So…you want to know how I became wealthy? Let me explain.
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So…you want to know how I became wealthy? Let me explain. Well, in a capitalist society… There is competition or the idea of free enterprise in which privately owned businesses compete freely. In what ways is competition a good thing for consumers (people who buy products)?.

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So…you want to know how I became wealthy? Let me explain.

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So you want to know how i became wealthy let me explain

So…you want to know how I became wealthy? Let me explain.


So you want to know how i became wealthy let me explain

Well, in a capitalist society…

There is competition or the idea of free enterprise in which privately owned businesses compete freely.

In what ways is competition a good thing for consumers (people who buy products)?


So you want to know how i became wealthy let me explain

II hated competition. I wanted to control the prices. So, what did I do? Let me explain.


So you want to know how i became wealthy let me explain

Pretend you own a candy corporation (business owned by many investors) that sells a variety of chocolates.


So you want to know how i became wealthy let me explain

There are other candy companies in the area that also sell a variety of chocolates.

Your company:

Other companies:


So you want to know how i became wealthy let me explain

How could you make sure that people in the area buy your product and not the other company’s product?


So you want to know how i became wealthy let me explain

If it were me, I would think about and answer the following question:

What does a candy company need in order to sell a variety of chocolates?


So you want to know how i became wealthy let me explain

ONE WAY:

Form a monopoly –

have your company control most or all businesses in a particular industry.

Sugar company

Butter company

Cacao Plant


So you want to know how i became wealthy let me explain

ANOTHER WAY:

Form a trust – team up with another corporation to reduce competition and from prices within the same range

Your candy company trusts the Hershey candy company to work together.

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So you want to know how i became wealthy let me explain

This is what happened during and as a result of the second industrial revolution (1870-1920).

Entrepreneurs (someone who sets up a new business to make profit) formed giant corporations and monopolies or trusts.


So you want to know how i became wealthy let me explain

Turn and talk to a neighbor about the following question:

During the second industrial revolution, businessmen like Andrew Carnegie, John D. Rockefeller, and J.P. Morgan amassed large fortunes. Why do you think these men were able to become so wealthy?


So you want to know how i became wealthy let me explain

Why were men like Carnegie and Rockefeller able to become so wealthy

Possible responses:

1) Laissez-faire economy – lack of government regulations

2) Social Darwinism –belief that the strongest or fittest should survive and flourish in society, while the weak and unfit should be allowed to die.


So you want to know how i became wealthy let me explain

3) Unskilled industrial laborers worked an average of 60 hours per week for 10 cents an hour.


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