Photo by Uriel Soberanes on Unsplash
Introduction
The Big Five, a powerful oligarchy, once held sway over the economy, government, and society of Hawai‘i from the late 19th century until the mid-20th century. Comprising C. Brewer & Co., Theo H. Davies & Co., H. Hackfeld & Co. (later Amfac), Castle & Cooke, and Alexander & Baldwin, these companies were interconnected by family ties and shared business interests. As sugar plantations became integral to Hawai‘i’s economy, these firms rose to power, shaping the islands in ways that are still evident today.
Conservative Perspective
From a conservative viewpoint, the dominance of the Big Five can be seen as a pivotal period that laid down the essential economic infrastructure for modern Hawai‘i. Their role in developing the sugar industry brought prosperity and significant growth during a time when the global demand for sugar was high. Furthermore, the Big Five were instrumental in setting up major banks like the Bank of Hawai‘i and First Hawaiian Bank, essential pillars of today’s financial sector. Conservatives might argue that the Big Five helped foster a stable economic environment conducive to investment and development.
Economic Foundations
In setting up robust financial and infrastructural systems, the Big Five companies ensured that Hawai‘i was well-positioned to thrive economically. Their investments in shipping and transportation were significant, with the strategic acquisition of Matson Navigation Co., providing a vital link between Hawai‘i and other markets.
Liberal Perspective
On the other hand, a liberal perspective might focus on the socio-political impact of the Big Five, highlighting the monopoly they held over politics and labor. The companies exerted considerable influence over the territorial government, often aligning policies to suit their business interests rather than those of the populace. This led to labor exploitation, as seen in their control over wages and working conditions in plantations.
Social Implications
The Big Five’s dominance enforced a socio-economic hierarchy, primarily benefitting those at the top while suppressing the working class. The importation of labor from diverse countries created a lasting multiethnic society but was driven by the need to maintain cheap labor for their plantations. Such practices were gradually combated by labor unions, leading to significant social change post-1950s, with increased political participation by Asian Americans and veterans.
Conclusion
Today, the legacy of Hawai‘i’s Big Five is evident in both the economic and social fabric of the islands. While their influence has faded, the structures they established continue to play a role in shaping modern Hawai‘i. Their history offers lessons on the balance of economic power and the importance of ethical considerations in business practices, inviting ongoing reflection and analysis.
