-
Herbert Spencer's Principles of Biology
Herbert Spencer published his book which coined the term "survival of the fittest" and introduced the idea of Social Darwinism. -
Transcontinental Railroad completed
The railroad was completed, creating new opportunity for national industry and transportation. -
Standard Oil Forms
John D. Rockefeller started his oil empire, and used horizontal integration to buy out his competitors. -
Invention of the Telephone
Alexander Graham Bell's invention helped to revolutionize communication and internationalize markets and prices. -
Creation of the Trust
John D. Rockefeller's lawyers created the trust, a group of associates to hold and manage stock as a single body. Many companies followed suit, creating monopolies. -
Interstate Commerce Act
In an attempt to fix the problem created by monopolies, the ICA outlawed kickbacks and rebates and established the ICC to enforce it. -
Gospel of Wealth
Andrew Carnegie published this essay which touted the responsibilities of the wealthy, those in God's favor, to help educate the poor by putting money into public works projects, such as libraries. -
Sherman Antitrust Act
In order to bust trusts and prevent monopolies, Congress passed the Sherman Antitrust Act, but because of vague wording and a later Supreme Court case, it was not effective. -
Consolidation of Railroads
Amidst the Panic of 1893, J.P. Morgan took hold of bankrupt railroad companies and consolidated them, stabilizing rates and reducing debt. -
U.S. v. Knight Co
In a case centered around a sugar company, the Supreme Court ruled that the Sherman Antitrust Act only applied to commerce, not manufacturing, limiting its sphere of influence. -
U.S. Steel Corporation
J.P. Morgan convinced Carnegie to sell his steel company to Morgan, creating the first billion dollar company in America.