ECON 113 Chapter Notes - Chapter 5: Carnegie Steel Company, Standard Oil, Bessemer Process
Document Summary
1867: john d. rockefeller"s standard oil company controlled the oil refining business horizontal integration, process of internal expansion, mergers, acquisitions. Collis p. huntington, leland stanford, cornelius vanderbilt were railroad tycoons. Jay gould & james j. hill most well-known. 1869: knights of labor is founded, envisions a union of all workers irrespective of race/sex. 1870s: andrew carnegie begins corporate giant carnegie steel company. Bessemer process to remove impurities from molten iron through oxidation. Carnegie becomes prototype for rags to riches stories. 1886: craft unionists from the afl (american federation of labor) to advocate for higher wages and restricted immigration. Haymarket massacre : anarchist-sponsored protest rally where a bomb was thrown at a policeman, who fired back killing four protesters and seven policemen by the end. Urban poor stirred fear & compassion from the middle class. Jane addams opens settlement houses for social services. Urban political machines supplied municipal services at the cost of corruption.
