HISTORY 102 Lecture Notes - Lecture 4: John D. Rockefeller, Henry Bessemer, Standard Oil
28 Sep 2016
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Promontory point (1869) location where uprr and cprr met, completion of 1st. Transcontinental rr, heavily subsidized by fed govt with land from public domain and direct financial aid, cprr stared west and uprr started in east (nebraska) Standard oil company founded by john d rockefeller in 1863 with money from union war contracts, pioneered vertical integration, pioneered the trust in 1882, oil used to lubricate machines and for oil lamps during the time. Herbert spencer (1820-1903) metaphysician, wrote social statistics, in 1851, laying the foundations for his philosophy of social darwinism (survival of the fittest even in business) Gilded covered by a light layer of gold, looks nice on outside but covers up the negatives such as corruption. Period of rapid economic expansion, produced new types of businesses, monopolizing industries. Rr became corrupt, free pass (rides) to politicians and then those politicians would lower taxes on those.
