Chapter 6, Section 3Business and LaborAndrew CarnegieBecame the first person to make a fortune buying stockcreated the Carnegie Steel Company in 1899He created a system which allowed him to keep track of teh costshe sold his business in 1901 he was the bigggest steel producer in the US ssold for a billion dollars was the first billion dollar companytoday know as US steelWas not rich when he youngtrue rags to riches storyimmigrated from ScottlandSherman Anti Trust Act tried to regulate businessesStarted in 1890made it illegal to form a trust that interfered with trade with countries or statesMonopoly one company tries to buy out all other companiesTeddy good bad trustSocial DarwismGrew out of Charles Dawin's theoty of biological evolutionHerbert Spencer an English philosopher used Darwin's theory to explain the evolution of human societyThe standard Oil Company of OhioStated by john D Rockfeller1890 the company produced 89% of the nations crude oilhe achieved this by making oil cheaplyStandard Oilestablished Rockfeller Foundation which eventually along with the University of Chicago found a cure for the Yellow FeverRobber Barins Captians of industrygood and badgood provided jobbad payed very badly and took over all of the compeditorsLaborsteel mills employed the most peoplepeople who worked at the steel mills often worked 7 days a weekpeople as young as 5 years old had jobsStrikesin 1877 the workers of teh Baltimore and Ohio railroads started a strike bc of a 2nd wage cut in two monthsFrieght was stopped for more than a weekLabor unionUnion of laborerscombined to tried to get laws passed that would benefit themNo and yes to achieve goalsat the beguinning no but after a long period of time they started to win
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