Big Business and Labor part I terms Andrew
Big Business and Labor part I terms Andrew Carnegie Vertical and horizontal integration Social Darwinism John D. Rockefeller Sherman Anti-trust act
Andrew Carnegie “a man who dies rich dies disgrace” Carnegie Steel in 1899 Management practices New ways to make better and cheaper products Business Vertical Strategies integration: Horizontal Integration:
Carnegie cont. 1901: controlled almost entire steel industry Net Worth: $298. 3 billion (based on Forbes 2008) (in 2007 dollars) Gospel of Wealth: Donated about 90% of his wealth to public schools and libraries Video
Social Darwinism 1859: Charles Darwin: “On the Origin of Species”
John D. Rockefeller Standard Oil Company Business Strategies Formed TRUSTS (TRUESTEES): Created MONOPOLIES: Paid employees low wages Drove competitors out of business
Rockefeller Cont. Gave away over $500 million to medical research and founded 2 universities Net Worth: $318. 3 billion (Forbes 2008) video
Problems with Trusts Reduced competition Larger companies taking over smaller ones Political influences Sherman anti-trust Act:
Why did Labor Unions form? 1. Unsafe working conditions: 2. Long hours & low pay 3. Child Labor:
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