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Nov 19, 2013 R.A.W. Why are Monopolies bad?

Nov 19, 2013 R.A.W. Why are Monopolies bad?. AIM# 23 How did monopolies influence America?. America prior to the shift towards Business & Industry 1600s-Civil War. NYC, 1900. NYC, 1900. Made with Carnegie Steel. What late 19th C. Industries do you still see??. I. Monopoly.

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Nov 19, 2013 R.A.W. Why are Monopolies bad?

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  1. Nov 19, 2013R.A.W. Why are Monopolies bad? AIM# 23 How did monopolies influence America?

  2. America prior to the shift towards Business & Industry 1600s-Civil War

  3. NYC, 1900

  4. NYC, 1900

  5. Made with Carnegie Steel

  6. What late 19th C. Industries do you still see??

  7. I. Monopoly • Total control of an industry by one company or person. • Hurts consumers. Raises prices, lowers quality of goods. • Competition is good for the consumer. WHY?? • 50% or more of one industry=monopoly.

  8. Rockefeller and Carnegie use ruthless methods to form huge Monopolies. • Carnegie Steel 1875. • Standard Oil 1870. • Both men control more than50% of their industry.

  9. yellow for coal, orange for ore, and blue for steel scrap STEEL CITY--PITTSBURGH, Pa

  10. TRUSTS or Monopolies dominating AMERICAN BUSINESS -- Oil, Tobacco, leather, beef, sugar, etc. • Robber Baron: A person that uses illegal means to control an industry and wipe out competition.

  11. III. J.P. Morgan • Buys Carnegie Steel in 1901 for 400 million dollars. • Combines it with other steel companies to form U. S. Steel. • U.S. Steel will become the first billion dollar company • SO RICH THAT BANKS BORROW FROM HIM!!

  12. Cornelius Vanderbilt

  13. IV. Were they Robber Barons or Captains of Industry? • Captain of Industry: A person that creates jobs and helps the economy of a country. • Robber Baron: A person that uses illegal means to control an industry and wipe out competition.

  14. II. Oil and Steel • Benefited from a demand for their steel and oil • Supply and demand ????? • Steel replaced brick and lumber • By 1900, Carnegie is #1 producer of steel in world • Bessemer Process -- eliminates impurities in iron • Pittsburgh -- massive steel mills

  15. Henry Ford

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