Consolidating Industry

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Presentation transcript:

Consolidating Industry Coach Crews U.S. History

Vocabulary Define the following terms: Sole proprietorship – pg. 101 Partnership – pg. 101 Deflation Industrial union Lockout Arbitration Injunction Closed shop Vocabulary

Consolidating Industry Who was Andrew Carnegie? Wealthy industrialist known for vertical integration of the steel industry What is vertical integration of a company? A company buys all the different businesses it depends on Resources-shipping-mill-production company What is horizontal integration? Buying competing companies and merging them into one large corp. Independent steel mills-steel company Consolidating Industry

Consolidating Industry Who was John D. Rockefeller? Achieved near total horizontal integration of the oil refinery industry People feared monopolies would ruin competition How did Standard Oil find a way around laws? Formed a trust, allowing trustees to own businesses as if a single company What is a holding company? Primary business is owning a controlling share of stock in another company Consolidating Industry

Consolidating Industry What encouraged the growth of the advertising industry? Retailers and products competed for customers Large illustrated ads New developments in retail sales? Department stores (Grand Depot), chain stores (Woolworth’s), mail-order catalogs (Sears and Roebuck) Consolidating Industry

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