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HIST 309

History of Modern Business

Henry Clay (Congressman) He proposes that the gov. invest in transportation
Steam Boats -Robert Fulton created the first steam boat & controlled the Erie canal from Buffalo to Albany & the Hudson river to NYC -Cornelius Vanderbilt challenges Fulton and transports people from NJ to NYC
1861, Union blockades Southern ports -To starve the South of income -The British could not get the cotton they needed -The North knew they could not fight Great Britain and South -The British Empire agreed not to attack the North if they would abolish slavery
John Rockefeller -had a monopoly on refined oil -first billionaire -he tapped out the US market so he invested in China's market
Labor after the Civil War -Immigrants from Europe increased labor -Immigrants had to prove they were healthy & would not be a burden on US -Immigrants were looking for jobs -Wages were so low families needed children to work -Less workers on farms because of Tech advances
Technology in the 1800s -1840s the Telegraph is invented and AT&T is created - Bessemer creates the first steam oven (used on trains) -Railroad won the Civil War
Role of Government in the late 1800s -small role -high terrifies on American goods so Americans would buy American goods -national currency after the Civil War -$1 paper money backed by $1 worth of gold -Homestead Act
Working vs. Fixed Capital -Working Capital: The cost to run the day to day operations of your business -Fixed Capital: Cost of goods that can't move
National Equity Market -Local equity stock markets before Civil War - NY Stock Exchange emerges creating a national stock market - Reasons for NYSE: telegraph, acct. practices get better, foreign investment, $ backed by gold -Firms offer both stocks and bonds
Horizontal Integration Buying firms that make the same goods as you
Vertical Integration Merger of firms producing different goods but on the same plane -Ex: a car company buying a paint company so they don't have to pay someone else to make paint
Incorporating in Delaware -DE was the only state to keep the court of equity after the Civil War - Incorporation is all done on paper & is tax free except for what you sell in DE -Court of Chancellery to deal with arguments not in SCJ & business disputes could be settled
American Ferderation of Labor (AFL), 1886 - -made up of skilled laborers that are hard to replace, so employees are morel likely to give you what you want -Knights of Labor was the first labor union, & their jobs are easily dispensable so the union failed
Election of 1900, WJB & WM -WM has Teddy Roosevelt running as VP - Roosevelt was a veteran of the Spanish American War & he hated being VP - McKinley is assassinated in 1901 & Roosevelt becomes president
Progressive Reforms -Teddy Roosevelt pledges he will be antitrust buster -Pure Food & Drug Act - regulatory agents that oversee major industries -income tax establish, targeted at the wealthy
Sherman Antitrust Act Firms that operate in collusion with one-another would be illegal
DuPont in the early 20th century -created gun powder & blasting powder -declared a monopoly, but was allowed to keep a monopoly on smokeless gunpowder for national security -DuPont supplies both sides in WWI who bought on credit
Consumer Revolution takes off in the US in the 1920s -Idea of convincing people that their lives would be better if they buy this product - Electricity creates a new avenue for products to be created -Radio comes about in the 1920s
What do you need to sustain a consumer economy? -higher wages -standardize mass production -outlet to sell your goods -catalogs for rural American, Ex: Sears Catalog
Why did life expectancy increase in the 1920s? -Improved healthcare -Improved urban life (farm wast, water) -FDA improves -Increased life span of children
Stock Market before the Crash -Investors bought on margins & only put 5% down -Firms that traded stock did not have to disclose information -Banks led money based on stocks & invested their money in the stock market
1929 Stock Market Crash -Stock Market loses half its value -If your bank closed you lost everything in the bank -People bought goods on credit so they cut back on buying -US stopped being a major supplier of food to Europe
Election of 1928, Hubert Hoover (Republican) vs. Smith -Hoover was a rich engineer -Smith was the governor of NY & the first Roman Catholic Candidate -Hoover wins election & the stock market crashes 1 month after he's in office
3 ways the Fed could of improved the economy during the Depression - Ways the Fed could of put money in the economy 1. Lower the discount rate (the interest rate charged to local banks) 2. Open Market Operations -Feb buys debt from states and buys bonds 3. Lowered the Lost-Reserve Ratio (amount of money banks are required to keep on hand)
Hoover's Treatment of the Depression -AMA created to buy up excess demand of food -RFC created to put money into week industries to hire them - Calls on farmers to grow less food so that food prices would go up & Businesses were to keep hiring and expanding (did not happen)
FDR's New Deal -Presented at the 1932 Democratic convention -FDR flew from NY to Chicago -First candidate to speak at a convention -Said: "We have nothing to fear but fear itself."
