big business and its leaders american history 12.3 & 12.4
TRANSCRIPT
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Big Business and Its Leaders
American History 12.3 & 12.4
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Big Business
• Corporations – a company owned by many people through shares
• Stock – shares• Economies of Scale• Development of Pools
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JOHN D ROCKAFELLER
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Andrew Carnagie
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Andrew Carnegie
• Steel Tycoon• Rags to riches• Henry Bessemer (High quality steel cheaper)– Bessemer Process
• Used Vertical Integration
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John D Rockefeller
• Standard Oil: Oil refineries• Horizontal Integration: Combined firms in the
same business into one large cooperation• Monopoly – 90% of all oil refineries owned by
Rocefeller
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New Business Organizations
• Trusts formed in response to states making monopolies illegal– Legal arrangement allows one person to manage
another persons property• Holding Companies: doesn’t produce anything
itself but owns stock in companies that do• Investment Banking
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Horizontal Integration
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Early Unions
• Trade Unions– Usually succeeded in negotiating
• Industry Unions– Hated by Business leaders
• Blacklist– Used to punish workers who went on strike
• “Lockouts”
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Thoughts on Unions
• Employer's – Viewed unions as trouble makers– Interfered with property rights
• Marxism– Workers should own their own labor– Seen as Un-American
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Knights of Labor
• Use boycotts instead of strikes• Supported arbitration• Welcomed Women and African American
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Homestead Strikes
• Used the Pinkertons• Steel Mill owed by Andrew Carnegie
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Haymarket Riot
• Nation wide strike for 8 hour working day • Anarchist group protests shooting by police• Bombing, kills 6 police officers• Critics blame unions
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Pullman Strikes
• American Railway Union (ARU)• Strike on Gorge Pullman Rail Road Company
Town• ARU around the country support the Pullman
Strikers• Attached mail cars to Pullman cars• Interjection: Court order ending boycott