Chapter 13 Section 2

Big Business at the turn of the 20th Century

WORLD’S RICHEST……………

$318+ BILLION – JOHN D. ROCKEFELLER (deceased)

$69 BILLION – CARLOS SLIM HELU (up $6 billion)

$61 BILLION – BILL GATES (up $2 billion)

$44 BILLION – WARREN BUFFET (up $5 billion)

THE “NEW” ROCKEFELLER

SAM WALTON - $81.6 Billion

WAL-MART

FAMILY MEMBERS OF WALTON

Christy (57 Yrs old) $25.3 Billion Jim (64 Yrs old) $23.7 Billion Alice (63 Yrs old) $23.3 Billion S. Robson (68 Yrs old) $23.1 Billion

** Christy is the world’s richest woman**

YOUNGEST BILLIONAIRES…..

Dustin Moskovitz $3.5 billion (28 yrs old) Mark Zuckerberg $17.5 billion (28 yrs old)

Both from Facebook

1) Large businesses grew in the late part of the __________ -

One example was the

______________________________ which

had _________ of workers.

2) Super large companies became _____________________

1800s

SINGER SEWING MACHINE COMPANY

1000s

CORPORATIONS

3) Business leaders held great _______________ and _____________.

Owners became known as “_____________________” because they

became rich at the expense of __________________ workers.

WEALTH POWER

ROBBER BARONS

LOW-PAID

4) The richest and most powerful men were ________________________ (STEEL)

and ________________________ (OIL).

_____________________ built his mill outside _______________________ and had _________________ control over the U.S. Steel market.

ANDREW CARNEGIE

JOHN D. ROCKEFELLER

CARNEGIEPITTSBURGH, PENNSYLVANIA

COMPLETE

_____________________ controlled almost ________ of the oil in the U.S. and created the

_______________________ Company – (Chevron).

He bought rights from those who owned oil ________.

He bought ______________ for timber for the oil

______________.

He bought ____________ to send oil worldwide.

This was called _________________________.

He was worth more than __________________ =

_______________________ today!

ROCKEFELLER ALL

STANDARD OIL

WELLSFORESTS

BARRELSSHIPS

$1 BILLION$200 BILLION

VERTICAL INTEGRATION

CARNEGIE ROCKEFELLER

5) Most Americans wanted the government to __________________________.

They thought it was okay for business to make a ________________.

The success of industry equated to ___________________________________.

LEAVE BUSINESS ALONE

PROFIT

MORE JOBS FOR MORE PEOPLE

6) When businesses became too __________, more Americans wanted government

to step in. 7) _________________ were upset they had

to pay ____________________ for shipping their farm products.

But, _________________ could pay less to ship their products.

STRONG

FARMERSHIGH COSTS

RICH PEOPLE

When a business has complete control over an industry it is called a ___________________ - which became illegal with the

___________________________ of 1890.

MONOPOLY

SHERMAN ANTI-TRUST ACT

8) _____________________ passed laws to control business in the 1880s:

Railroads that traveled through several ____________ had to set fair prices.

Railroads had to make ____________ they charged _____________ so everyone knew how much money fares were.

_______________ companies could not interfere with

___________ companies. ______________ were protected from takeover.

CONGRESS

STATES

PRICESPUBLIC

LARGESMALL SMALL CO.

Vocabulary

Monopoly - a situation in which one company controlled an entire industry

Sherman Anti-Trust Act – law that outlawed trusts (and monopolies)

Trust – a corporation formed by separate companies

Vertical integration – process in which a company buys out its suppliers