Thursday September 29th

[4Chancey]

On this day, we continued going over Chapter 6. We started with Section 3. Here are the key questions.Ch. 6.3:-Tell me about Andrew Carnegie. He worked for the Pennsylvania Railroad Company. Started the Carnegie Steel Company. It was the most powerful steel company in the world in 1899. He had new machines and technologies. He founded Carnegie Hall. Gave most of his fortunes away.-Tell me about John D. Rockefeller. Owner of the Standard Oil Company. Created a monopoly over oil. Lowered prices and wages, and took out the competition. Robbe Barons were the nicknames of the employees for Standard Oil. Founded the Rockefeller Foundation, Medical Institute, University of Chicago, Rockefeller Plaza.-What was Social Darwinism and how did it apply to business? The success and failure in business were governed by natural law and no one had the right to intervene. South was slow for industry. The Sherman Antitrust Act tried to stop monopolies.-Explain how companies formed monopolies(vertical/horizontal integration, trusts). Page 242 in the book. A large company buying out all of the small companies. Standard Oil bought stores, railroads, oil companies.-How did the government try to regulate business? The Sherman Antitrust Act tried to stop monopolies. Eight of nine cases were dismissed, making the trust very powerful and hard to beat for anybody who was willing to go against them.-What are labor unions and what is their purpose? Keep workers from being over-worked and under-paid. Mainly worked in factories, with a goal of getting a higher wage. Collective bargaining. Power in numbers. Workers weren't able to leave because of sickness, vacations, and injuries.Before we could finish, the bell rang.