Industrial Revolution - Seminar One

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There is evidence that business leaders did engage in some corrupt practices: watering stock, bribery of government officials, manipulating stock, and conspiracy.

Their motivation was alleged to be “survival of the fittest” and desire for monopoly.

Motivation was also drive for economies of scale that led to lower prices.

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Slide 28

Big Business and Its Changing Environment

The social conscience of the 19th century entrepreneur gave rise to individual philanthropy:

Ezra Cornell – his money founded Cornell University.

William Colgate – college changed its name to his as result of his generosity.

John Hopkins – founded John Hopkins University.

Cornelius Vanderbilt – founded Vanderbilt University.

Cornelius Vanderbilt

Courtesy of The General Libraries, The University of Texas at Austin.

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Slide 29

Big Business and Its Changing Environment

More Philanthropists

Joseph Wharton – grant enabled first business school at University of Pennsylvania.

Edward Tuck – gift to Dartmouth started Amos Tuck School of Admin. & Finance.

Leland Stanford – honored his son with a university

John Stevens – provided for the Stevens Institute of Technology.

James B. Duke – Trinity College (later renamed for the family).

Daniel Drew – promise of funds led to Drew University.

Moses Brown – founded Rhode Island College; became Brown University in 1804.

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Slide 30

Big Business and Its Changing Environment

Famous Philanthropists

John D. Rockefeller – given half a billion dollars by the time of his death as well as establishing the Rockefeller Foundation.

Rockefeller is pictured here in 1907 beside a building.

John D. Rockefeller

Chicago Daily News negatives collection, DN-0051595. Courtesy of the Chicago Historical Society

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Slide 31

Big Business and Its Changing Environment

Famous Philanthropists

Andrew Carnegie – gave away $350 million by the time of his death in addition to his libraries, university, and the Carnegie Foundation.

Andrew Carnegie

Courtesy of The General Libraries, The University of Texas at Austin.

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Slide 32

Rockefeller and Carnegie

Despite generosity by both individuals, the Congressional Committee on Industrial Relations in 1915 denounced both as “menaces to society.”

Rockefeller Archive Center

Andrew Carnegie Free Library & Music Hall

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