AP Notes, Outlines, Study Guides, Vocabulary, Practice Exams and more!
A trust is an economic tool devised late in the 1800's. It was pioneered by men such as Andrew Carnegie of the steel industry and John Rockefeller of the oil industry. The purpose of a trust is to eliminate competition in business. One powerful company will have control of the stocks of many smaller companies in the same line of business, creating a monopoly. The monopoly allows price-fixing and benefits all companies involved. Trusts were outlawed in the early 1900's.
A technique used by John D. Rockefeller. Horizontal integration is an act of joining or consolidating with ones competitors to create a monopoly. Rockefeller was excellent with using this technique to monopolize certain markets. It is responsible for the majority of his wealth.
It was pioneered by tycoon Andrew Carnegie. It is when you combine into one organization all phases of manufacturing from mining to marketing. This makes supplies more reliable and improved efficiency. It controlled the quality of the product at all stages of production.
A rebate is a deduction from an amount to be paid, or money back. Rockefeller, oil king, employed spies to find the rebates of railroads and forced the railroads to pay him the rebates on the bills of his competitors.
A pool is an informal agreement between a group of people or leaders of a company to keep their prices high and to keep competition low. The Interstate Commerce Act in 1887 made railroads publicly publish their prices and it outlawed the pool.
Samuel Gompers is responsible for the formation of one of the first labor unions. The American Federation of Labor worked on getting people better hours and better wages. The formation of this triggered the formation of various others that would come later.
Terence V. Powderly was an Irish-American leader of the Knights who won many strikes for the eight-hour work day. Powderly led the Knights to become a major power in gaining rights for the workers in factories.
He was a banker who financed the reorganization of railroads, insurance companies, and banks. He bought out Carnegie and in 1901 he started the United States Steel Corporation.
Rockefeller was a man who started from meager beginnings and eventually created an oil empire. In Ohio in 1870 he organized the Standard Oil Company. By 1877 he controlled 95% of all of the refineries in the United States. It achieved important economies both home and abroad by it's large scale methods of production and distribution. He also organized the trust and started the Horizontal Merger.
steel king; integrated every phase of his steel-making operation. Ships, railroads, etc. pioneered "Vertical Integration" ; his goal was to improve efficiency by making supplies more reliable controlling the quality of the product at all stages of production and eliminating the middle man
We hope your visit has been a productive one. If you're having any problems, or would like to give some feedback, we'd love to hear from you.
For general help, questions, and suggestions, try our dedicated support forums.
If you need to contact the Course-Notes.Org web experience team, please use our contact form.
While we strive to provide the most comprehensive notes for as many high school textbooks as possible, there are certainly going to be some that we miss. Drop us a note and let us know which textbooks you need. Be sure to include which edition of the textbook you are using! If we see enough demand, we'll do whatever we can to get those notes up on the site for you!
