-Tell me about Andrew Carnegie.was born in Scotland in 1836. He was poor and he moved to the U.S. when he was 12 years old in 1848. In six years he worked his way up to private secratary for the Pennsylvania Railroad. Thomas Scott gave him a chance to buy stock when he worked out a problem. First industrial mogul to make his own fortune. He left Pennsylvania Railrouad and started the Carnegie Steel Company. by 1899 the Carnegie Steel Company was manufacturing more steel than all the factories in Great Britain.-Tell me about John D. Rockefeller.born in 1839 he established the Standard Oil Company. he joined with competing companies in trust agreements. the companies turned their stock over to a group of trustees who ran the companies as one big organization. In return the companies got dividends from the profit of the trusts.the trust were not legal mergers but john rockefeller gained control of the entire oil industry by using a trust. got huge profits from paying his employees low wages and driving his competitors out of business. his business began to be called "robber barons". He then gave away over 500 million dollars and established the Rockefeller Foundation. which created a cure for yellow fever.-What was Social Darwinism and how did it apply to business?It was the theory of biological evolution. Darwin described his observations that some individuals of a species flourish and pass their traits along to the next generation, while others do not.It applied to business because many people thought that the marketplace shouldn't be regulated because success and failure were governed by natural law and that no one had the right to intervene.-Explain how companies formed monopolies(vertical/horizontal integration, trusts).vertical integration is when they bought out their suppliers in order to control the raw materials and railroad.horizontal is when companies producing similar products merged or was bought out.Trust were when Participants turned their stock over to a group of trustees—people who ran the separate companies as one large corporation. In return, the companies were entitled to dividends on profits earned by the trust.-How did the government try to regulate business?-What are labor unions and what is their purpose?Were labor unions successful in achieving their goals? Explain/Give examples.
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