By Jimmy Bedingfield and Ryan Wynns
Hard work, dedication, and a little bit of luck; these are the principles of
financial success in capitalism. This system of economic structure is defined as “an
economic and political system in which a country's trade and industry are controlled
by private owners for profit.” Unlike the common misconception of capitalism
being solely an American ideology, other countries such as Japan and Britain used
such systems, specifically in big businesses.
For centuries, most capitalist countries were fuelled by small businesses
offering certain trades. The 19th century brought upon a time of growing
international trade with new desires for Chinese goods, American steel and
diamonds from South Africa. Approaching the 20th century, the U.S. was the largest
manufacturer in the world, exceeding the production of Germany, France, and Great
Britain combined. A large reason for this was because of America’s structure of
larger corporations. While other countries kept the ownerships of companies to the
owner families, American companies went public and had a more efficient way of
management, including a central leadership office and individual branches of
production. America might have been one of the few countries to pursue this
management system but other countries still had very capitalist societies. In Japan,
companies such as Mitsubishi may have been owned by a small group of
businessmen but they used modern industry tactics of manufacturing and business.
Another reason for America’s success was the support of its own government in its
business by little government regulation. Former Japanese and British economies
didn’t use free market capitalism and were highly controlled by their own
governments, limiting their own success.
America is often seen as pioneer-like in their ideas in capitalism. This is
true in a sense due to the new ideas and methods of production, but other national
powers used many of the same methods of business as America. The rise of big
business changed more than American capitalism, it also resulted in a more efficient
global economy for the entire world.

Published in 1776, Adam Smith wrote a guide to the fundamentals of a new
economic system known as capitalism. Economists today define capitalism as “an
economic system based on the private ownership of the means of production, with
the goal of making a profit.” One of the first countries to adopt this system was the
United States, as hundreds of other nations soon followed after their success.

During the mid-19th century, new inventions such as the steam engine and the
discovery of energy from coal created a more efficient way for businesses to
manufacture. This picture shows a group of children working in an efficient
assembly line, showing that the former economy, predominately run by family
owned small businesses and trade workers, was now starting to die down. The
new technology changed business styles into larger companies making their
product for a cheaper price.

As corporations grew in size, owners began to look for
more efficient methods in leadership towards their
businesses. The new strategy that started, which still
stands today in many cases, consists of a corporate
office to make overall company decisions and focus on
the big picture. Smaller offices manufacture goods and
solve local issues regarding the company. Below is a
picture of a corporate office solving problems and
making decisions for their company.
Above is a map of properties owned by Carnegie Steel. Notice
how Carnegie's company owns practically everything needed
for the production of his steel. This method of production,
know as horizontal integration, is often regard to be the most
efficient way of making a product for a big business, as can be
seen by the success of Carnegie Steel.
As businesses grew in size,
competitors were often put out of
business, giving a single company
clear control over the market. This
situation is known as a monopoly,
which is defined as “the exclusive
possession or control of the supply or
trade in a commodity or service.”
This picture shows Railroad owners
Cornelius Vanderbilt, Jay Gould, and
Cyrus W. Fields in control of the
railroad system meaning to be a
depiction of their monopoly during
the late 1800’s.

This picture helps to give the viewer an idea of what large business building looked
like back in the late 19th century. During this time, industrialization was thriving in
America, resulting in a busy, over-populated, and polluted community. The man in
the picture looks over a Carnegie Steel plant in Homestead, Pennsylvania. Notice
the smoke, complexity, and commotion that is taking place in the area, showing
what this big business has done to these areas.

This flier allows the viewer to
realize that big businesses often
paid poorly and gave poor
conditions to their workers. This
lack of pay for workers sometimes
resulted in deadly and unnecessary
strikes in an attempt to benefit the
working man. The man
representing the big business is
shouting “get back to work” in
several different languages
referring to how many big business
owners ignored these demands and
often threatened striking workers.

The way that British businesses were managed changed during the
late 19th century. As businesses grew in size and certain products
became more of a necessity in Britain, businesses ended up
changing their methods of production. These changes included
hiring more people and using more advanced equipment. These
changes resulted in a better British economy and an increase in big
businesses throughout Britain.

During the mid 19th century, western countries such as the
U.S. began to trade with the formerly trade-restricted Japan.
The picture shows several ships is a docking bay, most
likely trading as we can infer from the different colored
flags. Also, a train is transporting people away from the
bay-area, showing the new efficiency created from
industrialization. This beginning to capitalism from the
west ended traditional feudalism and started what would
eventually come to big business in Japan.

In addition to Great Britain and the United States, Japan was making
major and efficient developments in their factory production. Family
owned companies, known as the zaibatsu, controlled most of the
manufacturing in Japan. Companies such as Mitsubishi controlled
everything from silk, cotton, mining, iron, shipbuilding, and chemicals.
After recently opening up their borders to trade with other nations, Japan
discovered efficient ways of assembly in business which helped them to
become a major world power.
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