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| Stockholding and shares of the company were sold to gather the massive amount of funds necessary for starting and running the new business. A new business infrastructure was developed, with ownership separated from general management of the business. Tiers of management were created, and more experts were used, (accountants, advertising agents, etc.) |
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| Owner of Standard oil, and at one point 90% of the oil industry Rockefeller is still the wealthiest man in American history by percentage of wealth |
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| The first American law to restrict business monopolies, aimed at dismantling "combination in the form of trust" |
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| People turn their shares over to a small group of trustees, in exchange for profits, but essentially have no direct control over the trustees decisions. In this way the trustees have control over the companies they own through shares, creating a type of monopoly |
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| Known as "Hands Off" economics, the people who believe this believe that the government need not interfere with business on the market. (This has a link to Social Darwinism) |
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| Herbert Spencer and Social Darwinism |
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| Herbert Spencer was of the opinion that Darwin's evolution theory "the survival of the fittest" could be applied to human society. For example, the wealthy were "the fittest" and the poor were poor because they were inferior. This created much of the justification the rich felt for being disgustingly rich |
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| Came to America and was horrified by the child labor. He goes on to say that while "england's history is black with the blood of child labor" it was nothing like what he saw there |
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| The knights were the first national labor union who aimed to organize all people, regardless of race, country of origin, sex, or skills. They excluded only bankers, lawyers, and liquor salesmen, who they considered leeches on the working world. They were focused on equality for all, and equal pay for equal work. |
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| The American Federation of Labor (AFL) |
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| The AFL was a different union from the Knights entirely. They discriminated heavily, members must be the highly skilled, white, and most often, male. The majority of members were carpenters, plumbers, and electricians. |
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| Author of "Looking Backward," a fictional critique f the new industrial order. He advocated cooperative society rather than a competitive one. |
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| Andrew Carnegie and the Gospel of Wealth |
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| Andrew Carnegie was another rich man from this era. He was the Steel baron, owning most of the steel business in the U.S.. He argued that the benefits of wealth were far greater than the cost of them. He even went so far as to acknowledge the "Brutal conflicts between workers and employers," but as a strong believer in Social Darwinism, maintained that the benefits of cheep goods and comforts for all, outweighed them. |
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| Blue and White Collar Workers |
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Blue collar workers were the manual laborers, labeled such because of the blue work shirts they wore
White collar workers were the professionals, the advertising agents, managers, accountants, etc. |
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| The physical growth of urban areas as a result of rural migration and even suburban concentration into cities, particularly the very largest ones. |
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| The Five Largest Cities of 1900 |
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1) New York City
2) Chicago
3) Philadelphia
4) St. Louis
5) Boston |
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| "Push and Pull" for immigration |
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Definition
Push: Religious persecution pushed many of the European Jews from Russia in particular
Pull: The word of work and wages from family and others. America was a place where anyone could become wealthy if they worked hard |
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| Opposition for immigrants and immigration which spiked in the late 19th century |
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| Immigration Restriction League |
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| Introduced a bill to Congress to increase the restriction of immigration numerically, to increase duties paid by immigrants on arrival, and moved to exclude "less specimens of humans" such as the crippled and the sick |
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| A political machine, in the place of much needed social workers, someone would provide aid to immigrants in exchange for votes. From jobs to food, the machine garnered votes from people in need. |
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