Big Business and Monopolies

Big Business and Monopolies
Grade Levels
Product Rating
File Type

Compressed Zip File

Be sure that you have an application to open this file type before downloading and/or purchasing.

4 MB|N/A
Product Description
In 1873, Andrew Carnegie left the railroad business and joined the steel industry. By 1899, The Carnegie Steel Company made more steel than all of Britain combined. Carnegie consistently sought to improve technology and offered talented employees stock as innovative ways to improve his profits.

In this time, many companies began to dominate their market so that competition against their businesses hardly existed. These businesses became monopolies. Through Horizontal Integration, companies bought out all similar companies to decrease competition. Through Vertical Integration, companies bought out all of their suppliers. Then, they drastically increased the price of these supplies to keep others from competing against them.

Andrew Carnegie was a pivotal leader in the steel industry and claimed hard work helped him to succeed. Charles Darwin published On the Origin of Species in 1859 to explain his biological theory of the complexity of various species as being attributed to natural selection and survival of the fittest. Philosophers, such as Herbert Spencer, claimed economic success could be explained through Darwin’s findings as well. Social Darwinists felt the healthiest companies would thrive and the weak companies would die out and that this was beneficial to society. A “Laissez Faire” (hands off government) economy with little intervention to help labor was viewed as ideal by Social Darwinists. This meant the government should be involved as little as possible in the economy.

Since the Civil War, thousands of millionaires emerged in the USA. Many Protestants had a strong work ethic and, despite religious tension with biological Darwinism, Protestant industry leaders embraced the new philosophy of Social Darwinism. Many believed the theories of Social Darwinism excused the cruel actions taken against factory workers. The poor were tragically viewed as lazy or ineffective to Social Darwinists. Yet, many factory workers worked grueling hours for low pay. Many factories also had hazardous conditions.

In 1892, J.P. Morgan united Edison General Electric and Thomson-Houston Electric Company and formed General Electric. In 1901, Morgan also merged his steel company with the Carnegie Steel Company. John D. Rockefeller united the Standard Oil Company with other companies through trust agreements by giving stock to members of a board of trustees. By 1880, Rockefeller controlled 90% of the Oil Industry. He paid workers low wages to maximize profit. He also charged extremely low prices to put competitors out of business. Then, he drastically increased prices when he was the only seller left. Without competition, people had to use his business or do without oil. There is a mixed perception about the historical impact of Rockefeller. At times, he was a ruthless business leader. Yet, he gave a way a significant portion of his wealth to charities. Rockefeller donated over $500 Million dollars to charity to fund education and advancement in medicine.

Many in the USA government began to assert that monopolies damaged the common good of all. The Sherman Anti-trust Act tried to break up monopolies and make them illegal. Initially, the big businesses used their influence and the Sherman Anti-trust Act did little to halt their monopolistic pursuits.

US History Lesson Plans Include
1) Bell ringer / opening activity
2) PowerPoint presentation
3) Guided notes worksheet for PowerPoint presentation
4) Bonus worksheet (vocabulary, crosswords, word search, etc.)
5) Daily quiz / assessment - exit slip!
6) Content reading handout
7) Compatible with ALL textbooks
8) Answer keys for all worksheets, handouts, & assessments
9) Editable documents (word, PowerPoint, etc.)
10) PDF copies for easy viewing & printing
11) Aligned to national standards
12) Works with Unit or as a stand alone lesson
13) Other bonus materials (videos, extra worksheets, etc.)
Most of our plans include the contents of this list. Please see the photo above for actual contents.
Total Pages
Answer Key
Teaching Duration
2 days
Report this Resource
Digital Download
More products from USHistoryTeachers
Product Thumbnail
Product Thumbnail
Product Thumbnail
Product Thumbnail
Product Thumbnail
Teachers Pay Teachers

Teachers Pay Teachers is an online marketplace where teachers buy and sell original educational materials.

Learn More

Keep in Touch!

Sign Up