continue projects.
Tell me about Andrew Carnegie.
born in scotland in 1836. poor when he moved to the u.s. in 1848. in 6 years he worked his way up to private secretary at the pennsylvania railroad company. left the pennsylvania railroad company and started carnegie steel company. By 1899 they were manufactuing more steel than all of the factories of great britain.
-Tell me about John D. Rockefeller.
born in 1839. established standard oil company. joined with competing companies in trust agreements. trust-participants in a trust turn their stock over to a group of trustees- who run the companies as one large corporation. rockefeller used trust to gain control of the entire oil industry. nicknamed "Rober Baron".
received huge profits from the oil. low pay and sell oil for less than he bough it to buy out his competition. after he gained control, he spiked the prices high above the original prices. gave away over 500 million dollars and donated over 90% of his fortune. established rockefeller foundation- which provided funds to found the university of chicago. created a medical institute that found a cure for yellow fever. " it will be a great mistake for the community to shoot the millionaires, for they are the bees that make the most honey, and contribute most to the hive even after they hve gorged themselves full." -John Rockefeller.
-What was Social Darwinism and how did it apply to business?
Suvival of the fittest. the big business buy out smaller business.
-Explain how companies formed monopolies(vertical/horizontal integration, trusts).
vertival integration- when a business buys out its suplliers in order to control the raw materials and railroad.
horizontal integration- when cmpanies producing similar prducts merge or get bought out by other companies.
trust- when participants turn their stock over to a group of trustees- people who ran the sepatate companies as one large corporation. in return , the companies were entitled to divedends on profits earned by the trust.
refer to page 242.
-How did the government try to regulate business?
government was concerned that expanding corporations would stifle free competition. Sherman Antitrust act- Mad 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?
organizations that workers join. they were originallly formed to protect wokers from being underpaid and overworked. now a days they are used more to make sure everything is being done in the correct and same way.
-Were labor unions successful in achieving their goals? Explain/Give examples.
overall yes. But also no. At first unseccessfull. They did win some. Just took time. afraid of losing job.
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