2. Setting the scene America..late 1800’s early 1900’s. Expansion of industry changed the economic, political and social landscape of our nation Individuals responsible for this change were powerful businessmen called “industrialists” Some believe they made their fortune off of questionable business practices Others believe they were captains of industry who served their nation positively
3. Types of Big Business Monopoly- a company that controls most or all business in a particular industry Corporation- businesses owned by many investors who bought stock Trust- a group of corporations run by one single board of directors
4. Andrew Carnegie Started as a poor Scottish immigrant Worked his way up in the railroad business, and then entered the steel industry Carnegie Steel Company Gained control of every step in making steel Allowed for steel to sell at low prices, getting more buyers
5. John D. Rockefeller Son of a peddler Invested in oil refinery and used profits to buy other oil companies Did not hesitate to crush competitors 1882 created the Standard Oil Trust made up of 40 companies
6. Sherman Anti-Trust Act Created in 1890 An attempt to limit the influence a single business could exert over an entire industry Outlawed any collection of companies that restricted interstate trade Designed to bring back competition
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8. J.P. Morgan Wealthy American financier and banker Consolidated smaller companies into larger ones. Created J.P Morgan & Co. in 1871 Bought stock in troubled corporations
9. Henry Ford Founded the Ford Motor Co. in 1903 Revolutionized industrial production by using a moving assembly line Assembly line- manufacturing process where things are added in a sequential order Ford’s Model T car was the first affordable car
10. Samuel Gompers Union Leader Labor Union- Looked out for the workers best interest Formed the American Federation of Labor in 1886 AFL and Gompers organized workers so they could negotiate shorter working hours, better wages, and improved conditions
11. Donald Trump One of the world’s most successful businessmen of our time Wealthy American real-estate investor Also known for his reality television show “The Apprentice”
