The Second Industrial Revolution

The Second Industrial Revolution

1. Josephson states, “but for the very reason that forces leading to combination were at work in society, the general effect of the period was one of strenuous contest for the market, of anarchic, individual appetite and money lust, of ruinous competition conducted with more terrible instruments than before, out of which a few giant industrialists arose” (254). In this quote Josephson is describing the big capitalists who were responsible for the creation of the American industrial economy at the turn of the twentieth century. He is describing the illegal and unethical business practices major industrialists used in crushing little capitalists. This was a period of industrial chaos where the pursuit of profits gave little consideration for ethical issues like fair competition and the rights of employees. Josephson is describing the scandals associated with this era which involved corruption in state governments and incidences of fraud in cities where political machines were involved in making massive payoffs in exchange for government contracts. Josephson is also relating the rise of giant industrialists and business leaders like John D. Rockefeller to unethical business practices. Nevertheless, it is such individuals who brought order to the industrial and business chaos and made the United States a leading economy in the twentieth century.
2. Josephson refers to the leading business giants at the turn of the century as Robber Barons because of the overwhelming power these individuals and corporations had over the society and the resentment most people had for them. Robber Barons included individuals who wielded power in corporate America lie Andrew Carnegie, Rockefeller, and J.P Morgan. Josephson calls them Robber Barons because of the way these individuals used the capitalist system to accumulate wealth by exploiting workers and.............