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Do Now 1. businesses that sell portions of ownership called stock shares 2. profits 3. total ownership of a product or service 4. ownership of businesses involved in each step of a manufacturing process 5. owning all businesses in a certain field
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Do Now 1. businesses that sell portions of ownership called stock shares 2. profits 3. total ownership of a product or service 4. ownership of businesses involved in each step of a manufacturing process 5. owning all businesses in a certain field 6. a legal arrangement grouping together a number of companies under a single board of directors HorizontalIntegration MonopolyTrust DividendsCorporation Vertical Integration
Corporation – businesses that sell portions of ownership called stock shares Dividends - profits Monopoly – total ownership of a product or service Vertical integration – ownership of businesses involved in each step of a manufacturing process Horizontal integration - owning all businesses in a certain field Trust – a legal arrangement grouping together a number of companies under a single board of directors
Andrew Carnegie When Andrew was 12, his family left scotland to immigrate to the united states. He first worked in a cotton factory for $1.20. While working for thomasscott, years later, he learned about industrial leaders and investing. By the 1890’s he was one of the world’s richest men. By the age of 64 his steel company was worth $480 million.
Cornelius Vanderbilt He was an American shipping and railroad tycoon that helped create an 1800’s global transport network. He was called “commodore” because he made his fortune in shipping. In the late 1840’s, Vanderbilt established the Accessory Transit Co. to move passengers and freight from New York to the California gold fields by way of central America. In the 1860’s, Vanderbilt added railroads to his transportation network by buying the controlling stock in the New York and Harlem railroad. Soon Vanderbilt had taken over and consolidated the Hudson River and New York Central railroads.
After he became very wealthy, Carnegie donated 2,509 libraries to towns and cities throughout the world at a cost of more than $56 million. His intention was that his libraries be “free to the people forever,” words that are often inscribed on the buildings. Many of these libraries are still in use today.
J.P Morgan He provided loans to the US government to help save the gold standard. This fixes the unit of currency equal to a set amount of gold. He was also a huge supporter of the arts. Morgan was one of the early supporters of the metropolitan museum of art.
John D. rockefeller Like carnegie, he valued vertical integration. He bought railroad tanker cars to carry his oil and forced a 10 percent rebate from the railroads. He also got kickbacks on his competitor’s oil shipments. When pipelines began to carry oil, rockefeller set up a pipeline network. By 1890, he was worth $800 million. Standard oil companies still exist as independent companies such as – exxonmobil, chevron and amoco “Growth of business is merely a survival of the fittest.”
