Monday- Finished up Notes and watched a movie
Ch. 6.3:
Andrew Carnegie
- Earned money from dividends
- British Steel mill
- New machines to track all expenses
Vertical and horizontal Integration
- Resources- Raw materials
- Manufacturing-processing
- Distribution- Transportation and shipping
- Expanding the business (Horizontal)
- companies buy out other companies
- Business was booming and could control the whole process (Vertical)
Trusts
- Smaller company wants to join the main company
- Joining under one big name
- "Monopoly"
Sherman Antitrust Act (Regulated businesses)
- People who didn't cause monopolies
- Bad trusts are bigger companies
- didn't want bigger and powerful companies
- Prices are regulated with more competition
Darwinism
- survival of the fittest
- being able to have a chance
- strong and weak then die out
Social Darwinism
- Takes the idea into businesses
- but not too strong cause then it's a monopoly
John D. Rockefeller
- Processed Crude oil
- Gave employees small wages
- Rockefeller Foundation
- Medical institutions
Labor Union
- Protect rights of those in the work force
- Farmers
- National Labor Union-1866
- Shortened work day to 8 hours instead of 10
-Tell me about Andrew Carnegie.
-Tell me about John D. Rockefeller.
-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 examples.
- Sometimes
- Not at first
- Strikers were loose (because everyone was against them)
- Yes
- After WWII
- Minimum wage started
- Shorter work day
- Henry Ford raised his employees wage
- Benefits
Tuesday- Review for the test
Wednesday- Study for test (Group 1 and 2)
Thursday- Took test over chapters 5 and 6
Friday- Watched Men Who Built America
~Happy Homecoming Week!~
Comments
Great job!!