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Chapter 11, Sections 3 & 4 Textbook Notes

Chapter 11, Sections 3 & 4 Textbook Notes

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Published by: Sonny An on Dec 14, 2012
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12/19/2012

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Sonny An
US History HonorsDecember 11th, 20121 |Page Chapter 11, Sections 3 & 4 Textbook Notes
Section 3: Prosperity & American Business
 
 
1925:
Bruce
 
Barton
’s
 
The Man Nobody Knows
 , glorifies big business and Jesus.
 
1921:
Edward Earl Purinton
’s article idolizing big business.
 
 
1929:
Walter Chrysler
 ,
Time
 
magazine’s Man of the Year.
 
 
 
Industrial productivity
: Amount of goods each hour of labor produced.
o
 
1922 to 1928: Rose 70%, good for corporate investors and ordinary workers.
 
Henry Ford
: 1913 to 1914: Introduces assembly/production lines for automobileconstruction.
 
May 1
st
 , 1931:
Empire State Building
at 102 stories, tallest building in the world.
 
 
Capital
: Accumulation of money.
 
Corporations
: Businesses owned by multiple stockholders, whose personal rights andresponsibilities are legally separate from the
organization’s.
 
 
Federal Trade Commission
to protect small businesses against takeovers bycorporations.
o
 
William E. Humphrey
: Appointed to FTC chairman by President Coolidge,however, encouraged instead of prosecuting big business.
 
Oligopoly
: A situation where a few major producers influence an entire industry.
o
 
By 1929: 1% of the banks controlled more than 46% of the country’s banking
resources.
 
Growing complexity in business management (both small and large).
o
 
1924: Harvard Graduate School of Business Administration, supported bypresident of First National Bank of New York.
 
The American Plan
 
to discourage unions, the “punishment.”
 
o
 
Hired spies to blacklist laborers.
o
 
Yellow-dog
contracts
: Condition of employment, agreeing not to become amember of a union or to organize fellow employees.
o
 
1915: Supreme Court upholds yellow-dog contracts.
o
 
1921
: Supreme Court declares union boycott illegal and drastically limits workers’
rights to picket.
 
Welfare capitalism
: Programs employers adopted in order to convince workers they didnot need unions.
o
 
Elbert Gary
 , head of U.S. Steel: “It pays to treat men in that way.”
 

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