Continuing with presentations 6-3
Ch. 6.3:
-Tell me about Andrew Carnegie. scottish immigrant, became rich once he moved to the US in the steel business, carnegie steel co., first billion dollar company in the US, gave away a lot of his money
-Tell me about John D. Rockefeller. drove people out of business by under selling then brought the prices back up. similar to andrew carnegie. started out not very wealthy, made money from oil. richest person in the world at the time of his death. gave away a lot of his money.
rockefeller and carnegie were known as robber barrans- robbed from the poor. kings of business.
-What was Social Darwinism and how did it apply to business? belived that it was survival of the fittest, the big businesses were the best and bought out all of the weak businesses to put themselves on top. that is why the gov't needs to step in at times.
-Explain how companies formed monopolies(vertical/horizontal integration, trusts). monopoly- where a company has a lot of control over a certain product. trust= monopoly
horizontal integration- where one company would buy out other companies of the same category in order to make more money
verticle integration- companies buy out companies of other categories in order to not pay for the supplies that they need from those companies. so one business owns everything from production to shipping to sales and didnt have to pay fees for those things.
-How did the government try to regulate business?
sherman anti trust act- tried to break up monopolies and big businesses. brought down standard oil. -What are labor unions and what is their purpose? Were labor unions successful in achieving their goals? Explain/Give examples.
labor union: an association of workers formed to protect and further their rights and interests.
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