Friday September 30

[8Brittany]

Ch. 6.3:Ch. 6.3:-Tell me about Andrew Carnegie.Came to the US with his parents from Scottland. Worked at the Pennsylvania Railroad. Started the Carnegie Steel Company. Most powerful steel company in 1809. New machinery and techniques, accounting, offer stocks, liked competition. Created Carnegie Hall for the arts. Hated rich people and before he died he gave most his money. Refer to page 242. Horizontal intergration- big company buys out small company. Veritcal intergration-oil companies would buy out railroads, stores.-Tell me about John D. Rockefeller.Owned the Standard oil company. Created a monopoly-when one company has complete control over the production of a product and they can control the market of that product. Low wages, low price, no more competitors. They were called Robber Barons-powerful business man or banker.-What was Social Darwinism and how did it apply to business?Social Darwinism-success and failure in business were governed by natural laws and no one has the right to intervene. It is natural for big businesses to take over small businesses.-Explain how companies formed monopolies(vertical/horizontal integration, trusts).Horizontal intergration-big company buys out small company. Verital intergration-oil companies would buy out railroads,stores. Trust-an agreement between a company, a monopoly trying to take over.-How did the government try to regulate business?Sherman Antitrust Act-governments attempt to stop monoplies,wasn't clear,was easy to find loopholes.-What are labor unions and what is their purpose?Were created for keeping workers from being over worked and under paid. Were workers in the factories to make a higher wage. Workers were not allowed to leave because of sickness, vacation, injury. Injuries were common because of poor ventilation.American Federation of Labor was created in 1886. Women were not allowed in most labor unions, they made female labor unions.Management and Government pressure unions-would blackmail you so you couldn't get a job and before hiring you they made you sign a contract saying you wouldn't join a labor union-Were labor unions successful in achieving their goals? Explain/Give examplesNew union won a strike for higher wages. Yes and no, they went through a lot of strikes and at first everyone was against them, but later on when one labor union would win a strike other labor unions would follow their leads and would win.Ch. 7.1:Why did immigrants come to the US?California Gold Rush, find jobs,Where did immigrants come from?China, Japan,Germany, Mexico, Ireland,West Indies, Russia, Austria-Hurngary.What problems/issues did immigrants face on the trip over and once they got here?Anti-immigraion groups,Why did some people want to put restriction on immigration? What were those restrictions?They were taking all the jobs. Chinese Exclusion Act.