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Big Business and Labor and Wilson’s Acts

Vertical Integration
A. process in which you buy out all suppliers, raw materials, and transportation necessary for your product
B. would help them to maximize their profit and control their industry better
Horizontal Integration
A. take your company and merge it with another company that will result in your profit
B. It helps you control your industry better
Social Darwinism
A. Concept of survival of the fittest and applying it to human industry. Bigger companies will take over smaller ones or they will die out
Monopoly
A. if you own a monopoly, you own every company in that industry
Holding Company
A. a company that produces nothing except they buy out the stock of other companies
Sherman Antitrust Act
made it illegal to form a trust that interferes with free trade between states or with other countries (first antimonopoly act)
“Robber Barons”
1. JP Morgan – banking: they steal their way to the top
2. John D. Rockefeller – oil: all they care about is making money
3. Andrew Carnegie – Steel
Federal Trade Act (1914)
1- set up the federal trade commission
2- established as an “investigating agency” to put an end to unfair business practices
Clayton Antitrust Act
1- No creation of monopolies (no acquiring other stocks)
2- farms and labor unions are allowed
3- commands against strikers weren’t allowed (unless threatened damage)
Underwood Tarrif
reduce tariff rates for the first time since the Civil War
Sixteenth Amendment
Legalized a graduated federal income tax (revenue from taxing individual’s earnings)
Federal Reserve Act
1- divided nation into twelve districts
2- established a regional bank in each district
3- these federal reserve banks could make loans and serve the other banks in the district
Nineteenth Amendment
Gave women the right to vote

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