Took more notes over peoples presentations.6.3-Tell me about Andrew Carnegie.born to a poor family in Scotland 1835moved to the us in 1848got his first job when he was thirteen and earned 1.20 per weekbecame private secretary to his local superintendent of the Pennsylvania railroadhis boss gave him a chance to buy stalkhis first check that he earned from investing stocks was for then dollarshe said it was the first amount of money he had not worked for with the sweat of his brow"one of the very first industry moguls that made his own fortuneafter leaving the railroad, he entered the steel businessCarnegie steel company produced more steel that all of Great Britainused vertical and horizontal integration to try and control as much of the steel industry as possiblevertical integration- process of buying out the company's suppliers, such as coal fields, iron mines, and railroadshorizontal integration--buying out other companies that produce the same product in order to eliminate the competition pg 242controlled almost the entire steel industry by using those methods-Tell me about John D. Rockefeller.born July 8th 1839second of six childrenstarted first business at 19established the standard oil company in Ohiopaid employees extremely low wagessold oil for much less money that cost to makewhen there were no competitors left, he raised the pricesused trust agreements to merge with other companies-What was Social Darwinism and how did it apply to business?thought to scientifically explain Carnegie's successessocial Darwinism- theory based on Charles Darwin's theory of evolution, natural selection, that says the individuals who have wealth and power possess biological superiority in the struggle for existencethe big businesses that had more money and produced more products would dominate the market-Explain how companies formed monopolies(vertical/horizontal integration, trusts).trust agreements-trust agreements, or trusts are a type of company merger companies joining to togetherstocks are turned over to a group of trustees who run each company as a large corporationthe companies were entitled to dividends on profits made by the trust-How did the government try to regulate business?the us government started regulating business to try to protect small businessesthe Sherman antitrust act- the first measure to prohibit trustsmade it illegal for companies to form a trust that interfered with the interstate or foreign trade-What are labor unions and what is their purpose?workers were paid very little a week and worked many hoursthe jobs were dangerous in 1882 and an average of 672 workers were killed in work related accidents each weeklarge scale labor unions first formed in 1866labor unions are groups of skilled and unskilled workers that work together to make their working conditions betternational labor union-formed in 1866 by william h sylvishad 640000 memberspersuaded congress to legalize an 8 hour work day for government workersfocused on joining existingworkers would stop working and demand changes by their employersthere are many reason for strikes, wage cuts, danger ,wrongful dismissal of employees, work hourswage cuts were a huge reason for strikeindustrial leaders eventually the Sherman antitrust act against laborall a company would have to do is say the strike is hurting interstate trade and the federal government would shut the strike down-Were labor unions successful in achieving their goals? Explain/Give examples.yes and no-no earlier on, but labor unions start to win later on. eventually achieved the 8 hour work day and child labor laws, better pay, workmen's compensationHaymarket affairmay 4, 18863000 people gathered at Haymarket square in Chicago to protest police brutalityone protester threw a bomb into the police lineseven police officers and several workers were killed8 radicals were charged and convected with inciting a riot
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