Ch. 6.3:-Tell me about Andrew Carnegie.born in Scotland in 1836worked his way up to Private Secretary at the Pennsylvania Railroad CompanyLeft the Pennsylvania Railroad Company and started Carnegie steel Companyby 1899 they were manufaturing more steel than all of Great Britain-Tell me about John D. Rockefeller.established Standard Oil Companyjoined with competing companies in trust agreementsused trusts to gain control of the entire oil industry"Robber Baron"got rid of competition then spiked pricesgave away over 500 million dollars and donated over 90% of his fortuneestablished Rockefeller Foundation-What was Social Darwinism and how did it apply to business?Success and failure in business was governed by natural law and no one had the right to intervene.-Explain how companies formed monopolies(vertical/horizontal integration, trusts).- refer p.242vertical- when a business buys out its suppliers in order to control the raw materials and railroadhorizontal- when companies producing similar products merge or get bought out by other companiesTrusts- participants turn their stock over to a group of trusties-How did the government try to regulate business?Sherman Antitrust Act- made it illegal to form a trust that interfered with free trade between states or with other countries-What are labor unions and what is their purpose?Were labor unions successful in achieving their goals? Explain/Give examples.a lot of them failed, but they did win somethings like less hours and more pay
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