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This section delves into the emergence of large corporations and their powerful leaders at the turn of the 20th century. It examines the wealth of prominent figures like John D. Rockefeller and Andrew Carnegie, who established their empires through practices such as vertical integration. As businesses grew monopolistic, public concern rose over economic disparities, prompting calls for government intervention to protect smaller entities and ensure fair competition. The legislation that followed aimed to curb the control exerted by these corporate giants.
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Chapter 13 Section 2 Big Business at the turn of the 20th Century
WORLD’S RICHEST…………… $318+ BILLION – JOHN D. ROCKEFELLER (deceased) $69 BILLION – CARLOS SLIM HELU (up $6 billion) $61 BILLION – BILL GATES (up $2 billion) $44 BILLION – WARREN BUFFET (up $5 billion)
THE “NEW” ROCKEFELLER • SAM WALTON - $81.6 Billion
FAMILY MEMBERS OF WALTON • Christy (57 Yrs old) $25.3 Billion • Jim (64 Yrs old) $23.7 Billion • Alice (63 Yrs old) $23.3 Billion • S. Robson (68 Yrs old) $23.1 Billion ** Christy is the world’s richest woman**
YOUNGEST BILLIONAIRES….. • Dustin Moskovitz $3.5 billion (28 yrs old) • Mark Zuckerberg $17.5 billion (28 yrs old) Both from Facebook
1800s 1) Large businesses grew in the late part of the __________ - One example was the ______________________________ which had _________ of workers. 2) Super large companies became _____________________ SINGER SEWING MACHINE COMPANY 1000s CORPORATIONS
3) Business leaders held great _______________ and _____________. Owners became known as “_____________________” because they became rich at the expense of __________________ workers. WEALTH POWER ROBBER BARONS LOW-PAID
ANDREW CARNEGIE 4) The richest and most powerful men were ________________________ (STEEL) and ________________________ (OIL). _____________________ built his mill outside _______________________ and had _________________ control over the U.S. Steel market. JOHN D. ROCKEFELLER CARNEGIE PITTSBURGH, PENNSYLVANIA COMPLETE
ROCKEFELLER ALL STANDARD OIL _____________________ controlled almost ________ of the oil in the U.S. and created the _______________________ Company – (Chevron). He bought rights from those who owned oil ________. He bought ______________ for timber for the oil ______________. He bought ____________ to send oil worldwide. This was called _________________________. He was worth more than __________________ = _______________________ today! WELLS FORESTS BARRELS SHIPS VERTICAL INTEGRATION $1 BILLION $200 BILLION
ROCKEFELLER CARNEGIE
5) Most Americans wanted the government to __________________________. They thought it was okay for business to make a ________________. The success of industry equated to ___________________________________. LEAVE BUSINESS ALONE PROFIT MORE JOBS FOR MORE PEOPLE
STRONG 6) When businesses became too __________, more Americans wanted government to step in. 7) _________________ were upset they had to pay ____________________ for shipping their farm products. But, _________________ could pay less to ship their products. FARMERS HIGH COSTS RICH PEOPLE
When a business has complete control over an industry it is called a ___________________ - which became illegal with the ___________________________ of 1890. MONOPOLY SHERMAN ANTI-TRUST ACT
CONGRESS 8) _____________________ passed laws to control business in the 1880s: Railroads that traveled through several ____________ had to set fair prices. Railroads had to make ____________ they charged _____________ so everyone knew how much money fares were. _______________ companies could not interfere with ___________ companies. ______________ were protected from takeover. STATES PRICES PUBLIC LARGE SMALL SMALL CO.
Vocabulary Monopoly - a situation in which one company controlled an entire industry Sherman Anti-Trust Act – law that outlawed trusts (and monopolies) Trust – a corporation formed by separate companies Vertical integration – process in which a company buys out its suppliers
