The Rise of Big Business. Henry Bessemer Created a cheap and efficient process for making steel.
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Transcript of The Rise of Big Business. Henry Bessemer Created a cheap and efficient process for making steel.
![Page 1: The Rise of Big Business. Henry Bessemer Created a cheap and efficient process for making steel.](https://reader036.fdocuments.us/reader036/viewer/2022062423/56649e7d5503460f94b80ace/html5/thumbnails/1.jpg)
The Rise of Big Business
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Henry Bessemer
• Created a cheap and efficient process for making steel
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Thomas Edison
• Perfected the incandescent light bulb
• Enabled factory work to continue after dark
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Alexander Graham Bell
• Invented the telephone
• Along with telegraph made communication easier
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Mergers/Monopolies
Mergers: when one corporation buys out the stock of another company
Monopoly: complete control over it’s industry’s production, wages, and prices
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Andrew Carnegie
• Controlled Steel Industry
• Wrote “Gospel of Wealth”, said those with money should help others
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Vertical Integration
• A company’s taking over its suppliers and distributors and transportation systems to gain control over the quality and cost of its product
• Used by Carnegie
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John D. Rockefeller
• Oil Industry
• Company was called Standard Oil
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Horizontal Integration
• Taking over competition in order to create a monopoly within a certain industry
• Used by Rockefeller
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J.P. Morgan
• Banking and investing
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Cornelius Vanderbilt
• Railroads and transportation
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Robber Barons
• Name given to big business leaders
• Controlled industry through monopolies
• Often put smaller companies out of business
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Social Darwinism
• Economic and social philosophy holding that a system of unrestrained competition would result in survival of the fittest
• Advocated by big business leaders
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Horatio Alger
• Author who wrote “rags to riches” stories
• Showed how young men could achieve success through hard work
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The Gilded Age
• Term coined by Mark Twain to describe the late 1800’s
• Prosperity of the few covered up the struggles of the majority