3 big categories of the New Deal 1. Relief Programs 2. Recovery - larger programs 3. Reform - things to stop a depression from happening again: -SEC, FDIC, Social Security
Neutrality act of 1935, 1936, 1937 -U.S. is isolated from foreign a fairs -Nye Comity hearings, during the 1930s, said WWI took businesses into the war
Lend-Lease with Great Britain -Churchill and FDR agree to terms that Great Britain would return unused goods & pay over time for used goods -The U.S. was thinking that if Great Britain was taken the U.S. will be next -1940 U.S. begins to industrialize
Embargo of Japan -U.S. is selling scrap metal & oil to Japan (has no oil) -U.S. embargoes scrap metal because Japan is turning them into vehicles & weapons, later embargoes oil -This angers Japan to attack the U.S. -FDR was able to get a declaration of war easily
Government Co-ordination -Companies were told what to build for the war or the company would be taken over by the gov. -U.S. navy had to be rebuild in the pacific -Men lie about their age to be in the army -Unemployed people find work
Office of Price Administration (OPA) -they were worried about inflation at the time -price were frozen at the time
National Wage Labor Board (NWLB) -Wages were frozen to stop inflation -Overtime wages were not regulated, so higher overtime pay was given to better workers -The gov. did not offer benefits, so companies offered benefits as an incentive for you to work for them
Government spending put the country into debt. How does the government fix this problem? -Gov. passes a war time measure to withhold taxes instead of taking the taxes all at once -Half of the war debt payed by taxes -The rest of the war debt was payed by bonds were the money would come back to you after 5 or 10 years after the war
Immigration during WWII -People move to the city were the jobs and factories are -African Americans and Women get jobs in the factories that they previous didn't have -Women lose their factory job when men return from the war
Social Consequences during WWII -Not socially except able for men to go to college during the war -Executive order 9066 send the Japanese to prison camps -Japanese Americans could not serve in the U.S. army, but the Italians and German Americans could
Atomic Bomb / Manhattan project -Jewish European Scientists and top university students were brought together -Only a small number of people knew what the whole project was -1st of 3 bombs was test in New Mexico
Why did the U.S. bomb Hiroshima & Nagasaki? -Most industrial cities were bombed -Tokyo was bombed flat by 1945 -Hiroshima was at the cross point of two rivers making it an easy target from the air -Nagasaki was an island in a river -Kyoto wasn't bombed because Stimson like the way it looked
Truman Doctrine -Kennan warns the U.S. that Russia wants to expand, that for communism to work it must be globally, and advocates a policy of containment which starts Cold War -Truman announced that he will protect any country that is being threaten by communism
G. I. Bill -Service Men Readjustment Act -52-20 says that for 52 weeks you will be payed $20 a week after service -Provides benefits to eligible veterans that served at least 6 months
G. I. Bill - Education -Provides education benefits to veterans -Use benefits to go to any school you could get into -Each veteran was given $500 and living expenses -Colleges didn't have to worry about people defaulting on loans
G. I. Bill - Housing -Provided money to pay for housing if it was under $100 a month -Suburbs are created and roads are built -Veterans administration did not discriminate, but local neighborhoods could discriminate
G. I. Bill - Business -Veterans could take out a subsidize loan
Created by: NickUD
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