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Topic: Chapter 14.2 (page 467)
The Rise of Big Business
A Favorable Climate for Business
Horatio
Alger’s novels showcased an American ideal—self-reliant
individualism. His characters went from rags to riches through their
own hard work. Similarly, many people in the late 1800s believed
that a strong work ethic made one successful. The business world
welcomed entrepreneurs—risk takers who use their money and
talents to launch new ventures.
Belief in free markets American entrepreneurs were
working within the capitalist system. Capitalism is an economic
system in which private businesses run most industries. Competition
determines prices and wages.
By the late 1800s most business leaders believed in laissez-faire
(le-say-FER) capitalism. The term laissez-faire is French for “to let
do.” Laissez-faire capitalism allows companies to conduct business
without intervention by the government. Business leaders believed
that government regulation would destroy individual self-reliance,
reduce profits, and harm the economy.
Social Darwinism Americans understood that there were
inequalities under capitalism. But many thinkers believed that
inequalities were part of a natural order. To explain why some people
prospered while others did not, economists and business leaders
embraced the philosophy of social Darwinism. This philosophy
adapted the ideas of the British scientist Charles Darwin and applied
them to human society.
Darwin had studied plants and animals and concluded that
members of a species compete for survival. Those best adapted to
their environment thrive. Less well adapted members gradually die
out. Darwin called this process natural selection.
Social Darwinists believed that natural selection also applied to
society. Stronger people, businesses, and nations would prosper.
Weaker ones would fail. Social Darwinists believed that what they
called “survival of the fittest” strengthened society as a whole. They
opposed any interference with the process.
Main Idea/Summary: