Big Business and Labor CHAPTER 6 SECTION 3 BY TAYLOR FAH
Andrew Carnegie Worked at the Pennsylvania Railroad Started The Carnegie Steel Company Most powerful steel company in 1899 New machinery and techniques Accounting, offer stocks, liked competition Vertical and Horizontal integration Carnegie Hall Gave most of his fortune away
John D. Rockefeller Rockefeller created a monopoly Monopoly- When one company has complete control over the production of a product and they can control the market of that product Low wages, low price, no more competitors They were called the Robber Barons Rockefeller Foundation, Medical Institute, University of Chicago.
Social Darwinism-The success and failure in business were governed by natural law and no one had the right to intervene. The South was slower than the North industrially after the end of the Civil War The Sherman Antitrust Act Governments attempt to stop monopolies.
Sources The Americans US History Book http://en.wikipedia.org/wiki/Andrew_Carnegie http://www.pbs.org/wgbh/amex/rockefellers/peopl eevents/p_rock_jsr.html http://www.spartacus.schoolnet.co.uk/USAcarnegie. htm