Daily Speak!!! What major website has been having issues with keeping people’s information private?

Big Business Chapter 19, Section 2

Dominance of Big Business Many people were forming businesses  Corporations Sell portions of ownership called stock shares

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!

Andrew Carnegie Born in Scotland Poor immigrant As a teenager took job with a railroad company and worked up to become railroad superintendent 1873 focused efforts on steel making

Vertical Integration Andrew Carnegie expanded business by buying out competitors when steel prices were low Vertical Integration  Ownership of businesses involved in each step of the manufacturing process

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

John D. Rockefeller By 21, he was a partner in a wholesale business Decided to start an oil-refining business Only 10 years Rockefeller’s Standard Oil Company was the country’s largest oil refiner

Horizontal Integration H.I.: Owning all businesses in a certain field Rockefeller controlled 90% of the oil refining business in the United States

Mr. Madsen’s Chocolate Sprinkle Ice Cream Horizontal Integration  I buy all Ice Cream Companies I buy  Baskin Robbins  Dairy Queen  Coldstone  Frosty Tips

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?

Social Darwinism and Business Leaders Leaders justified their business methods by Social Darwinism  Charles Darwin’s theory…survival of the fittest Many Leaders helped the poor

The AntiTrust Movement Many people believed that there were unfair business practices People feared monopolies  Total ownership of a product or service Example: Comcast for some communities Sherman Antitrust Act  Made it illegal to create monopolies or trusts that restrained trade