LECTURE 5: BIG BUSINESS
Lecture Outline
1. Large size.
2. Vertical integration.
3. Horizontal integration (merger).
4. "Morganization."
Important Information, Terms, and Names from this Lecture
"robber barons"
Cornelius Vanderbilt
"The public be damned!"
"destructive competition"
Gustavus F. Swift - Swift & Co. (1878)
Andrew Carnegie - Carnegie Steel Co. (1892)
Henry Clay Frick / Mesabi Iron Range
"pool"
Iowa Pool (1870)
Interstate Commerce Act (1887)
"trust"
John D. Rockefeller - Standard Oil Co. of Ohio (1870)
"monopoly"
Sherman Anti-Trust Act (1890)
"holding company"
U.S. v. E. C. Knight Co. (1895)
Standard Oil Co. of N.J. (1899)
U.S. Steel Corp. (1901)
"rule of reason"
Pres. Theodore Roosevelt
J. Pierpont Morgan - J. P. Morgan & Co. (1890)
VERTICAL INTEGRATION
Raw materials
Manufacturing or processing
Consumers
HORIZONTAL INTEGRATION
Firm A + Firm B + Firm C + Firm D
 History 101 Syllabus
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