Capital and Labor in the Age of Enterprise 1877

Capital and Labor in the Age of Enterprise 1877 Introduction The late nineteenth century is considered by many historians as the age of great deflation. Nearly all places around the globe particularly in Europe marked this time as the period of economic turn down. Nevertheless, America had it differently.Advertising We will write a custom essay sample on Capital and Labor in the Age of Enterprise 1877-1900 specifically for you for only $16.05 $11/page Learn More During this period the average yearly income growth for the Americans doubled. This increase in was accelerated by the industrial growth especially in the steel industry. This industrial growth created more wealth than any other time in the history of America. Growth of steel industry The industrial growth came with popularity of factories that marked the American industrial revolution. Prior to 1877 factories were known only to be producing goods characteristically of the old artisan. The beginning of 1877 saw the turn in industrial productions. Factories began producing capital good that hugely contributed to the national productive capacity1. Steel production was one such capital good productive enterprise. Steel replaced iron which was then considered to be ineffective in the making of rail as well as in industrial usage. The introduction of steel manufacture was attributed to Henry Bessemer who invented the Bessemer converter. The converter was a large furnace that was designed in such a way that it could easily refine raw pig iron to steel2. This potential was fully exploited by Andrew Carnegie. Carnegie arrived in America from Scotland in 1848 aged twelve. He spent most of his early years as a telegraph operator, working for the Pennsylvania Railroad. Carnegie quickly rose up the managerial ladder and amassed his fortunes during the war speculations. He first became an iron manufacturer before establishing a huge steel mill near Pittsburgh in 1872. The Carnegie steel mill became the pioneer of any other steel mill in the 1870s through to 1900. The steel mill had a Bessemer converter as the center piece of its production.Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More This was seen as advancement as the mill run constantly. Besides its technological advancements, raw materials in form of mineral were also abundant. This ensured that the steel mills operated at full capacity3. The northern Minnesota iron ore deposits and the Appalachian coal deposits were major sources of raw materials needed by the steel industry. Railroad However with discovery of steam engines, huge quantities of coal were to be consumed by railroads and factories. Steam engines were then the major national energy workhorse. In 1880s, the continuous rotating turbines was invented. These turbines were more efficient than the steam engines and were therefore used to produce electricity. This completed the energy revolution during that tim e. The energy revolution that led to the production of huge quantities of electricity contributed o the enhanced production of capital good. This was also the time of railroad boom. Prior to the civil war, America was still reeling under the water travels technologies. There was no feeling for the need to expand beyond the water ways travel. However when the rail road was first introduced, it immediately became popular. Transportation was made efficient; moreover, people could travel throughout the year. Furthermore, huge bulk of good could now be moved easily in inland places far away from the water ways. The major problem was the cost of building the railways. Both the state and federal governments considered building the railway to be very costly. Contrary to canals, the rail road building was left in the hand of the private sector or as a free enterprise by the federal government. However the government still played a huge role in the building of the railway both in terms of pol icy regulations and financing. In most cases the federal or state governments could buy the rail construction bonds with an aim of funding the building of the railway. Often, the governments could offer grants or the railway construction loans in form of bonds which they could still buy and have a larger stake4.Advertising We will write a custom essay sample on Capital and Labor in the Age of Enterprise 1877-1900 specifically for you for only $16.05 $11/page Learn More The running and managing the railway system was left on the hands of corporations that were formed by the railway constructors and operators. Besides the administrative role, the corporation has to ensure that the capital was pooled in huge amounts for the construction of the railway. However, the dilemma of the railway owners was that they only had a limited liability on the amount of money they invested. The new legal entity, the railways corporation, ensured that the private entrepreneurs got the most of their investment in the railway system. Despite the railway corporation good administrative intentions, the rail road building companies were notoriously corrupt. About half of the railway construction money was pocketed by the promoters of these companies. Trade unionism The growth of industries could not have without the rise of workers unions and activism industries were being accused of exploiting workers. Trades unions that fought for the rights of workers sprung up and rapidly spread. However the contribution of industry to the general economy was enormous. Bibliography Fernlund, Kevin. Documents to Accompany Americas History, Volume 2: Since 1865. Boston: Bedford/St. Martin’s, 2010. Henretta, James, and David Brody. America: A Concise History Since 1877. Boston: Bedford/St. Martin’s, 2010. Footnotes 1 James Henretta and Brody David. America: A Concise History Since 1877. (Boston: Bedford/St. Martin’s, 2010), 213-245Advertising Looking for essay on history? Let's see if we can help you! Get your first paper with 15% OFF Learn More 2 James Henretta and Brody David. America: A Concise History Since 1877. (Boston: Bedford/St. Martin’s, 2010), 213-245 3 James Henretta and Brody David. America: A Concise History Since 1877. (Boston: Bedford/St. Martin’s, 2010), 213-245 4 Kevin Fernlund. Documents to Accompany Americas History, Volume 2: Since 1865. (Boston: Bedford/St. Martin’s, 2010), 237

Oligarchy + Monopoly ≠Oligopoly

Oligarchy + Monopoly ≠  Oligopoly Oligarchy + Monopoly ≠  Oligopoly Oligarchy + Monopoly ≠  Oligopoly By Maeve Maddox Ive long been aware of the words oligarchy and monopoly, but Ive only just discovered the word oligopoly. The word oligarchy describes a type of government: government by the few. from oligoi few, small, little plus arkhein to rule. The word monopoly describes a type of market paradigm: exclusive control of a commodity or trade, from monos single, alone + polein to sell. The word oligopoly, like monopoly, is a term used in economics: oligopoly [(Ã… lÄ ­-gÃ… pÉ™-lÄ“] a market situation in which each of a limited number of producers is strong enough to influence the market but not strong enough to disregard the reaction of his competitors Here it is in some headlines: Nonlinear pricing in an oligopoly market: the case of specialty coffeeRAND Journal of Economics Market Economy or Oligopoly-Finance Capitalism? Monthly Review, Senegal, Africa An oligopoly model of commercial fishingSeoul Journal of Economics Oracle president backpedals on oligopoly report CNET News Theres also a word for a market situation in which two competing sellers hold the controlling power of determining the amount and price of a product or service offered to a large number of buyers: duopoly. Monopoly, duopoly and oligopoly, which refer to the control exercised by sellers, have these corresponding forms to describe the role of buyers: monopsony a market situation in which there is a single buyer for a given product or service from a large number of sellers duopsony a market situation in which two rival buyers hold the controlling power of determining the demand for a product or service from a large number of sellers oligopsony a market situation in which each of a limited number of buyers is strong enough to influence the market but not strong enough to ignore the reaction to such influence by his competitors The suffix opsony in these words derives from Greek opsonia, purchase of victuals, catering. I dont know where youll find a use for these words, but I think theyre cool. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:70 "Home" Idioms and Expressions20 Words Meaning "Being or Existing in the Past"Passed vs Past