today we did presentations
Ch. 6.3:
-Tell me about Andrew Carnegie.
scottish immigrant
founded carnegie steel
sold it for one billion dollars
was a very poor immigrant
worked hard and eventually became one of the richest people in the world
made his fortune in steel
is now known as US Steel
monopoly is a one business who tries to control the whole thing
a philthropist- someone who gives away a lot of their money for the betterment of society
not a big believer in giving his kids all the money
-Tell me about John D. Rockefeller.
standard oil company
richest person in the world at the time
oil made his fortune when he found oil
he was despised because he would sell at a lose
eventually other oil companies would have to sell out to him
he drove them out of business
after he got rid of his competition he would higher his prices
-What was Social Darwinism and how did it apply to business?
charles darwin
social darwinism was where weak businesses die out and strong businesses survive
the big companies buy out the small business and they say it was just natural
-Explain how companies formed monopolies(vertical/horizontal integration, trusts).
horizontal- oil company A trying to buy out oil company B trying to buy out oil company C
where a oil company tries to buy out other oil companies
trying to buy competition out of business
vertical- buy out your suppliers and transportation systems
buy your own railroad company
you control everything; were you get it and where you ship it
must be a powerful company
trust= monopoly
-How did the government try to regulate business?
act of sherman antitrust act
trust= monopoly
the act tried to break up monopolies
-What are labor unions and what is their purpose?
labor unions- people that work to get better wages and conditions
union of laborers
struggled at first
brought us child labor laws, minimum wage, overtime, injury protection, workmens compensation insurance
responsible for everything we have today
industrial unions- allow anyone who works in the same company to be in
craft unions- everyone has their own union
Were labor unions successful in achieving their goals? Explain/Give examples.
at first, no
they had to fight back against pretty much everyone
factory owners fought back against them by putting them on a black list
sometimes would only hire you if you signed a contract to not join a labor union
but they survived and ultimately became successful
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