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Chapter 27: Big Business Grows Bigger
Transcript of Chapter 27: Big Business Grows Bigger
Find Out Questions
What big business did Andrew Carnegie control?
What big business did John D. Rockefeller control?
Why did Congress write new laws about big business?
One business owned many factories or smaller businesses.
Material found in the earth that creates iron.
The new stronger iron that was made.
Factories in Pennsylvania that made steel.
A very wealthy person.
Digging deep in the earth to get something.
Factories that cleaned oil.
Students will learn the impact that big business had on the American society. They will also gain an understanding of what big business is and the key people involved in creating big business.
Life After the Civil War
Life in the U.S changed after the Civil War.
More and more Americans lived and worked in cities.
Millions of Americans worked in factories, railroads, stores, and other kinds of businesses.
Sometimes one business owned many factories or smaller businesses.
This is called BIG Business.
Sometimes one person would control a very large business.
Railroads were an example of big business.
At one time, one man controlled most of the railroads in the U.S.
He decided how much money to charge people to use the railroads.
Iron & Steel
Before the Civil War, most machines were made of a metal called iron.
Railroad tracks were made of iron.
Iron is made from an ore found in the earth.
Iron is not very strong.
He was an immigrant from Scotland.
He moved to America when he was a young boy. When he grew up, he built factories in Pennsylvania.
The factories were called steel mills, and were known as teh Carnegie Steel Company.
He became very wealthy, and bough steel mills.
He also owned railroads and ships for sending his steel to different places.
He became known as teh "steel king".
Iron & Steel
A man in Great Britain found a way to make iron stronger.
This new, stronger iron was called steel. Today railroad tracks and cars are made of steel.
John D. Rockefeller
In 1859 oil was in Pennsylvania.
Soon people started to drill for the oil that was found else where in the U.S.
Oil had to be cleaned before it could be used.
Oil was cleaned in factories called oil refineries.
In 1863 John D. Rockefeller built his first refinery, and used his profits to build more.
His company became known as the Standard Oil Company.
He sold his oil for less money than other oil companies.
He would then buy the other refinery businesses that would go out of business.
Rockefeller soon owned almost all of the oil companies in America.
Carnegie and Rockefeller paid their workers low salaries.
They did not treat their workers well.
But they did use their money to help other people.
They gave money to schools and churches.
Carnegie used his money to build libraries. He built more than 2,500.
Effects of Big Business
The big business of oil, steel, and railroads helped the U.S. become a nation with tall buildings and many factories.
However, many citizens felt that big business was wrong. They thought that it was not right for a few people to decide how much Americans should pay for their oil, steel, and railroads.
New laws were written in Congress to prevent a few companies from controlling the whole market.