Ch. 6.3:
-Tell me about Andrew Carnegie.
made fortune in steel
-Tell me about John D. Rockefeller.
philanthropist, gave money away at the end of his life, standard oil company richest person in world at that time, he sold at a loss sometimes, other businesses couldnt compete with his prices and had to close, raised prices after he contolled the area
-What was Social Darwinism and how did it apply to business?
survival of the fittest, natural selection, strong survive and weak die, big companies used it to justify what they did by saying it was part of nature
-Explain how companies formed monopolies(vertical/horizontal integration, trusts).
would undersell competition and buy them out, horizontal- an oil company trying to buy out other oil companies so it has to as close to 100% of control over that industry as possible, vertical- trying to buy out transportation systems and suppliers because it would be cheaper and you can produce and ship everything you make, trusts are monopolies
-How did the government try to regulate business?
by Sherman Anti Trust Act, trust is a way to form a monopoly, break up monopolies, had to be broken into different smaller companies
-What are labor unions and what is their purpose?
workers trying to organize together to try to get better wages and conditions
Were labor unions successful in achieving their goals? Explain/Give examples.
at first no, govt, police, press, businesses, and some workers were against them, immigrants would work for next to nothing. yes, they got minimum wage, workers comp, weekends, paid vacation, dental, medical, overtime, and what not
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