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Get your work out!

Get your work out!. Vocabulary 233 and 240 First Fives!. DWU #1. What is monopoly? When you play monopoly, what is the goal? Should any one company have the right to control an entire industry? Why?. Big Business and Labor. Richest Man in the World: Andrew Carnegie. Andrew Carnegie.

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Get your work out!

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  1. Get your work out! • Vocabulary 233 and 240 • First Fives!

  2. DWU #1 • What is monopoly? When you play monopoly, what is the goal? • Should any one company have the right to control an entire industry? Why?

  3. Big Business and Labor

  4. Richest Man in the World: Andrew Carnegie

  5. Andrew Carnegie • Born in Scotland to poor parents • Came to America at 12 years old • Rose quickly up the ranks at a railroad • Buys railroad stock • Makes a small fortune

  6. Carnegie • Leaves the railroad • Enters the steel business (1873) • (1899) Carnegie Steel produces more steel than Great Britain. • Largest steel company in the world

  7. Carnegie’s Business Strategy • Make better products cheaply • New machinery • New accounting methods • Track costs better • Offers stock to good workers • Makes company success help everybody

  8. Vertical Integration • Control as much of steel process as possible • Vertical Integration: • Buy out suppliers (iron mines/coal fields/railroads) • Control every aspect of production • You don’t have to pay any other company

  9. Horizontal Integration • Carnegie wants to eliminate competition • Horizontal Integration: • Buying out your competing companies • Merging them into your own • Carnegie almost controls the entire American steel industry

  10. Social Darwinism • Darwin: Natural selection weeds out the weakest of the species • Only the strong survive • Social Darwinism (Herbert Spencer): • Market should not be regulated • The best businesspeople win out • Losers fade away

  11. Growth and Consolidation • Others sought to merge with big boys • Get bought out by a big company • Create a monopoly • You’re the only supplier in any area

  12. John D. Rockefeller

  13. John D. Rockefeller • Rockefeller owns Standard Oil • Joined with competing companies • Trusts • People turn their stock over to trustees • Different companies run as one big company • Profits are shared • Rockefeller uses trusts to control oil

  14. Government fights trusts • (1890) Sherman Antitrust Act • Illegal to form a trust that stops free trade • Hard to prosecute • Most cases thrown out

  15. Labor Unions Emerge • Industrial work is brutal • Long hours, unsafe conditions, low wages • 1882: Nearly 700 killed per week • People worked 12-14 hours/day • Sweatshops pay very little

  16. Early Labor • Skilled labor had unionized long ago • By late 1800’s unions become larger • 1866: National Labor Union • 1869 Knights of Labor

  17. Craft Unionism • Craft Unionism • Skilled workers • Samuel Gompers leads skilled labor • Cigar makers join other skilled laborers • Create American Federation of Labor

  18. Gompers leads the AFL • AFL uses strikes • Strikes lead to higher wages, shorter work weeks

  19. Industrial Unionism • Some leaders think unions should be skilled and unskilled labor in an industry • Eugene Debs - creates American Railway Union (ARU) • Lead the Pullman Strike • Union becomes huge, but fades • Leader of the Socialist Party of America

  20. Labor turns to Socialism • Based on gov’t control of economy • Equal distribution of wealth • German philosopher Karl Marx • Capitalism will be overthrown • Communism will follow

  21. Karl Marx

  22. Strikes Turn Violent • 1877: Workers on B&O Railroad strike • Federal troops intervene • Haymarket Affair (1886) • 3,000 protest police brutality • Bomb tossed at police • Police open fire • Eight convicted, four executed

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