Big Business Emerges.

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Presentation transcript:

Big Business Emerges

What new ideas did Big Business incorporate? Carnegie’s Innovation Management Technique Better products and lower prices Encouraged competition to increase production & cut costs Hired only the best and vested them in the company’s performance

What new ideas did Big Business incorporate? Business strategy *Vertical integration = control every single aspect of a company from the resource production through sales *Horizontal consolidation = buy all the competing companies in a single industry

What new ideas did Big Business incorporate? Societal Issues *Social Darwinism Herbert Spencer coins the term in 1862…its basically means SURVIVAL OF THE FITTEST Money = Success The few control the masses The wealthy are seen as blessed by god “PULLING YOURSELF UP BY THE BOOTSTRAPS”

How did Big Business expand? Continued growth and consolidation *Oligopoly = market with only a few sellers for each product (petroleum) *Monopoly = situation where 1 company control all the market (Comcast) *Holding Company = corporation that only buys stocks of other companies to control them *Trust = people who run separate companies as one larger corporation

Who were the leaders of Big Business? *Robber Barons = ruthless industrialists who made money off the little guy and were named for feudal (Medieval Times) lords John D. Rockefeller…Rockefeller Center/Plaza Andrew Carnegie…Carnegie Hall J.P. Morgan…Chase Morgan Bank All the robber barons and Big Business bypassed the south due to its limited resources & capital

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