Rise of Big Business R. DEVI ., M.A., M.Phil.,

Transcript:Rise of Big Business R. DEVI ., M.A., M.Phil.,:
Rise of Big Business R. DEVI ., M.A., M.Phil., Assistant Professor of Department History, Bon Secours College for Women, Thanjavur Introduction The term 'Big Business' originated in the late 1800's commercial as a derogatory term for large corporations and unfair business practices. The term was applied to large corporations that by mergers and acquisitions had consolidated (combined) and eliminated many companies that previously existed. The rise of Big Business and corporations were financed and organized on a such massive scale that they were able to influence social and political policies in the United States. Opponents of Big Business and large corporations in the late 1800's argued that they had too much power in government and used their influence to extract favorable legislation. The Industrial Revolution The Rise of Big Business and the establishment of corporations emerged during the period of intense economic and industrial growth during the US Industrial revolution New inventions, innovations and technology provided the entrepreneurs of the era with the opportunity to create the massive organizations so bringing about the rise of Big Business and Corporations The U.S. Economy The economy in the late 1800's was dominated by the Big business and corporations that operated in the oil and petrol business, the steel industry, the railroads, textiles and food production that operated vast complexes of factories, warehouses, offices, and distribution facilities and employed the majority of the labor force in the United States. The Robber Barons and Captains of Industry The Rise of Big Business and corporations was driven by men of vision who took risks developing new inventions whose determination earned them vast amounts of money, fame and success. These men who built the new industries all made a significant contribution to the economy of the United States by expanding markets and increasing trade. These entrepreneurs also used new methods, inventions and technology to increase productivity and create new jobs. The Rise of Big Business and corporations saw varying business practices and ethics which led to wealthy industrialists being referred to either as robber barons Robber Baronsor as captains of industry Captains Charters replaced by Corporation Laws The Rise of Big Business and corporations in the United States really began in the mid 1800's. Before this time business entrepreneurs had to persuade a state legislature to issue them with a charter. Charters (licenses to exist) were granted for a limited time and could be revoked. This