Question

s 1 through 3 refer to the following.
ally speaking, aggregated accumulated capital will be more and more essential to the
e of our social tasks. furthermore, it seems to me certain that all aggregated capital will fall
more under personal control. each great company will be known as controlled by one master
eason for this lies in the great superiority of personal management over management by boards
ttees. this tendency is in the public interest, for it is in the direction of more satisfactory
ty. the great hindrance to the development of this continent has lain in the lack of capital. the
ch we have had has been wasted by division and dissipation, and by injudicious applications.
of capital, in proportion to the total capital, in this country between 1800 and 1850, in the
which were made to establish means of communication and transportation, was enormous. the
chiefly due to ignorance and bad management, especially to state control of public works. we
the development of the country pushed forward at an unprecedented rate by an aggregation of
d a systematic application of it under the direction of competent men. this development will be
efit of all, and it will enable each one of us, in his measure and way, to increase his wealth. we
of us go ahead to do so, and we have every reason to rejoice in each others prosperity. . . .
erited by a spendthrift person who spends money freely will be squandered and re-
ted in the hands of men who are fit and competent to hold it. so it should be, and under such a
ings there is no reason to desire to limit the property which any man may acquire.\
william graham sumner, university professor, what social classes owe to each other, 1883

3 mark for review
the excerpt best reflects which of the following economic developments in the late 1800s?
a the growth in support for government regulation of the economy

b the consolidation of power over the economy by business leaders

c the end of federal support for transportation infrastructure projects

d the spread of technological innovations in agricultural production

Explanation:

The excerpt emphasizes aggregated capital being under personal control (one master) and the superiority of personal management. In the late 1800s, business leaders (like industrialists) consolidated economic power through trusts, monopolies, etc. Option A is incorrect as the excerpt doesn't support government regulation. Option C is off - topic (no mention of federal support for transport ending). Option D is about agricultural tech, not related. Option B matches the idea of business leaders consolidating economic power.

Answer:

B. The consolidation of power over the economy by business leaders