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Industry Comes of Age

What is vertical integration and name one person who practiced it Practiced by Carnegie; controlling every step of the industrial production process in order to increase efficiency and limit competition
What is horizontal integration and name one person who practiced it Practiced by Rockefeller; dominating a particular phase pf the production process in order to monopolize a market, often by forming trusts and alliances with competitors
What is a trust? A mechanism by which one company grants control over its operations, through ownership of its stock, to another company
What was the Standard Oil Company? Rockefeller's company, formed in 1870 which came to symbolize the trusts and monopolies of the Gilded Age. By 1877
What was the Interstate Commerce Act? Congressional legislation that established the Interstate Commerce Commission, compelled railroads to publish standard rates, and prohibited rebates and pools. Railroads quickly became adept at using the act to achieve their own ends.
Name at least one other person who would approve of the gold standard besides Cleveland McKinley
Created by: aditik20