS MONOPOL
Y
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MONOPOLY
COMPETITIVE MARKET: VALUE = COST = PRICE
NO PROFITS & NO BARGAINS
MONOPOLY = UNCOMPETITIVE MARKET
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VERTICAL & HORIZONTAL INTEGRATION
CARNEGIE = CARNEGIE (US STEEL) = VERTICAL INTEGRATION
ROCKEFELLER = STANDARD OIL = HORIZONTAL INTEGRATION
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VERTICAL INTEGRATION
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HORIZONTAL INTEGRATION
PRE COMCAST-TIME WARNER
MERGER
POST COMCAST-TIME WARNER
MERGER
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COMPETITION & PRICES