Today is Tuesday, the thirteenth of two thousand and nine.Chapter 6 Section 3 was presented by Mr. Bruns instead of Markis Schones. This section is entitled Big Business and Labor....--Key Questionsss....-Tell me about Andrew Carnegie.> Scottish Immigrant, poor child, started getting jobs when he grew up, invested in stocks, he was fasinated by stocks. His major industry he was involved in was Steel. His companies name is Carnigie Steel. People looked up to him, his rag to riches story. He became an idol to many people. Also hated by people for him driving people out of business. Known as a Captian of Industry. Took advantage of the common American. Gave away most of his money to libraries, and other buildings...(not his family)-Tell me about John D. Rockefeller.> Born into a poor family, became the richest person of the world. Once also a Captain of Industry. Same characteristics as Carnegie. -He made his fortunes on oil, the company name was Standard Oil. He did alot of things growing up which made him money. His main way of getting money in the end, was the oil industry. He was a Philanthorpist, which is someone who gave money away. Rockefeller's family is still wealthy to this day. Cartoonist would draw negative cartoons about the companies owned by wealthy people.-What was Social Darwinism and how did it apply to business?-Explain how companies formed monopolies(vertical/horizontal integration, trusts).> One company tries to dominate as much possibly of the other companies related to their industry. John D. Rockefeller had almost 90% of the oil companies in our nation. Once you achieve having all the related industries under your name, you are very powerful and can change the prices of the merchandise to any price.> Horizontal/Vertical Integration... ways to form monopolies.-How did the government try to regulate business?> The Sherman Anti-Trust Act. Made it illegal to form a trust the interfered with free trade between states. Made sure that companies were being fair and not interferring with other companies rights. Alot of businesses went around this, but by time, the government had a better grasp on the Sherman Anti-Trust Act. Companies have to do things fairly, if they dont, the government will step in.-What are labor unions and what is their purpose?-Were labor unions successful in achieving their goals? Explain/Give examples
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