USHC-4 Unit 5 Vocab Part Two

Dominated the steel industry. Used vertical integration and monopolies. Richest man in world

Who bought Carnegie Steel from Andrew Carnegie?

1819 SCOTUS case that upheld sanctity of contracts

1824 SCOTUS case- regulation of interstate commerce is a power reserved to federal government

John D. Rockefeller used _________ integration to have a monopoly over the _________ industry

Written by Carnegie to say rich have responsibility to be philanthropists

Andrew Carnegie used ________ integration to dominate the _________ industry

Businessmen used this argument to justify their business practices. "Survival of the fittest"

Business controls all means of production. From raw materials to distribution.

Men in charge of big businesses. 1st for RR then for other industries. Negative title-criticism

Only one supplier of a product in a market- no competition

Means of production/businesses are privately owned. Economic system in the USA

Forming a trust allows a business leader to eventually have a monopoly over an industry

Companies unite into one system (company) and it destroys competition- creates a monopoly

Company buys out all of its competition. Type of monopoly

Nation's first trust

Business leaders formed monopolies to allow them to trusts over an industry

Formed US Steel after purchasing from Carnegie. Finance capitalist.

Formed Standard Oil which was the nation's 1st trust. Made his fortune in oil.

Figure in railroad industry. New York Central Railroad. Routes from NY to Chicago.