Resources and industrial improvements have had a large impact on the history of the United States. In the selection from The American Economy, “The Star-Spangled Scotchman”, Walter Greason, William Gorman, and Melissa Ziobro explain the journey of Andrew Carnegie and the companies that he worked for as a businessman. They discuss his collaboration with William Coleman in 1861 to form the Columbia Oil Company. They explain that “[t]he $11,000 investment returned him $17,800 the first year and eventually brought more than a million dollars altogether” (Greason et al. 52). The authors then continue on to discuss his partnership with the Keystone Bridge Company, and “Carnegie held a one-fifth share; the first and only assessment of $1,250 he borrowed from a bank” (52).
The authors of The American Economy further discuss the topic of oil within the United States in the 1881 excerpt “Henry Demarest Lloyd Exposes Standard Oil Monopoly”. The excerpt begins with a discussion regarding kerosene and the involvement with standard oil. Few americans “who burn kerosene know that its production, manufacture, and export, its price at home and abroad, have been controlled for years by a single corporation–the Standard Oil Company” (Greason et al. 67). The authors continue on to discuss the involvements and relations of the Standard Oil Company and its impacts within the United States. Greason, Gorman, and Ziobro also touch upon the idea that “[t]o-day, in every part of the United States, people who burn kerosene are paying the Standard Oil Company a tax on every gallon amounting to several times its original cost to that concern” (70). This brings the idea of kerosene and the Standard Oil Company full circle, and it reflects upon the impacts that have been introduced in the nations’ economy.
In addition to these excerpts regarding oil and resources, the authors discuss the ideas of regulation and their placement within corporations in the 1901 excerpt “Teddy Roosevelt Advocates Regulation”. This excerpt addresses the many ideas revolving around business regulations and industrial development. Corporations have an immense amount of business issues and involvements; regulation, therefore, is one of the most important aspects within a corporation. The authors also discuss the ideas of change and progression within corporations as well to help the readers to better understand the economy and business perspectives.
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