a Scottish immigrant who made a fortune in the steel industry. He controlled all phases of the steel industry. He believed that the rich had a duty to help the poor and to improve society ("gospel of wealth").
method developed in the 1850s to produce stronger steel at a lower cost. Developed by Henry Bessemer in England and William Kelly in the U.S.
John D. Rockefeller
a shrewd businessman who did what he could to get rid of competition in the oil industry. He formed the Standard Oil Company of Ohio, and later Standard Oil Trust. This created a monopoly of the oil industry.
Sherman Antitrust Act
an 1890 law that banned the formation of trusts and monopolies in the United States.
practice in which a single manufacturer controls all of the steps used to change raw materials into finished products.
Business that is owned by investors.
share of ownership in a corporation.
share of a corporation's profit.
group of corporations run by a single board of directors.
a company or group having control of all or nearly all of the business of an industry.
free enterprise system
economic system in which businesses are owned by private citizens who decide what to produce, how much to produce, and what prices to charge.