Big Business had a negative impact on the USA. Assess the validity
of this view (25)
Positive Negative
Economic Robber Barons
>Industrialisation modernised >Big Businessmen had unelected
America. power and were unregulated.
>America became a world power >Rockefeller, Carnegie and JP
with laissez faire capitalism. Morgan bought William McKinley
>Employment rate began to increase into presidency.
steadily with new job opportunities >McKinley was republican and did
arising. not properly enforce the Sherman
Social Anti-trust act.
>The population grew by 26% from >J. P Morgan was often accused of
1870 to 1880. manipulating the US economy.
>Trade unions protected workers >Rockefeller was accused of
rights and gave the working class a unethical business methods.
vote. >Carnegie and Frick were blamed for
>Westward expansion was liberating the Johnstown flood.
for people and minorities. Economy
Government Regulation >The economy became unstable.
>In 1887, Congress passed the >The economic panic’s of 1873 and
Interstate Commerce Act to outlaw 1893 were due to the railways and its
restrictive monopolies, and an share prices. This sent a ripple affect
Interstate Commerce Commission across the whole of America.
was set up to investigate and >The panic’s led to the failure of
monitor the railways. 15,000 companies and the closure of
>The Sherman Anti-trust was passed 600 banks.
in 1890 to ‘break up’ monopolies and >The farmers suffered due to falling
inspire competition. prices, the McKinley tariff and high
transportation costs.
Workers
>Workers were exploited for long
hours, low wages, and terrible
working conditions.
>When the workers did strike, they
were ineffective, and inspired no
change to capitalism. (Homestead
strike 1892)
of this view (25)
Positive Negative
Economic Robber Barons
>Industrialisation modernised >Big Businessmen had unelected
America. power and were unregulated.
>America became a world power >Rockefeller, Carnegie and JP
with laissez faire capitalism. Morgan bought William McKinley
>Employment rate began to increase into presidency.
steadily with new job opportunities >McKinley was republican and did
arising. not properly enforce the Sherman
Social Anti-trust act.
>The population grew by 26% from >J. P Morgan was often accused of
1870 to 1880. manipulating the US economy.
>Trade unions protected workers >Rockefeller was accused of
rights and gave the working class a unethical business methods.
vote. >Carnegie and Frick were blamed for
>Westward expansion was liberating the Johnstown flood.
for people and minorities. Economy
Government Regulation >The economy became unstable.
>In 1887, Congress passed the >The economic panic’s of 1873 and
Interstate Commerce Act to outlaw 1893 were due to the railways and its
restrictive monopolies, and an share prices. This sent a ripple affect
Interstate Commerce Commission across the whole of America.
was set up to investigate and >The panic’s led to the failure of
monitor the railways. 15,000 companies and the closure of
>The Sherman Anti-trust was passed 600 banks.
in 1890 to ‘break up’ monopolies and >The farmers suffered due to falling
inspire competition. prices, the McKinley tariff and high
transportation costs.
Workers
>Workers were exploited for long
hours, low wages, and terrible
working conditions.
>When the workers did strike, they
were ineffective, and inspired no
change to capitalism. (Homestead
strike 1892)
