The Triumph of Industry Jenny Kim Ianni Le Stephen Kim Andrew Mulligan

Corporations A large company or group of companies authorized to act as a single entity and recognized as such in law Buy and sell products Expand markets Invest money Fund new technology Enter new industries Run large plants across country

Monopoly Complete control of a product or service Corporations buy out its competitors or drive them out of business Corporations work to eliminate competition with other businesses by forming cartel Business making same products agree to limit their production and thus keep prices high

Robber Barons People who exploited workers by having them work for the least amount of money possible Established universities, museums, and libraries disadvantaged to rise to wealth John D. Rockefeller Cornelius Vanderbilt Andrew Carnegie

John D. Rockefeller Standard oil

Cornelius Vanderbilt Railroads

Andrew Carnegie Carnegie steel

Horizontal and Vertical Integration Gain control many different businesses that make up all the phases of a product’s development Horizontal Giant company with lower production costs

Social Darwinism Wealth is a measure of one’s inherent value and those who had it were considered the most “fit” in the survival of the fittest Used it to justify all sorts of beliefs and conditions Used to fuel discrimination Social Darwinists nations would grow strong, allowing most vigorous members to rise to top Wrong to use public funds to assist poor

Inventors Thomas Edison Alexander Graham Bell George Westinghouse Light bulb: cheap lighting for homes Alexander Graham Bell Telephone George Westinghouse Developed technology to send electricity over long distances Henry Bessemer Bessemer process

Interstate Commerce Commission (ICC) Created to oversee railroad operations Significance: First federal body ever set up to monitor American business operations Monitor railroads that crossed state lines Could not make laws or control railroad’s transaction Require railroads to send records to Congress Initiate investigations of unfairness

Sherman Antitrust Act Outlawed any trust that operated “in restraint of trade or commerce among the several states.” Used in corporations’ favor ICC and Sherman Antitrust Act began a trend toward federal limitations on corporations’ power