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American History Chapter 14-2. The Rise of Big Business. Business in America. Entrepreneurs: People who take risks by investing money into new business ventures. Capitalism : Economic system in which most businesses are privately owned & operated.

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american history chapter 14 2

American History Chapter 14-2

The Rise of Big Business

business in america
Business in America
  • Entrepreneurs: People who take risks by investing money into new business ventures.
  • Capitalism: Economic system in which most businesses are privately owned & operated.
    • Laissez-faire: Government does very little in terms of regulating private businesses.
  • Social Darwinism: Survival of the fittest in society.
    • Strong businesses will adapt & thrive while weak businesses should be allowed to wilt & die.
business structures in the u s
Business Structures in the U.S.
  • Proprietorship: Businesses run by an individual owner.
  • Partnership: Companies owned by 2 or more people.
    • In both, the owners are responsible for all debts.
  • Corporations: Businesses that are owned by stockholders.
    • Owners have purchased shares or stock.
    • A board of directors makes major decisions.
  • Trust: A group of corporations that merge under one board of trustees.
  • Monopolies: Trusts that have complete control over an industry.
businesses grew larger
Businesses Grew Larger
  • John D. Rockefeller: Built the company Standard Oil.
    • Used vertical integration : The acquisition of companies that supply the major business.
      • Keeps costs low and profits high.
    • Also used horizontal integration: The takeover of companies that produce the same product.
      • Limits competition.

John D. Rockefeller

big business con t
Big Business Con’t.
  • Andrew Carnegie: Built the Carnegie Steel Company.
    • Built his company using vertical integration.
big business con t1
Big Business Con’t.
  • Cornelius Vanderbilt:
    • Owned several railroad & shipping companies.
  • George Pullman: Invented & built railroad sleeper cars.

Vanderbilt

Pullman

big business and society
Big Business and Society
  • Many Americans viewed business tycoons as “robberbarons,” using their power to squeeze out competition.
  • Advertising became a big business:
    • Used images to sell their products.
    • Used clever brand names.
    • Department stores developed.
    • Mail-order catalogs were sent to rural residents.