today bruns is finishing his presentations
phalinthropists- someone who gives money away when they die
didn't give all the money to his children because he thought it would make them lazy
-Tell me about John D. Rockefeller.
owned a standard oil company and was the richest person in the world of his time
had money going into the oil company
he would undersell so other companies would have to sell out for him
he took out 4-7 oil companies in month by taking them out of business
he sold at a loss sometimes
he would buy out other companies, get the monoply and then would raise the prices
people considered him a robber and he ruined many american dreams of owning your business
-What was Social Darwinism and how did it apply to business?
wrote the origin of species
survival of the fittest was brought into business terms by charles darwin EX. is natural because its survival of the fittest
-Explain how companies formed monopolies(vertical/horizontal integration, trusts).
horizontal integration- one company trying to buy out all the other similar busienesses and eventually trying to buy all the companies to create a monoploy
vertical integration-start to buy out supplier and shipping companies so that you can make and ship them by yourself.
-How did the government try to regulate business?
trust= monoploy
sherman antitrust act- tried to get to rid of monopoly- was out to break up monopolies
-What are labor unions and what is their purpose?
workers coming together to try to get better wages and benefits
labor unions struggled in the beginning because they got a bad rep. and ppl that were workers didn't want anything to do with them
Were labor unions successful in achieving their goals? Explain/Give examples.
everything we have (work benifits) is because of labor unions
Craft unions vs. industrial union.
IU- everyone was in the same union fighting for the same thing whether everyone needed it or just a few
CU- broke up the groups by there craft so that they could fight for the things that the people in there craft felt they deserved.
if you joined a labor union you were put on a black list that could keep you from getting another job.
they also had other workers that if you joined a labor union or went on strike so they brought in scab people that would just do ther job no question asked because they were immigrants
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