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4.3

The Growth of Big Business

TermDefinition
Corporation Organization owned by many people, but treated by law as thought were a single person. Can won property, pay taxes, sue and be sued, make contracts. Owners called STOCKHOLDERS.
Joint-Stock Company Company owned by shareholders. This allows for the unequal ownership of a business with some shareholders owning a larger proportion of a company than others.
Horizontal Integration Combining many firms in the same business into one large cooporation. When a single comany achieves control over and intire market, it becomes a MONOPOLY. e.g. ROCKEFELLER and Standard Oil. Social Darwinsim.
Vertical Intergration Company owns all the different businesses on which it depends for its operation. CARNEGIE did this with his steel co. Bought coal mines, linestone quarries, and iron ore fields. Saved $ and let big companies become bigger. Social Darwinism.
Andrew Carnegie Son of a poor weaver, he immigrated from Scotland. Rags To Riches. He worked his way up to a RR supervisor and invested in RR companies. Concentrated his business in steel industry in Pittsburgh PA in 1875 using Bessemer Process.
John Rockefeller Owned Standard Oil.By 1880s owned 90% of oil refining in the US through horizontal integration. Almost became a monopoly, but not quite. Had to compete with other oil countries throughout the world.
Bessemer Process Used by Carnegie to produce high quality steel efficiently and cheaply and upon which he built his fortune. Invented by Englishman Sir Henry Bessemer.
Economies of Scales Occures when corporations raise a huge amount of money form the sale of stock allowoing them to invest in new techmologies, hire a large workforce and purchase many machines in order to sell goods at a cheaper price due to mass produce.
Created by: Igroc