Posted by 7JordanV on September 29, 2011 at 2:28pm
Ch. 6.3:-Tell me about Andrew Carnegie.Born in Scotland in 1836. Moved to the U.S. in 1848. Started Carnegie Steel Company. by 1899, his company had produced more steel than all of Great Britain.-Tell me about John D. Rockefeller.Born in 1839. Established the Standard Oil Company. nicknamed "Robber Baron." Got rid of all other competition so he could charge whatever prices he wanted. Payed employees poorly and sold oil for less than he bought it to buy out his competition.-What was Social Darwinism and how did it apply to business?Only the biggest and strongest will survive. The weak ones will die off. Big businesses would drive out or buy out small businesses.-Explain how companies formed monopolies(vertical/horizontal integration, trusts).They bought out the other smaller and competing companies so they had control over every part of their product. Refer to pg. 242 in onlne book for vertical and horizontal integration.-How did the government try to regulate business?Passed the Sherman Antitrust Act - made it illegal to form a trust that interfered with free trade between states or with other countries. Broke up monopolies to give other businesses a chance.-What are labor unions and what is their purpose?Organizations that workers join. Try to get better working conditions, reduce amount of hours worked a week, and better pay for workers. Craft unions and industrial unions.Were labor unions successful in achieving their goals? Explain/Give examples.Yes, but it took a very long time and a lot of strikes to achieve their goals.
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