Tell me about Andrew Carnegie.- Looked for ways to make good products cheaply, he attracted people then offered them stock in his industy. Controlled almost the whole steel industy, Carnegie steel. He was an immigrant and started poor then became one of the richest man in the country. Vertical intefration- buy out suppliers so he could control the raw materials and transportation systems(see diagram on page 242). Horizontal integration was when he bought out companies that made similar products as him.Tell me about John D. Rockefeller.- Revolutionized the petroleum industry. He founded the Standard Oil monopoly and ran it until he officially retired. The Sherman Antitrust Act was when the government came in and said that they can't He and others were captians of industry and robber barrens, people looked up to them but also despised them. They liked their stories and the fact that they were revolutionWhat was Social Darwinism and how did it apply to business?-Explain how companies formed monopolies(vertical/horizontal integration, trusts).- Firms would by out all of it's competitors. A way most peopole used to create a monopoly was setting up a holding company, holding company= monopoly. Steel was one of the most successful monopoly.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 examples.
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