2.  “Rags to Riches”  Expanded the steel industry ◦ “Carnegie Steel Company”  Philanthropist  Good management ◦ Products made more cheaply ◦ New techniques/machinery ◦ Attracted talented people

3.  Vertical Integration ◦ Buying out all suppliers ◦ Controlling all stages of manufacturing ◦ Gives power to control quality and cost  Horizontal Consolidation ◦ Buying out competition ◦ Companies with similar products “merge” through this strategy  Carnegie almost monopolized the steel industry!

4.  “Only the strong survive”  Laissez Faire- “allow to do” ◦ Allow business to be free  Idea that anyone can be rich  Poor were inferior or lazy  Justified millionaires efforts

5.  Founder of the Standard Oil Company.  Philanthropist.  Paid his employees low.  Drove competitors out.  Known as a “Robber Baron”

6.  Attempt by congress to regulate big business – like Monopolies  Stated that forming a trust was illegal  Not very effective