the growth of big business chapter 13 section 2. objective: evaluate the wealth created through the...
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The Growth of Big BusinessChapter 13 Section 2
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Objective:
• Evaluate the wealth created through the growth of Big Business against the methods and means used by business owners to gain success
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Robber Barons or Captains of Industry?
• Robber Barons Drain Natural ___________
Corrupt ___________ officials
Ruin ___________
Pay meager ______
_____________ and _________ work environments
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Robber Barons or Captains of Industry?
• Captains of Industry increased the ________ of factory made goods
Increased ___________
Expanded __________
Created jobs
Raised the standard of ________
______________
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Robber Barons or Captains of Industry?
• So Barons, Captains or both?
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John D. Rockefeller
• _______ ___ Company
• Donated $500 million to charity
In 2007, that would be around
$10,615,034,080.50
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Andrew Carnegie
• “_____ __ _____”– Make as much ______ as
you can, as long as you give it away
• _____ of his fortune went toward education– $350 million by his death
In 2007, that would be around $4,162,173,341.27
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Social Darwinism
• _______ Selection– “The ___” would
become _____– Gov’t shouldn’t
interfere with ________
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Business on a Larger Scale
• ____ _______ = more money, more workers and more products
• Need for new ________ tactics
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Business on a Larger Scale
• Larger Pools of _______• Higher start up costs
prevented small business
• Wider _________ Span• New innovations expanded
markets
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Business on a Larger Scale
• Revised Role of ________
• Too big for one person professional _________
• New Methods of ___________
• Complex accounting, written rules, specialized departments
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Gaining a Competitive Edge
• New Market ________– Oligopoly– Monopoly– _______
• ________ structures, so new methods were created
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Carnegie Steel Company
• Vertical __________– Controlling every step
of a product’s ____________
Andrew Carnegie was making $50,000 a year when he was 30…in 2006, that would come
out to around $622,474.41
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The Standard Oil Trust• Huge Size brought __________
advantages– Under price __________– Special ______ for RR use
• Rockefeller’s Expansion– Control of ___________
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Horizontal Consolidation
Standard Oil Company
Oil Company A Oil Company B Oil Company C
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Standard Oil Trust
• Rockefeller blocked from “_____ ____” competition– New Plan—new form of __________
• Board of _________• “Trust”
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The Government Response
• The American people feared _______
• Gov’t did little to ____ them– Big Business…
• Contributed to America’s growing _________
• Great success stories• Political contributions
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The Government Response
– Sherman Anti-Trust Act• Outlawed ___________ of
companies that restrained interstate trade or commerce
• __________ vague wording
• Worked against itself blocked _______ _______
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In Review:
• Why were American industrialists of the late 1800s called both “robber barons” and “captains of industry”?
• How did social Darwinism affect American’s view on big business?
• In what ways did big business differ from smaller businesses?
• How did industrialists gain a competitive edge over their rivals?