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Andrew Carnegie

Andrew Carnegie. 1899 Carnegie Steel Improved quality and cut costs. John Rockefeller. Standard Oil Trust Employees paid low wages Drove out competitors with low oil prices When he controlled 90% of the oil, he then hiked up the prices. Vertical Integration. Bought out all his suppliers

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Andrew Carnegie

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  1. Andrew Carnegie • 1899 Carnegie Steel • Improved quality and cut costs

  2. John Rockefeller • Standard Oil Trust • Employees paid low wages • Drove out competitors with low oil prices • When he controlled 90% of the oil, he then hiked up the prices

  3. Vertical Integration • Bought out all his suppliers • Coal and iron mines → ore freighters → railroad lines • Controlled the entire manufacturing process

  4. FOR SALE TO CONSUMERS DISTRIBUTION REFINING TRANSPORTING DRILLING AND EXTRACTING CRUDE OIL DEPOSITS

  5. Horizontal Consolidation • Tried to buy out competing steel producers • When he sold his company in 1901, it was producing 80% of the nation’s steel!

  6. Social Darwinism and Big Business • Natural selection of weeding out the weaker individuals and enabling the strong to survive • Rich deserve their wealthand poor deserve to be in poverty

  7. Robber Barons • Ruthless business men who stop at nothing to achieve wealth • Accused of exploiting workers, unfair labor practices, horrible working conditions

  8. Captain of Industry • Leaders who transformed the American economy with their business skills • Philanthropic • (charity work)

  9. Holding Company • Corporation that does nothing but buy out the stock of other companies • Creates monopolies • Example: JP Morgan bought Carnegie Steel in 1901 and combined it with his U.S. Steel

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