Today we started with going over the questions from yesterday's presentation.Ch. 6.1:-What caused the Industrial revolution to really take off in the late 1800's?Natural resources, such as steel and oil. Laissez-fairre; french for hands off of let alone, so the gov't could not be all over businesses. Without the gov't putting so many restrictions on them it was easier to expand the businesses which mde the industrial revolution. There was also a lot of cheap labor at the time because of immigrants. The captains of industries such as John D. Rockefeller and Andrew Carnegie.-What were some new inventions in the late 1800's and what affect did they have on people's lives?Inventions like the telephone that made the world a flat. There was the typewriter which helped out businesses, and electric lightbulbs which changed how people lived. Made it so businesses could work all of the time.Chapter 6, Section 3Big Business and LaborCh. 6.3:-Tell me about Andrew Carnegie.He was the second richest man of his time, after John D. Rockefeller. He had his own business in the steel industry and made a lot of money in the stocks. He was an immigrant from Scotland, and grew up in a poor family.-Tell me about John D. Rockefeller.He was the richest man at his time, he was in the oil industry. He was hated by a lot of people because of the way he treated the workers and other businesses. Like Carnegie's, he was a true rags to riches story.-What was Social Darwinism and how did it apply to business?-Explain how companies formed monopolies(vertical/horizontal integration, trusts).-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 examplesAndrew Carnegie was a Scotish immigrant who was very poor. He became very interested in stocks. His great industry was in steel, his company was called Carnegie steel. He became the second richest person in the world after John D. Rockefeller because of his hard work and determination. People did not like him because of how he dealt with other businesses. He made it so people only bought from his company by dropping his prices lower than his competiters. Because of this he was called a robber barron because he took advantage of the average American.Monopoly, when one business dominates over companies with similiar businesses. Monopolys are bad because they can make the prices however much they want because there is no competition. For us, the consumers, competition in businesses is good, because it makes it so companies lower their prices. Anti-trust=anti-monopoly.
John D. RockefellerWas a very rich man, like Carnegie, but with oil. Became the richest person in the world. His company name was standard oil. He was a worse robber barron than Carnegie. People looked up to him but also despised him because of how he treated his workers and ran others out of business. Philanthropist is someone that gives a lot of money away. Carnegie gave almost his entire fortune away when he died. He gave a lot of money for music, museums, and school, and on the other hand Rockefeller left all of him money to his family members.A lot of cartoonists would paint negative images of rich people.Sherman Anti-Trust Act was an act made to regulate business by taking away monopolies. The Sherman Trust Act was made to make sure that companies were being fair, and if it was found that a company was breaking the rules, that company would be broken up. This was the opposite of laissez-fairre. If companies were not fair the government could step in.We will finish this up tomorrow...
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