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Launch List:. 1. Copy objectives 7,8 2. Think of an example of how competition effects the price of something you bought. . Big Business Tycoons. 10/13 Big Business. Corporation : a business owned by investors. Trust: A group of corporations controlled by a single board of directors.
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Launch List: • 1. Copy objectives 7,8 • 2. Think of an example of how competition effects the price of something you bought.
10/13 Big Business • Corporation: a business owned by investors. • Trust: A group of corporations controlled by a single board of directors
10/13 Big Business • Monopoly: A business that controls all of the business of an industry
Examples of Monopolies: • 1. Vanderbilt’s NY railroad: This controlled all the railways from NY to the Great Lakes. 4500 miles.
Examples of Monopolies: • 2. Standard Oil: Owned by Rockefeller this company controlled 95% of the oil in the United States
Examples of Monopolies: • 3. Carnegie Steel: Later became US Steel, this company controlled 90% of the steel in America
Carnegie Steel: • Bessemer Process: Using this new process allowed for stronger steel to be created cheaper.
Carnegie FurnacesThis photograph of the Carnegie Furnaces in Braddock, Pennsylvania shows how smoky and grimy the factory environment was.
this illustration from Leslie's Illustrated Newspaper on September 4, 1875, shows the giant steel shears used at the Atlas Ironworks in Pittsburgh.
Carnegie Steel: • From 1889 to 1899 yearly production of steel rose from 332,111 to 2,663,412 tons.
Carnegie Steel: • Banker J.P. Morgan purchased the Carnegie Company for $500,000,000 and established the U.S. Steel Corporation that was valued at $1.4 billion.
Carnegie Gave A lot to Charity Caption reads: "Forty-Millionaire Carnegie in his Great Double Role. As the tight-fisted employer he reduces wages that he may play philanthropist and give away libraries, etc."
Andrew Carnegie died in August, 1919, he had given away $350,000,000. A further $125 million was placed with the Carnegie Corporation to carry on his good works.
Objectives: • 9. Explain why tycoons wanted to keep government and business separate. • 10. List 2 problems associated with monopolies.
Pro-Monopoly • Tycoons: • Robber Barons: Rockefeller, Carnegie, Vanderbilt, Morgan
Pro-Monopoly • Free-Enterprise system: Keep the government out of business • Laissez-faire: idea that government should play as small a role in economic affairs. “LAZY GOVERNMENT”
Andrew Carnegie • “It will be a great mistake for the community to shoot the millionaires, for they are the bees that make the most honey, and contribute most to the hive even after they have gorged themselves full.”
Anti-monopoly • Monopolies reduce competition
Anti-monopoly • Farmers were forced to pay high train rates • Burned Their Crops for fuel instead of paying high rates • Wanted the government to set more fair Train Rates
Sherman Anti-Trust Act • 1890- bans the formation of trusts and monopolies
