Nelson presented his blog discussion on chapter 6-2.Now we begin presentationsChapter Six Section Three.Questions:-Tell me about Andrew Carnegie.-Tell me about John D. Rockefeller.-What was Social Darwinism and how did it apply to business?-Explain how companies formed monopolies(vertical/horizontal integration, trusts).-How did the government try to regulate business?-What are labor unions and what is their purpose?Were labor unions successful in achieving their goals? Explain/Give examplesAnswers to question one:-born in Dunfermline, Scotland-came to america in 1848-prive secretary to the locval superintendent of the Pennsylvania railroad-looked forw as to make a good product cheaply-attracted talented people and offered them stock-controlled almost the whole steel undustry-vertical and horizental itegration-vertical-buy suppliers to he could contol the raw material and transportaion systems ( see p. 242)-horizontal- bought companies that made similar products as himAnswers to Question Two:revolutionized petroleum industry-joined with competing companies in trust agreements(turn stock over to a group of trustees)-Sherman Antitrust Act.-1870: founeded the Standard Oil Company and aggressively ran it til officially retired in 1897-known as captains of industry and robber barrensAnswers to Question Three:Answers to Questions Four:-vertical-buy suppliers to he could contol the raw material and transportaion systems ( see p. 242)-horizontal- bought companies that made similar products as him-monopoly-when a firm buys all of its competitors-most people created setting hold up a company-stell was one of the msot successful holding companies
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