Chapter 13 Section 2 Big Business at the turn of the 20 th Century

WORLD’S RICHEST…………… $318+ BILLION – JOHN D. ROCKEFELLER (deceased) $69 BILLION – CARLOS SLIM HELU (up $6 billion) $61 BILLION – BILL GATES (up $2 billion) $44 BILLION – WARREN BUFFET (up $5 billion)

THE “NEW” ROCKEFELLER SAM WALTON - $81.6 Billion

WAL-MART

FAMILY MEMBERS OF WALTON Christy (57 Yrs old) $25.3 Billion Jim (64 Yrs old) $23.7 Billion Alice (63 Yrs old) $23.3 Billion S. Robson (68 Yrs old) $23.1 Billion ** Christy is the world’s richest woman **

YOUNGEST BILLIONAIRES….. Dustin Moskovitz$3.5 billion (28 yrs old) Mark Zuckerberg$17.5 billion (28 yrs old) Both from Facebook

1) Large businesses grew in the late part of the __________ - One example was the ______________________________ which had _________ of workers. 2) Super large companies became _____________________ 1800s SINGER SEWING MACHINE COMPANY 1000s CORPORATIONS

3) Business leaders held great _______________ and _____________. Owners became known as “_____________________” because they became rich at the expense of __________________ workers. WEALTHPOWER ROBBER BARONS LOW-PAID

4) The richest and most powerful men were ________________________ (STEEL) and ________________________ (OIL). _____________________ built his mill outside _______________________ and had _________________ control over the U.S. Steel market. ANDREW CARNEGIE JOHN D. ROCKEFELLER CARNEGIE PITTSBURGH, PENNSYLVANIA COMPLETE

_____________________ controlled almost ________ of the oil in the U.S. and created the _______________________ Company – (Chevron). He bought rights from those who owned oil ________. He bought ______________ for timber for the oil ______________. He bought ____________ to send oil worldwide. This was called _________________________. He was worth more than __________________ = _______________________ today! ROCKEFELLERALL STANDARD OIL WELLS FORESTS BARRELS SHIPS $1 BILLION $200 BILLION VERTICAL INTEGRATION

CARNEGIEROCKEFELLER

5) Most Americans wanted the government to __________________________. They thought it was okay for business to make a ________________. The success of industry equated to ___________________________________. LEAVE BUSINESS ALONE PROFIT MORE JOBS FOR MORE PEOPLE

6) When businesses became too __________, more Americans wanted government to step in. 7) _________________ were upset they had to pay ____________________ for shipping their farm products. But, _________________ could pay less to ship their products. STRONG FARMERS HIGH COSTS RICH PEOPLE

When a business has complete control over an industry it is called a ___________________ - which became illegal with the ___________________________ of MONOPOLY SHERMAN ANTI-TRUST ACT

8) _____________________ passed laws to control business in the 1880s: Railroads that traveled through several ____________ had to set fair prices. Railroads had to make ____________ they charged _____________ so everyone knew how much money fares were. _______________ companies could not interfere with ___________ companies. ______________ were protected from takeover. CONGRESS STATES PRICES PUBLIC LARGE SMALLSMALL CO.

Vocabulary Monopoly - a situation in which one company controlled an entire industry Sherman Anti-Trust Act – law that outlawed trusts (and monopolies) Trust – a corporation formed by separate companies Vertical integration – process in which a company buys out its suppliers