J.P. Morgan & Trusts, Monopolies, and Cartels... September 21, 2015.
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Transcript of J.P. Morgan & Trusts, Monopolies, and Cartels... September 21, 2015.
![Page 1: J.P. Morgan & Trusts, Monopolies, and Cartels... September 21, 2015.](https://reader036.fdocuments.us/reader036/viewer/2022082818/56649ef65503460f94c0a3d4/html5/thumbnails/1.jpg)
J.P. Morgan &Trusts, Monopolies, and Cartels...
September 21, 2015
![Page 2: J.P. Morgan & Trusts, Monopolies, and Cartels... September 21, 2015.](https://reader036.fdocuments.us/reader036/viewer/2022082818/56649ef65503460f94c0a3d4/html5/thumbnails/2.jpg)
• 1837 – 1913• Born in Connecticut
– Wealthy family• Made BILLIONS being a FINANCIER• Financier = BANKING• 1850s: Banking in NYC• By 1900 – Focus on RAILWAYS across
country• 1901: bought out 3 dozen steel
companies to form U.S. Steel Corporation– Including Carnegie’s
• BAD: Morgan controlled economy• U.S. Steel GOOD – Prices LOW• U.S. Steel BAD – Prices HIGH
– People can’t afford• Net Worth at death: $41.5 Billion
– Today’s Value: Over $400 Billion
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Trusts, Monopolies, and Cartels&
John D. Rockefeller
September 22, 2015
![Page 4: J.P. Morgan & Trusts, Monopolies, and Cartels... September 21, 2015.](https://reader036.fdocuments.us/reader036/viewer/2022082818/56649ef65503460f94c0a3d4/html5/thumbnails/4.jpg)
• Trust: business owned by one person, but is broken up into stock & given to board of trustees– Trustees make decisions for
business – Also known as: corporation– Example: FaceBook
• Cartel: association of business owners who work together to coordinate prices/ production– Example: OPEC
• Monopoly: when one business owner controls the ENTIRE industry– Example: Toothpaste
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• 1839 – 1937: John D. Rockefeller• Born in New York
– 15 yrs old: family moves to OH• 1870: formed Standard Oil Company
– Buy up weak competitors• 1882: Standard Oil Co. dominates WHOLE industry• 1911: U.S. Supreme Court orders Rockefeller to break up
Standard Oil– Monopoly– Rockefeller retires
• Highly religious– Gave money to churches & YMCA
• Formed University of Chicago• 1901: $500 million for Rockefeller Institute for Medical
Technology (NY)• Son continued charity work
– Land for UN Headquarters; Williamsburg, VA funding; Rockefeller Center