• Laissez-Faire
• authored The Wealth of Nations

• Pre-1871
• from Great Britain
• English speaking
• Protestant
• Northern European
• blonde hair/blue eyes

• Post-1871
• from Southern and Eastern Europe
• many have a darker complexion (hair/eyes)
• do not speak English
• Catholic and Jewish
• Asia

New immigrants

• inexpensive/quality steel
• boom in construction

• Light bulb

• Airplane

• Assembly Line

• first big business in America
• after the Civil War, it took off

• transcontinental railroad
• the gov't will give land grants to the grants to the railroad to build them (exempt from Laissez-Faire)

• Nebraska to the west
• Credit Mobilier

Union Pacific

• California to the east
• Leland Stanford and Collis P. Huntington

Great Northern

• the bringing together of businesses or business activities into a single unit
• Cornelius Vanderbuilt

Billed the federal gov't for a lot more than needed

Credit Mobilier

defines citizenship and due process of law

railroad lawyers will interpret the railroads as big people

• charges less for goods being shipped a long distance than a short distance
• big businesses use long haul
• small businesses short haul

the S.Court cannot regulate interstate trade

• the 1st law to regualre business
• bans renated
• bans pools
• railroads must publish rates
• forbid L/S Haul
• set up ICC

• journalists who wrote aticles about corruption
• Frank Norris
• The Octopus
• The Pit

• controls the supply of a particular item
• can control prices
• have no competition
• cause: consolidation

• forbids business
• combination that restrain trade
• because it was vague, it will not be effective
• most businesses can use the act in their favor
• gets union when they strike

• tof ill the loopholes of the Sherman Anti-Trust Act
• outlaws price fixing
• exempt unions from being prosecuted from Anti-Trust Law

• vertical interfration
• steel
• controlled a quarter of steel made in America
• sets business up in Pittsburg
• got the attention of J.P. Morgan

• Horizontal intergration
• oil
• 90% of oil production in the United States
• standard oil trust
• interlocking directories
• holding companies

• member of the board on the directoy of other businesses

• control shares of stock of other companies

• creating businesses that created jobs and wealth