Watch how American monopolies used vertical and horizontal integration strategies to command markets

Standard Oil used vertical integration to create an empire

“Vertical integration” is a modern business phrase that refers to a company taking on multiple stages of production—but John D. Rockefeller pioneered it with his Standard Oil company, employing its own plumbers and handling its own oil transportation.

An overview of monopolies, when one company controls an entire market

In the business world, a monopoly exists when one company controls the entire market. Regulators take issue with monopolies because they have been found to limit consumer choices, raise prices, and hurt competition.

Explore a list of well-known monopolies

Many American monopolies popped up during the rapid industrial growth of the Gilded Age. Industries like steel, tobacco, railroads, and telecommunication have all been monopolized at some point in history.

Find out how airline mergers created some of today's largest airlines

Four airlines dominate the US commercial airline industry: Delta, United, Southwest, and American. Many of these large companies secured their top spots in the industry via a series of mergers and acquisitions starting in the 1970s, when American acquired Trans Caribbean Airlines.

Read about the history of the Sherman Antitrust Act, the first law to ban monopolistic behavior

In its later years, Standard Oil formed a business trust that reflected the company's exponential growth. Politicians wanted to prevent such trusts and used the Sherman Antitrust Act to force Standard Oil to break up.

In 2020, the US DOJ sued Google for unlawful monopolization of the search engine market

The US Department of Justice and numerous states accused Google of making exclusionary agreements with Android phone manufacturers to make its search engine the default on those devices, preventing competitors from gaining market share.

The firms running America's voting systems

Three companies make up over 90% of the US market share around voting systems, and like any company, they're priorities aren't always aligned with the public's. Dive into the industry of voting machines in this investigation piece from the Guardian.

The venture capital mindset is shaping the US into a 'portfolio state'

For decades, the US has operated as a low-regulation, private-sector-driven, globalized economy (also known as neoliberalism). In recent years, the Trump administration has taken direct stakes (rather than providing subsidies) in private companies with strategic products like semiconductors and rare earths. This paper argues the approach allows the US to capture the upside of growth.

A 1948 Supreme Court ruling realigned the film industry

1948's landmark United States v. Paramount Pictures found that the "Big Five" studios violated antitrust laws, effectively ending the reign of the vertically integrated system and the golden age of Hollywood.

Walt Disney's 1957 corporate strategy document

From TV to music to amusement parks, Disney is widely regarded as one of the most successful American companies of all time. That's partly because Walt Disney was carefully building a corporate strategy from day one that accounted for the company's publications, merchandise licensing, comic strips, and more. See his 1957 corporate strategy document for yourself (spoiler alert, it's covered in Mickey Mouse illustrations).

Dual-class stock structures separate equity and decision-making authority

In the past few decades, dual-class stock structures have become an increasingly popular way for companies to raise capital in public markets without allocating traditional shareholder voting rights. Meta, Estée Lauder, and The New York Times are companies that are famously dual-class.

Amazon expanded its business and diversified its offerings by acquiring companies

Amazon’s retail and cloud businesses have been key drivers of the company’s growth over the years, but they haven’t done all the work by themselves. Companies Amazon has acquired include the video doorbell maker Ring, the grocer Whole Foods, the streaming service Twitch, the shoe retailer Zappos, and the film studio MGM.

In 1999, Microsoft and Intel’s addition signaled the information tech era for the Dow

Microsoft and Intel became the first information technology firms added to the DJIA. Their inclusion marked a turning point—the digital revolution and tech began to drive the American economy.

An integrated circuit combines major circuit components onto a single device

Before 1958, these components were fabricated separately before manual assembly, introducing human error, delays, and higher costs. The invention of the IC laid the foundation for automated manufacturing, miniaturization, and improvements to speed and energy efficiency.

Read how Fordism helped invent the American middle class

Henry Ford's revolution of the assembly line and American manufacturing as a whole gave rise to the American middle class. The introduction of the $5 workday (in exchange for eight-hour days of highly repetitive work) raised factory workers' wages enough to reorient the economy around consumer demand.

