Monday- finished presenting
Caleb, Fay, Drew
Ch. 6.3:
-Tell me about Andrew Carnegie.
- came to america at age 12
- worked at a railroad
- his boss warded him to buy stock
- mother had to mortgage house
- rags to riches
- helped charities
- manufactured steel
- hired employees to make business more efficient
-Tell me about John D. Rockefeller.
- established standard oil company
- used trust to gain control of oil industry
- 2-3% of countries crude oil
- low wages
- sold oil at lower prices
- gave away $500 million
- created medical institution for yellow fever
-What was Social Darwinism and how did it apply to business?
Stronger, went on. Less intelligent, died out.
Charles Darwin theory of bylaw evolution. Enabled best-adapted to survive.
-Explain how companies formed monopolies(vertical/horizontal integration, trusts).
horizontal- companies would buy out other oil companies and expand their company
vertical- business was booming and controlled whole process. Manufacture materials and then transport on own railways.
trust- smaller cooperation wants to join the bigger cooperation
-How did the government try to regulate business?
Sherman Antitrust Act
-What are labor unions and what is their purpose?
formed in 1866. Persuade congress for 8 hour days
workers coming together for the same purpose
Were labor unions successful in achieving their goals? Explain/Give examples.
yes and no.
Workers went on strike, everyone was against them. Hard for them to make victories. Minimum wage
Watched video
Tuesday- reviewed for test
Wednesday- some groups took test, watched movie
Thursday- took test
Friday- set up for cornation
Comments
Good job!