I was sick today, but I see from other blogs that we finished the questions in 6-3.Tell me about Andrew Carnegie.-Born to an average family, and then moved to the U.S. from Scotland. He looked for ways to make a good product cheaper, and attracted talented people and offered them stock in his company and products. He controlled most of the steel industry (Carnegie Steel). He came up with the vertical and horizontal integration. (see p. 242) Horizontal integration is when he bought out companies that made similar products as him. Vertical integration bought out his suppliers (iron mines) so he could control the raw materials and tranportation systems (railroads, shipping).Tell me about John D. Rockefeller.Revolutionized the petroleum industry. He joined with competing companies in trust agreements (trust- turn stock over to a group ot trustees). His co. was affected by Sherman Antitrust Act. He founded the Standard Oil Co. and ran it until retired.--These men were captains of industry and Robber Barrons. They were powerful and rich and were successful, but were hated by some because they can do what they want (raise prices)What was Social Darwinism and how did it apply to business?-It came from Charles Darwin's theory of evolution. Used the term "survival of the fittest", and people began to think God favored riches. Big businesses used "survival of the fittest to justify what they were doing by taking out other businesses.Explain how companies formed monopolies(vertical/horizontal integration, trusts).-Monopoly is getting rid of competition in your own field. Big businesses lower their prices more than smaller businesses, can go longer with a smaller profit. Consumers buy from larger business and then buy the smaller businesses and raise prices high, and no competition.How did the government try to regulate business?-Gov't tried to break up businesses that were being unfair. Sherman Antitrust Act, antimonopoly.What are labor unions and what is their purpose?-Things formed by workers because they thought their long and difficult hours were unfair, and so they tried to fight back. Collective Bargining is when many people tried to work for one common goal.Were labor unions successful in achieving their goals? Explain/Give examples.-COllective bargining, and successful unions on strikes were American Railway Union, Japanese and Mexican workers in 1903, The Great Strike of 1877, The Harmarket Affair, The Homestead Strike.I looked off blogs in our class to get these answers.
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