Download - John D. Rockefeller
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John D. Rockefeller
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He made his money from oil.
He controlled Standard Oil – a
monopoly.
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Cornelius Vanderbilt
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He made his money by
buying up the railroads and controlling
prices.
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J. P. Morgan
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He made his money as a banker and
company owner. He was so rich
the government even borrowed
money from him!
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Henry Ford
www.unconfirmedsources.com
people.hofstra.edu/.../conc1en/assemblyft.html
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He didn’t invent the car – but
found ways to make them
affordable for everyone
(assembly line!
Mass production!)
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Assembly Lines
history.grand-forks.k12.nd.us/NDhistory/Lesso...
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Way of producing products where
one worker stays in one places as products move
along past them on a moving belt.(pretty boring way
to work!)
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Mass Production
news.bbc.co.uk/.../img/1.jpg
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The process of making large
quantities of a product quickly and cheaply. A
result of industrial growth!
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Robber Barons
history.grand-forks.k12.nd.us/NDHistory/Lesso
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Nickname for wealthy
industrialists like Carnegie and Rockefeller
because they seemed to “rob”
others to gain wealth.
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MonopolyStandard OilStandard Oil
owns 95% of all companies that sell oil. You really only had one
place to buy it!
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A company or group that has
control over all or nearly all of the businesses in an
industry.Ex.) If McDonalds owned all fast food
restaurants.
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Vertical Integration
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When one main company controls all the steps in an
industry – from raw materials up to the finished
product.
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Sherman Antitrust
ActMonopolies and trust are illegal and unfair to
small businesses!
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Law created in 1890 that
banned the formation of big businesses – like
trusts and monopolies.
Didn’t really work!
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Strike
www.hu.mtu.edu/vup/Strike/1913strike.gif
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When workers refuse to do
their jobs until their demands
are met.
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Free Enterprise
System
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Where businesses are
owned by private citizens (not the government) and they decide what to produce, how much, and the
price.
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Trust
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A group of corporations run by a single board of directors that control all the prices and get
very rich! (not fair for the little
businesses)
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Urbanization
People
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The movement of people to the city from rural areas – mostly
for work in factories