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John D. Rockefeller
John D. Rockefeller
He made his money from oil.
He controlled Standard Oil – a
monopoly.
Cornelius Vanderbilt
He made his money by
buying up the railroads and controlling
prices.
J. P. Morgan
He made his money as a banker and
company owner. He was so rich
the government even borrowed
money from him!
Henry Ford
www.unconfirmedsources.com
people.hofstra.edu/.../conc1en/assemblyft.html
He didn’t invent the car – but
found ways to make them
affordable for everyone
(assembly line!
Mass production!)
Assembly Lines
history.grand-forks.k12.nd.us/NDhistory/Lesso...
Way of producing products where
one worker stays in one places as products move
along past them on a moving belt.(pretty boring way
to work!)
Mass Production
news.bbc.co.uk/.../img/1.jpg
The process of making large
quantities of a product quickly and cheaply. A
result of industrial growth!
Robber Barons
history.grand-forks.k12.nd.us/NDHistory/Lesso
Nickname for wealthy
industrialists like Carnegie and Rockefeller
because they seemed to “rob”
others to gain wealth.
MonopolyStandard OilStandard Oil
owns 95% of all companies that sell oil. You really only had one
place to buy it!
A company or group that has
control over all or nearly all of the businesses in an
industry.Ex.) If McDonalds owned all fast food
restaurants.
Vertical Integration
When one main company controls all the steps in an
industry – from raw materials up to the finished
product.
Sherman Antitrust
ActMonopolies and trust are illegal and unfair to
small businesses!
Law created in 1890 that
banned the formation of big businesses – like
trusts and monopolies.
Didn’t really work!
Strike
www.hu.mtu.edu/vup/Strike/1913strike.gif
When workers refuse to do
their jobs until their demands
are met.
Free Enterprise
System
Where businesses are
owned by private citizens (not the government) and they decide what to produce, how much, and the
price.
Trust
A group of corporations run by a single board of directors that control all the prices and get
very rich! (not fair for the little
businesses)
Urbanization
People
The movement of people to the city from rural areas – mostly
for work in factories
