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Laissez-faire is a policy that states the government will not interfere with big business based on belief that the natural economic order is preserved when government does not interfere with industry like a catalyst Adam Smith's Wealth of Nations published in 1776 the main point is to explain how a free-market economy is more beneficial to society monopoly is the exclusive control of a commodity or service in a particular market or a control it makes possible the manipulation of prices conglomerate is when two or more different companies work together to create one single company that combines products and creates an overarching company a pool is a secret agreement between competing corporations to set prices and to fix output at a certain amount now many railroad companies use pools in the 1870s and 1880s in order to increase profits a trust is when different companies turn control of their stock over to a board of directors which than runs all the companies the trust is not owned but merely manages the company for the supposed belief of all the companies and to obtain higher profits by 1900 they were trusts and steal sugar tobacco milk rubber and lead industries holding companies were created when larger corporations bought enough stock and smaller companies in order to control them and drew Canal acquired most of his fortune from mass production on reveille hands Carnegie spent his last year's of as a philanthropist as a philanthropist he wrote books such as triumphant democracy in eighteen eighty-six and the gospel of wealth in eighteen eighty-nine you spoke the responsibilities of being rich and helped establish public libraries throughout the U.S. König emerged with Herbert Albert H Gray's federal still company has several other companies to fate us do this is an example of a holding company john d Rockefeller mostly worked with oil in 1870 he founded Standard Oil he is often regarded as the richest person in each Street example of trust Rockefeller took part in a trust with many other oil companies in the US this formed the Standard Oil Trust used horizontal integration in to control numerous businesses to sell his product JPMorgan dominated the corporate finance and industrial consolidation Morgan arranged emerged between Edison General Electric and Thomas Houston Electric Company this created General Electric also emerged Carnegie Steel Company and several others to create the United States Steel corporation Morgan merged specific companies together to create mop monopolies in their specific field of work and product distributed jay Gould is regarded to as the ninth richest man in history also the revered man he controlled over 10,000 miles of railroad track in the United States alone Henry Ford is the founder of the Ford Motor Company founder of assembly lines he revolutionized the automobile, and he gave workers high wages he coined for pizza which is the mass production of inexpensive automobiles using the assembly lines Ford is...
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