10/10/2023 0 Comments Alfred thayer mahan apush![]() ![]() Poverty rose as higher classes moved out of the city (largely due to improvements in mass transportation).Cities were filled with crime and disease and dealt with substandard housing and an expanding population.Manufacturers focused on cutting costs and maximizing profits.Sherman Antitrust Act of 1890 forbid combinations or conspiracies in the restraint of trade.Public resentment increased and the government responded with laws to restrict monopolies.Monopolies created a class of titans of industry, whose interests clashed with those of society, at large.Rapid growth required money which businessmen borrowed.Problems were created by this consolidation of power: Vertical integration allows other companies in the same industry to survive and compete (e.g. ![]() Horizontal integration created monopolies within a particular industry (e.g.Horizontal and vertical integration were the most common forms of business consolidation.Eventually led to monopolies, or complete control of an entire industry.Company owned enough stock in various companies to influence all aspects of production and sale.Holding companies were created as one type of business organization Supreme Court was also very pro-business.Businesses grew rapidly, with very few government restrictions, and became larger all the time.The lower the cost to produce, the lower the cost to sell, and the more products sold.Economies of scale dictated that with new, faster machines running at capacity, the lower the cost of the product.Industrialization and Corporate Consolidation Some leaders, like Andrew Carnegie, preached the Gospel of Wealth.Justified their standing through Social Darwinism.Captains of industry (aka “robber barons”) amassed wealth and power.Technological advances in the Age of Invention generated mass production and economic growth.Thomas Edison revolutionized industry with the light bulb and with the development of power plants.The Age of Invention and Economic Growth E N D - Presentation TranscriptĪPUSH STUDY SESSION #7 The Machine age (1877-1900) Chapters 23 and 24 ![]()
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