Today, in class, we got on the computers while we jammed out to an MJ tune. Some other people continued their presentations once again.
Bruns talked about John D. Rockefeller, who would be the richest man alive if he hadn't died years ago. He found his way to oil and built upon his already-developed riches. He would undersell the competition so he would run the small oil companies out of business, as they could not compete with his prices. He would even sell at a loss just to get more customers, and once he ran the competition out of business, he would raise his prices.
Mr. Bruns also talked about the Sherman Anti-Trust Act, which tried to break monopolies. It was the very act that broke up Microsoft's in the early 2000's. Horizontal Integration is a companie trying to buy out all other companies so it has all control of that industry, while Vertical Integration is where companies buy out transportation systems and suppliers.
He talked about labor unions as well, which are workers coming together to try to get better wages and conditions. A craft union is where every category of jobs has their own little union, where an Industrial Unions were everyone in the business all in one Union, which didn't make sense since they all had different problems and education. Industrial Unions died out in the (late 1800's?), while craft unions still exist.
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