1.  Bellwork:  Hand in multiple choice questions if you didn’t last class.  In your notebook: What is a monopoly? (if you’re struggling, think of the game…)  Classwork:  Notes  Video clips

2. Who ya gonna call?? Trust-busters!!

3.  THINK ABOUT IT –  How do you win the board game?  One company or small group that has TOTAL control over one part of business

4.  Trust:  A group of corporations that unite to reduce competition and control prices in a business  Many believed that trusts threatened American economic and political freedoms  Wealthy business owners who were part of trusts used their enormous wealth to buy elections and corrupt public officials.

5.  Political bosses do favors and then people vote how they are told  Quid-pro-quo (something for something)(something for something)  Robber barons:  Wealthy businessmen who used corrupt practices to get ahead

6.  Corruption common and state and local levels of government  Boss Tweed ran the Tammany Hall political machine in New York CityTammany Hall  Thomas Nast attacked his behavior in a series of political cartoons to turn the public against him Thomas Nast

7.  1890: Sherman Anti-Trust Act  Monopolies and trusts = illegal  BUT didn’t define what monopolies and trusts were, so it was hard to enforce  1914: Clayton Anti-Trust Act  Added to Sherman Act – enforcement became possible  1914: Federal Trade Commission Act  Gave government power to investigate companies for unfair trade practices

8.  Andrew Carnegie Andrew Carnegie  John D. Rockefeller John D. Rockefeller  J.P. Morgan J.P. Morgan

9.  When one company is responsible for every part of the production of an item from beginning to end (raw material to finished product)  Example:  Carnegie Steel Co.  owned iron ore mines and paid workers to mine  owned railroad companies for shipping iron ore to factories  owned the factories that turned the iron ore into steel

10.  When one company owns all the businesses in a field  Example:  Standard Oil  Bought out all other oil companies so Standard Oil owned the market

11.  Philanthropist:  someone who uses their wealth for the benefit of the less fortunate Carnegie Hall Rockefeller Center