The term reflected the combination of outward wealth and dazzle with inner corruption and poverty. They stress greed, scandals, and corruption of the Gilded Age.
Another motive for the mergers was to create large promotional profits for those persons who initiated and managed the merger.
Immigration and Citizenship in the United States, More immigrants— million—came to the United States between and than had arrived in the United States and the British North American colonies during the preceding three centuries combined. (The U.S. population was million in ) Between and , to student, and from class to class, they provide us with a re-gion-specific context for the consideration of the reception tions still structure their survey classes using as the “bor-der” between old and new, the past and the modern, and this Why, for example, has the skillfully rendered mid-life cri-sis of an upper-class New. The America that existed after the end of the Civil War is nothing like we know it as today. Major urbanization and industrialization, equal rights for all citizens, and .
In general, the mergers did not result in improved efficiency in producing any commodities since the mergers were "horizontal", that is, they involved companies producing more or less the same products at more or less the same technical efficiency.
Robert Grosse has written that "monopolistic agreements among pig iron producers were unknown until the depression ofand even these were ineffective. These high costs put a premium on the elimination of competition in the industry; monopolistic agreements gained prominence during the s.
By they led to creation of the U. Steel did not attempt to create a complete monopoly in the industry.
It "set prices at a level that would earn profits for its weaker competitors, but not so high as to antagonize customers. Steel a competitive edge and which it refused to share with any other firm in the industry.
Another mechanism was the holding of so-called "Gary dinners" duringwhich involved steel industry leaders. A participant in the dinners, named after Elbert H. Gary, chairman of the board of directors of the U.
Steel Corporation, noted that the guests were summoned in order to discuss problems arising out of the depression of these years. Gary was said to stress that industry policy should be based "on a disposition to help one another, instead of trying to get business at the expense of one another and at prices below actual cost.
One historian writes that "the Gary dinners were remarkably successful in preventing price cutting. In the s, notes Josef Steindl, the rate began a very long-term drop which was uninterrupted even as late as the s.
Another approach to this same area is to study the rate of output of fixed capital per worker. Referring to the years after the Civil War, Robert Gallman reports that "in the postwar period [until ] the rate does not rise above the rate for The rate of increase of fixed capital output was subject to sharp retardation and this is especially evident for the period after By that time, as just noted, the rate of growth of business capital was being checked.
Indeed, the advance of monopoly led to that checking process by raising profit margins of the larger firms, expanding excess capacity, and thereby restricting investment. Inby contrast, nearly a hundred industrial corporations had attained that size.
In incorporated companies made up only It was particularly through control of the financial system that this class succeeded in establishing its rule.
The merger movement consisted not of an assortment of specialists in producing manufactured commodities but of financial experts who commanded either the capital itself or the avenues for gathering the capital.
Thorstein Veblen described the essentials of the system: Five firms owned two-thirds of the assets of all life insurance companies: The last three owned fully one-half the assets of all life insurance companies. In less than three percent of these assets were stocks and bonds; bythat figure had risen to nearly 38 percent.
Five years later, securities held by New York Life constituted 74 percent of its total assets; of Equitable, 57 percent; and of Mutual, 54 percent. Primarily, those sold i.
Such securities were issued by industrial corporations and others which had close relations with the dominant investment banks.
According to Douglass North, "it was clearly a one-sided arrangement in which the great bulk of the advantages accrued to the investment banker rather than to the insurance company. This was accomplished by deep company involvement in political and governmental affairs.
Formally the department was supposed to regulate insurance companies in the public interest. Actually the department was intimately related to the dominant political machine and responsive to the long-run functional requirements of the major companies.
The net effects of the actual policies of the regulatory body were 1 to enable the large companies to easily evade regulations when it was important for them to do so and 2 to insure continuous dominance by the large companies. The Big Three insurance companies ruled their industry in a manner closely reminiscent of that of U.
Steel, a Morgan firm. Vast amounts of capital were needed to finance the installation of expensive heavy equipment and buildings to house the rapidly expanding industrialization. In addition, capital was required to develop various natural resources, especially in minerals.
Accessibility by the new giant firms to adequate capital permitted them to drive their costs of production downward. The highest labor costs were incurred in shops or operations where skilled labor predominated.The key aspects of the US history in the period in the light of the following issues: positive and negative Reconstruction Era processes’ aspects, while taking into account the rights of the minorities and the racial discrimination issues; the industrialization as the positive key factor of the US rapid development; federal policy towards Native Americans and African Americans.
This report was prepared by Frank Hobbsand Nicole Stoopsunder the general direction of John F. Long, Chief, Population ph-vs.comus U.S. Census Bureau staff contributed to the data compilation, review, and publication production.
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to student, and from class to class, they provide us with a re-gion-specific context for the consideration of the reception tions still structure their survey classes using as the “bor-der” between old and new, the past and the modern, and this Why, for example, has the skillfully rendered mid-life cri-sis of an upper-class New.
Immigration and Citizenship in the United States, More immigrants— million—came to the United States between and than had arrived in the United States and the British North American colonies during the preceding three centuries combined.
(The U.S. population was million in ) Between and , Mar 12, · This paper seeks to give a critical analysis of the social policy environment characterizing the post-Civil War period in America ().Of major significance here are the social, cultural,political and economic trends,popular values and beliefs of this time, major social issues and different groups affected by these social issues.