American business model always toward monopoly.
Buying out competitor, price wars, sabotage, even violence. Also
oligopoly, a few companies agreeing to share a market. Sometimes
line is blurred between oligopoly and monopoly. Industrialists are
dominant forces in the U.S. in last half of the19th century.
The Horatio Alger image
and the dream of rags to riches. Thanks to the press and Horatio
Alger novels, industrialists are positive role models despite
The old and the new rich.
The excesses and at times craziness of the new rich.
John D. Rockefeller's image.
He brutally crushes the striking miners, called the Ludlow Mine
Massacre, and counters this negative image with public relations
Century, First Half
Growth of U.S. economic power
at end of 19th & beginning of 20th century. The old period of
finance capitalism's reliance on banks. The start of mass
production assembly, using applied time and motion studies. Auto
industry has enormous impact on U.S. economy in the 1920s.
The Progressive Era
reform period but the reality is a partnership between
business and the federal government. How the rhetoric is
anti-business but the move toward monopoly increases not decreases.
Theodore Roosevelt's reputation as a "Trust Buster" but his actions
actually favor business. His reputation is champion of labor, but
his negotiations in the anthracite coal mine strike of 1902 benefits
the business community.
The 1920s is the first modern decade.
Advertising, credit buying, new industries.
Impact of Lindberg's flight on the aircraft industry. Enormous
profits, unwise real estate speculation.
The stock market crash
of 1929 and the Depression of the 1930s. The government gives money
to business to build jobs but business takes the money and runs.