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10-20-10 Daily Speak!!!
What major website has been having issues with keeping people’s information private?
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Big Business
Chapter 19, Section 2
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Dominance of Big Business
Many people were forming businessesCorporations
Sell portions of ownership called stock shares
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Stocks
Mr. Madsen buys 100 shares of Baskin Robbins…they cost $1.00, so I spent $100
Baskin Robbins’s stocks go up…I make money
Baskin Robbins’s stocks go down…I lose money
But only as much as I put in!
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Andrew Carnegie
Born in ScotlandPoor immigrantAs a teenager took job with a railroad
company and worked up to become railroad superintendent
1873 focused efforts on steel making
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Vertical IntegrationAndrew Carnegie
expanded business by buying out competitors when steel prices were low
Vertical IntegrationOwnership of businesses
involved in each step of the manufacturing process
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Mr. Madsen’s Chocolate Sprinkle Ice Cream
Vertical Integration I buy all steps in making Ice Cream
I buy the following
Cows
Cone factory
Sprinkle Factory
Chocolate Factory
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John D. Rockefeller
By 21, he was a partner in a wholesale business
Decided to start an oil-refining businessOnly 10 years Rockefeller’s Standard Oil
Company was the country’s largest oil refiner
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Horizontal IntegrationH.I.: Owning all businesses in a certain
fieldRockefeller controlled 90% of the oil
refining business in the United States
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Mr. Madsen’s Chocolate Sprinkle Ice Cream
Horizontal Integration I buy all Ice Cream
Companies I buy
Baskin Robbins
Dairy Queen
Coldstone
Frosty Tips
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J.D. Rockefeller too powerful
Had U.S. gov’t in the “palm of his hands”
Why Would Americans be nervous of John D. Rockefeller?
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Social Darwinism and Business Leaders
Leaders justified their business methods bySocial Darwinism
Charles Darwin’s theory…survival of the fittest
Many Leaders helped the poor
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The AntiTrust Movement
Many people believed that there were unfair business practices
People feared monopoliesTotal ownership of a product or service
Example: Comcast for some communitiesSherman Antitrust Act
Made it illegal to create monopolies or trusts that restrained trade