HST 210 Lecture Notes - Lecture 3: Individualism, Egalitarianism, Gustavus Franklin Swift
25 Jan 2018
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Period that saw growth of monopoly capitalism and rise of robber barons (rockefeller, Mark twain - gilded age was glittery on surface but corrupt underneath . America is transformed from agriculture to world"s largest industrial power. Filled with corruption, before regulations, huge income inequality. Richest 1% of americans control 18% of wealth (early 1900s and now 2000s) Thomas edison and lightbulb, invention factory (1876) Railway expansions - creates national market, promotes mass production of goods, promotes expansion of industries. Communications development (telephone, telegraph) compresses time and space. Business development such as use of corporations. Legal entity that has rights in law to an actual person. Allowed businesses to raise capital by selling shares to public. Shareholder"s enjoy limited liability (not responsible for debts) Firm gains control of production from raw material to final product. Merger of competitors in the same industry (to gain control of entire industry)
