1. Big Business and Its Leaders American History 12.3 & 12.4

2. Big Business Corporations – a company owned by many people through shares Stock – shares Economies of Scale Development of Pools

3. JOHN D ROCKAFELLER

4. Andrew Carnagie

7. Andrew Carnegie Steel Tycoon Rags to riches Henry Bessemer (High quality steel cheaper) – Bessemer Process Used Vertical Integration

8. John D Rockefeller Standard Oil: Oil refineries Horizontal Integration: Combined firms in the same business into one large cooperation Monopoly – 90% of all oil refineries owned by Rocefeller

9. New Business Organizations Trusts formed in response to states making monopolies illegal – Legal arrangement allows one person to manage another persons property Holding Companies: doesn’t produce anything itself but owns stock in companies that do Investment Banking

10. Horizontal Integration

11. Early Unions Trade Unions – Usually succeeded in negotiating Industry Unions – Hated by Business leaders Blacklist – Used to punish workers who went on strike “Lockouts”

13. Thoughts on Unions Employer's – Viewed unions as trouble makers – Interfered with property rights Marxism – Workers should own their own labor – Seen as Un-American

14. Knights of Labor Use boycotts instead of strikes Supported arbitration Welcomed Women and African American

17. Homestead Strikes Used the Pinkertons Steel Mill owed by Andrew Carnegie

20. Haymarket Riot Nation wide strike for 8 hour working day Anarchist group protests shooting by police Bombing, kills 6 police officers Critics blame unions

22. Pullman Strikes American Railway Union (ARU) Strike on Gorge Pullman Rail Road Company Town ARU around the country support the Pullman Strikers Attached mail cars to Pullman cars Interjection: Court order ending boycott