6-3 business and laborToday Joseph started his presentation. Andrew Carnegie was the first person to make a fortune buying stock. Created Carnegie Steel Company in 1899. He was an immigrant from Scotland and started very poor. When he sold his business he sold it for 1 billion dollars and he was the biggest steel producers in the U.S. in 1901. Sherman Anit Trust Act started in 1890 and this act tried to make it illegal for monopolys to happen. A monopoly is where one business tries to buy out another business, or when one company tries to control every other company in that field. Social Darwism grew out of Charles Darwin's theory of biological evolution which was survival of the fittest.(The strong live the week die.) Herbert Spencer compared this theory to the evolution of human society.(Big business' taking over smaller business'.)The Standard Oil Company of Ohio was started by John D. Rockefeller. In 1890 the company produced 89% of the nations crude oil. Rockefeller and Carnegie for example were called "captians of industry" and "robber barons." They were called this because they were rich and basically stole other business' and payed their workers less to nothing and they could sell their products for a lot less than the other business'. Steel mills opened up many jobs for people and they usually worked 7 days a week at steel mills. People as young as 5 years old had jobs. In 1877 workers in Baltimore and Ohio went on strike because a second wage cut in two months. Freight was stopped for more than a week. When people went on strike at this time companies would fire the people on strike and give the job to immigrants who would work for even less. Because of this strike people weren't working, but the strike didn't last very long. Because of the first people going on strike they got us vacation days, safer working laws, sick days, and many more. Labor Unions are a union of laborers that combine to try to get laws passed that would benefit them.Vertical integration is when business' start buying out other kind of business'. For example Starndard Oil would buy out shipping companies and railroads.. Horizontal integration is when you buy out the same kind of business'.
Comments