Today was Tuesday. Apparently, if there were about four or more students gone from school yesterday, the school would have had to shut down for about a week or more. Bruns did the Chapter 6 Section 3 presentation.Ch. 6.3:-Tell me about Andrew Carnegie. Andrew Carnegie was both a loved and hated man. Andrew's story is a "rags to riches" story. When he was a young man, Andrew had a deep facination and much success in investment. He was in railroads and oil for a while, but true calling was for the investment and ownership of steel companies. Carnegie was known as a robber barron, someone who dominated their industry with their own monopoly. Carnegie would undermine the little guy, throw them out of business, and take their companies over. Carnegie was a philanthropist. He gave nearly all of his fortune away instead of giving it to his family.-Tell me about John D. Rockefeller. Rockefeller created the largest oil company in the U.S. today with his own oil monopoly. Rockefeller was greatly dispised by all of his competitors. He was much like Carnegie in that aspect. Rockefeller also gave a lot of money to various causes, libraries, art, and the music arts.-What was Social Darwinism and how did it apply to business? Charles Darwin-Explain how companies formed monopolies(vertical/horizontal integration, trusts). Horizontal integration is when one company goes after other companies in a specified industry, undermine and take control of the other companies. Once you take over those companies, you basically have no opposition, and dominate the playing field.Vertical integration takes a monopoly to the next level. When you vertically integrate, you rely upon yourself, and you do not want to get any outside support or another company from a different field of industry to rely on. You begin to buy out and create your own sectors for shipping, refineing your products, and creating new products. A monopoly like this would become a powerhouse within the country.-How did the government try to regulate business? The Sherman Anti- Trust Act. This act made it illegal to form a trust that interfered with free trade between states. A trust is basically a monopoly. If the government found any form of an illegal or powerful monopoly, they could break up the company. AT&T and microsoft were examples of this.-What are labor unions and what is their purpose?Were labor unions successful in achieving their goals? Explain/Give examples.
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