your warm-up... do you see an old woman or a young lady?
TRANSCRIPT
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Your Warm-up . . .
Do you see an oldwoman or a young lady?
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It depends on Your Perspective!
Young Old Lady Woman
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What’s Your Perspective?
Man Playing Young Saxophone Woman
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Andrew CarnegieSteel
John D. RockefellerOil
Cornelius VanderbiltRailroads
J.P. MorganBanking
Philip ArmourMeatpacking
It’s the Same With Business Leaders of the Day!
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Different Leaders Organize in Different Ways!
Horizontal Integration/Consolidation
Or
Vertical Integration/Consolidation
They prosper due to lack of government involvement
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John D. Rockefeller and the Standard Oil Company
Wealthy man who saw the oil industry as a way to get richer
Made illegal deals with railroads to transport oil cheaper – weakens refineries that he buys
Utilized horizontal integration or consolidation
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Horizontal Integration/Consolidation
Think . . .
MONOPOLY
John D. Rockefeller and Standard Oil Company
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Controlling the Market
Bob’s Pizza
Delaware
Pizza
Pizza PizzaHappy Time PizzaUsing Horizontal Integration, Bob could
control the Pizza market in town by buying the other Pizza shops!
Bob’s Pizza Bob’s Pizza Bob’s Pizza
Bob’s Pizza
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Andrew CarnegieScottish Immigrant
Leader of steel production in Pittsburgh
Used Bessemer Process
Utilized vertical integration or consolidation
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Vertical Integration/Consolidation
Think . . .
Owning all phases of production in a business
Andrew Carnegie and Carnegie Steel
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Controlling the Market
Bob’s Pizza
Using Vertical Integration, Bob could control the Pizza market in
town by controlling many
of the costs associated with
making his pizza!Bob’s Farm
Bob’s Cheese Factory
Bob’s Trucking Company
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Andrew CarnegieSteel
John D. RockefellerOil
Cornelius VanderbiltRailroads
J.P. MorganBanking
Philip ArmourMeatpacking
The Business Leaders of the Day Were Good and Bad!
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Robber Barons
Business leaders who get rich off the public
Drained natural resources
Paid low wages, required long hours of workers
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Persuaded public officials to interpret laws in their favor.
Drove their competitors to ruin.
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“Robber Barons”
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Captains of IndustryBusiness leaders who served their
nation in a positive way.
Increased the supply of goods, raised productivity and expanded markets.
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Created jobs that allow many Americans to buy new goods and
raise their standard of living.
• Also created museums,
libraries, and universities,
many of which still serve the public today.
Carnegie Hall
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Carnegie as a PhilanthropistA Philanthropist uses
wealth to improve societyCarnegie funded the
building of libraries, education facilities, and music/arts facilities
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FROM HERE TO END – DID NOT USE FOR ALL CLASSES
Fall 2013
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“Gospel of Wealth”Carnegie’s philosophy
- A person should be able to make as much money as they can, BUT they should also use their wealth to improve society.
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Monopoly vs. CartelMonopoly – one company with complete control of a product or a service
Cartel – a loose association of businesses in a similar field or that make the same product and agree to limit supply to drive up prices (drugs or OPEC)
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Concerns Led to the Sherman Antitrust Act
Enacted in 1890Congress wanted to end
trustsWas ineffective – not
enforcedMore about it in future
units
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Business CycleThe growth and
contraction of a nation’s economy – New Problem in the
late 1800s
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FROM HERE TO END – DID NOT USE AT ALL
Fall 2013
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Industrial Revolution
Working Conditions
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Growing Work Force
ImmigrantsFormer Farm FamiliesWomen and ChildrenDoes not include
African Americans
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Survival Guide for Poor Families (aka, immigrants!)
Force children to leave school for work
Send children as young as age 6 to work
Ask for aid from a private charity (church, etc.) Government Welfare is non-existent at this time!
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Workday Length
Typically 12 hours/day, 6 days/week
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Division of Labor Changes Manufacturing
When someone completes one task as part of the job
Positive: MASS PRODUCTION – it increases business productivity Negative: workers no
longer take pride in work and removes creativity
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Think About Making Shoes as an Example of This Concept!
He may never work on shoes!