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Captains of Industry or Robber Barons Captains of Industry or Robber Barons

Captain of Industry – person who builds a huge business and helps society. Robber Captain of Industry – person who builds a huge business and helps society. Robber Baron – people that get ahead in business by shutting off all competition, mainly using illegal practices

I. Andrew Carnegie Steel • A. Management – efficient • 1. Tried to make I. Andrew Carnegie Steel • A. Management – efficient • 1. Tried to make good products cheaply • 2. kept accurate records of eveything • 3. Hired smart people, let them buy stock and rewarded them for efficiency

B. Business • 1. Cutthroat – wanted to control the entire steel industry • B. Business • 1. Cutthroat – wanted to control the entire steel industry • - Vertical Integration – controlling all aspects of the industry

Coal mines Iron mines – these are iron pellets that will be shipped to Coal mines Iron mines – these are iron pellets that will be shipped to make steel Railroads How would it help to control all of this?

- Horizontal Integration - controlling all the steel companies (or as many as he - Horizontal Integration - controlling all the steel companies (or as many as he could)

C. By 1901, he produced 80% of the steel in the U. S. • C. By 1901, he produced 80% of the steel in the U. S. • Gave away over $500 million • that would be $11. 6 billion today • - obviously, he made A LOT of money – about $25 million per year • That can get a fella a pretty nice house

Andrew Carnegie Andrew Carnegie

Staircase Staircase

Music room Music room

Dining Room Dining Room

In your books. . . Page 448 – read about Social Darwinism – what In your books. . . Page 448 – read about Social Darwinism – what does it mean? Put the definition in your notes

In contrast, the homes of Carnegie’s workers In contrast, the homes of Carnegie’s workers

II. Cornelius Vanderbilt – Steamboats, Railroads • A. Controlled the steam boat industry until II. Cornelius Vanderbilt – Steamboats, Railroads • A. Controlled the steam boat industry until selling out in 1863. • By then he was worth $40 million ($770 million now) • B. Invested in Railroads and made more money

Vanderbilt Vanderbilt

Bedroom Bedroom

Dining room Dining room

Vanderbilt summer cottage Vanderbilt summer cottage

Vanderbilt childrens’ cottage Vanderbilt childrens’ cottage

III. John D. Rockefeller Oil • A. Joined oil companies together in Trusts – III. John D. Rockefeller Oil • A. Joined oil companies together in Trusts – all shared profits – illegal • B. Standard Oil Company controlled 90% - 98% of the nation’s oil • - Had great political power • C. Treated everyone badly – employees, competitors, etc. • - did give away over $500 million

Rockefeller’s house Just kidding Rockefeller’s house Just kidding

Rockefeller Rockefeller

Aerial view of Rockefeller’s estate Aerial view of Rockefeller’s estate

Rockefeller Robber Baron or Captain of Industry handout Rockefeller Robber Baron or Captain of Industry handout

IV. J. P. Morgan - banking • A. Bought the stock of companies in IV. J. P. Morgan - banking • A. Bought the stock of companies in order to control them • B. Loaned money to companies, bought their stock, put all the businesses together and controlled them all • - example – bought the RR tracks – didn’t even have to buy the RR companies – they couldn’t travel without the tracks

 • C. INCREDIBLE wealth • D. Bought Carnegie Steel for $500 million • • C. INCREDIBLE wealth • D. Bought Carnegie Steel for $500 million • Made it bigger – it became the first Billion dollar company

What point is this cartoon making? What point is this cartoon making?

Morgan Morgan