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Trusts and Monopolies
Transcript of Trusts and Monopolies
Monopolies Trust Titans Andrew Carnegie
John D. Rockefeller
J. Piermont Morgan "STEEL IS KING!" "Reckafellow" John D. Rockefeller
Standard Oil Company Andrew Carnegie Monopoly?
Combining all phases of manufacturing into one organization to cut out middlemen's fees Trust? The exclusive possession or control of the
supply or trade in a commodity or service Any large-scale business combination J.P. Morgan
Financed reorganization of railroads, insurance companies, and banks
Bought Carnegie's holdings in steel
1901: launched the United States Steel Corporation, America's first billion-dollar corporation "Jupiter" Morgan "The fruits of the toil of millions are boldly stolen to build up colossal fortunes for a few...and the possessors of these, in turn despise the Republic and endanger liberty. From the same prolific womb of governmental injustice we breed the two great classes — tramps and millionaires."
— Populist platform of 1892 Allying with competitors to monopolize a given market The Government kind of Strikes Back Government control trusts or trusts control government?
Sherman Anti-Trust Act of 1890
Did not distinguish between "good" and "bad" trusts
Ineffective; too many loopholes; unenforced
Instead, it was used to curb labor unions that were deemed to be restraining trade http://americasince1865.wordpress.com/2012/09/18/web-question-monopolies-and-government-regulation/ http://thamanjimmy.blogspot.com/2010/09/history-of-sherman-anti-trust-act-1890.html http://carnegie.org/news/centennial-moments/view/moment/working-in-perpetuity/ http://www.huffingtonpost.com/2008/09/24/what-would-jp-morgan-do-r_n_128815.html http://www.xtimeline.com/error.html?aspxerrorpath=/evt/view.aspx http://mydd.com/users/joelado/posts/laissez-faire Vanderbilt Railroads Industry http://voteview.com/vanderb2.htm http://en.wikipedia.org/wiki/File:William_H_Vanderbilt.jpg Horizontal Integration Vertical Integration Bibliography Epstein, Mark. Fast Track to a 5: Preparing for _____the AP United States History Examination. _____Boston: Wadsworth, 2010. 212-18. Print.
Kennedy, David, Lizabeth Cohen, and Thomas _____Bailey. The American Pageant. 14th ed. _____Boston: Wadsworth, 2010. 575-81. Print.
Newman, John, and John Schmalbach. United
_____States History: Preparing for the Advanced _____Placement Examination. Rev. ed. New York _____City: Amsco School, 2004. 337-39. Print. Sherman Anti-Trust Act "Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal."
- Sherman Anti-trust Act Section 1 http://www.superstock.com/stock-photos-images/4048-4729