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SummaryEdit

Richest man of the 1800s

Exact Definition Edit

Was a rich dude, he was the creator of first trust(which means: business monopolies by setting fixed prices) He made a fortune with this in fur trading, real estate and opium sale. He was the Bill Gates of the 1800s.

Importance Edit

He used a huge exploit with his trade by under-table price negotiation.

Additional InformationEdit

Price Fixing:I will try to explain this to my best of ability. He did something called fixed pricing, which is where … let’s say you’re selling blue watermelons, and for some stupid reason everyone needs blue watermelons. What he would do is go to every store / merchant / business that sold blue watermelons to the public and says to them, “Hey guys, wanna make some mad bank? Let’s raise the price of blue watermelons to 5 times the price; we’ll sell them now 5 times the original price so we all profit from this. If none of you dummies change your prices to stay competitive, we can take advantage of the super high price!” Naturally, what’s to lose? People need the blue watermelons and now they are 5x as pricey for no freaking reason. It’s just like Bill Gates today, the creator of the Windows operating system ( the language your computer speaks). Most programs are written to work for ONLY on Windows, nothing else and thus is becomes the one and only so Bill Gates can now sell his operating system at any price he likes because he knows he has the advantage.

He wasn't all bad, though. Major philanthropist, founded the NY Public Library, etc. You decide.

Helpful Links Edit

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