The Monroe Doctrine helped lead to the American occupation of territory abroad

This podcast explores how the policy motivated a century of US military intervention throughout Latin America, the Caribbean, and the Pacific—covering the annexation of Hawaii, the Spanish-American War, and occupations of Cuba, Haiti, and Panama.

How JPMorgan Chase became America's biggest bank

From the railroad and steel consolidations brokered by John Pierpont Morgan on Wall Street more than a century ago, to the repeal of Glass-Steagall, the financial crisis, and Jamie Dimon’s leadership, J.P. Morgan Chase has been at the center of finance for more than a century.

Private equity firms often use leveraged buyouts to acquire new companies

In a leveraged buyout or "LBO," private equity funds finance acquisitions with debt secured by the target company's assets and cash flows. The PE firm aims to improve operations and leverage the company's profile to pay down debt, thereby increasing equity value.

Expanding supermarket chains began offering coupons to attract customers in the 1940s

This was partially a customer acquisition strategy devised to lure customers into chains and away from their local independent grocers.

School integration is designed to improve student outcomes

This American Life follows a Missouri district’s court-ordered integration program that dramatically improved achievement gaps, revealing how desegregation remains an effective yet underused education reform.

Read about different levels of price discrimination

Price discrimination is a business practice in which different customers are charged different prices for the same product or service. It's one way for a business to boost profits and take advantage of its market position. There are three levels of price discrimination, differentiated by the consumers targeted and the reasons for discrimination.

Insider trading is the practice of trading a company's securities based on material, nonpublic information

"Material, nonpublic" information is essentially any undisclosed information that could have a substantial impact on an investor's decision to trade a security. While the practice is strictly prohibited on the stock market, it's now being discussed regarding less-regulated but increasingly popular prediction markets.

Marshall used deft political maneuvering to increase the court's power in Marbury v. Madison

This podcast explores how Chief Justice John Marshall avoided a direct clash with President Jefferson by denying William Marbury his commission—while simultaneously declaring that courts can strike down unconstitutional laws—cementing judicial review, and expanding the Supreme Court's authority.

Money laundering is a three-step process: placement, layering, and integration

"Placement" occurs when dirty money is introduced into the financial system. Then "layering" happens when the money is moved around to disguise where it actually came from. Finally, the money is placed in other assets or investments in a step called integration.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

BYD overcame Tesla via state backing, cheaper cars, and vertical integration

The one-time battery company eclipsed Tesla in total sales in 2024. The Chinese-backed manufacturer targets low- to mid-tier cars and builds 75% of its components in-house. Its cars typically retail at half the cost of similar Tesla models.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Learn how monoclonal antibodies, which mimic the body's antibodies, can fight diseases like Ebola.

Explore an interactive map of battles from the American Revolution, along with detailed summaries of each engagement

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Long before Major League Baseball began allowing instant replay for balls and strikes, an umpire reluctantly used the technology to determine whether a hit was a home run, a move that inadvertently ushered in a new era for the sport.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

Watch this video that uses Lego bricks to explain how venture capital works.

Legendary architect Frank Lloyd Wright designed the SC Johnson headquarters in Wisconsin, aiming to make a cathedral-like workplace

Domino's Pizza's 30-minute delivery guarantee was responsible for the chain's 1980s surge, but it was discontinued after the company was found liable for delivery driver accidents.

Telehealth demand for GLP-1s for weight loss is booming as consumers seek easier access.

US housing costs have risen by roughly 175% between 1991 and 2026—but a growing number of Gen Zers are becoming homeowners anyway. In 2025, 4% of homebuyers were Gen Z, up from 3% the year before.

Budweiser stores yeast derived from the original 1800s strain in a secret bunker, which only the Head of Yeast Management can access—not even the CEO

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Watch how deep-sea mining equipment collects and processes polymetallic nodules—metal-rich, potato-shaped rocks—from the ocean floor and creates environmentally damaging plumes of sediments.

Before humans, the Soviet Union and the United States sent animals—including apes, dogs, and cats—to space during the Space Race.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

After her fellow cult members tried to kill her with an LSD-infused hamburger, one member of the Manson Family, the murderous cult led by Charles Manson, decided to testify against the group's leader.