The Rise of the Industry's
By Kalandria Gustafson-Schwartz
The Industrial age
This, then, is held to be the duty of the man of wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance; … and, after doing so, to consider all surplus revenues which come to him simply as trust funds, which he is called upon to administer… to produce the most beneficial results for the community—the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience and ability to administer, doing for them better than they would or could do for themselves."
—From "Wealth," by Andrew Carnegie, North American Review(1889)
"Law? Who cares about the law. Hain't I got the power?"
—Comment by Cornelius Vanderbilt, when warned that he might be violating the law
English merchants were leaders in developing a commerce which increased the demand for more goods. The expansion in trade had made it possible to accumulate capital to use in industry. A cheaper system of production had grown up which was free from regulation.
Only Great Britain, the United States, Germany, France, and some parts of the Scandinavian countries had successfully completed an industrial revolution. Most of the world's population still worked in primitive agricultural economies. China, India, and Spain did not begin to industrialize until well into the 20th century.
trust Definition: An organizational structure that gives control over several business firms, usually in the same industry, to a single board of trustees with the purpose of monopolizing a market. This type of trust was outlawed by antitrust laws, especially the Sherman Act, passed in the late 1800s and early 1900s. The Standard Oil Trust, controlled by J. D. Rockefeller and dismantled through the Sherman Act, is perhaps the most famous monopoly trust. The use of a trust to establish a monopoly is really just an extension of the common, and legal, notion of trust, in which one person controls the assets legally owned by another. Legal trusts are frequently established for the assets or wealth owned by children. Parents then control this wealth until the children reach a give age.
Henry Bessemer - The Steel Man
American railroad company founded in 1861 by a group of California merchants known later as the “Big Four” (Collis P. Huntington, Leland Stanford, Mark Hopkins, and Charles Crocker); they are best remembered for having built part of the first American transcontinental rail line. The line was first conceived and surveyed by an engineer, Theodore Dehone Judah, who obtained the financial backing of the California group and won federal support in the form of the Pacific Railway Act (1862), which provided land grants and subsidies to the Central Pacific and Union Pacific. Each company was granted financial support from government bonds and awarded sizable parcels of land along the entire length of their route as an added incentive.
- inventors.about.com/library/inventors/blsteel.htm Henry Bessemer -The Steel Man
- http://www.fundamentalfinance.com/blogs/sweatshops-child-labor.php Sweatshops and Child Labor
- http://m.eb.com/topic/102543 CENTRAL PACIFIC RAILROAD