1. 6.3-Big Business Emerges Subtitle

2. 11. Andrew Carnegie A Scottish-born immigrant who eventually created the largest steel company in the nation.

3. Management Techniques Vertical Integration Owning every aspect of the production process Horizontal Consolidation Buying out all competitors in the same industry

4. 12. Monopoly One company that controls the entire market for a given product or service When Carnegie sold his business in 1901, he was producing 80% of the nations’ steel

5. 13. Social Darwinism Only the strong members of society will survive “Survival of the fittest” Is there a problem with this idea?

6. 14. Industrialist A person involved in the ownership and management of industry

7. 15. JP Morgan A banker who headed up US Steel, which eventually bought out Carnegie Steel

8. 16. John D. Rockefeller Owned Standard Oil Company and developed the idea of trusts.

9. 17. Trust A group of trustees are given control over several corporations and run them as one large corporation. Not a legal merger. Rockefeller exploited this tactic to gain control of the United States oil industry.

10. 18. Laissez Faire Economics A belief that the government should not interfere with private industry.

11. 19. Sherman Anti-Trust Act Stated that any attempt to interfere with free trade between states or internationally by forming a trust was illegal.

12. What about the South? While all this growth and expansion happened in the North, the South was left out. Why do you think that was?