Big Business in the early 20 th century

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Big Business in the early 20 th century Rockefeller, Vanderbilt, Carnegie and J. P Morgan

Cornelius Vanderbilt

Cornelius Vanderbilt • Railroad baron - 1870’s • Bought up RR lines • Forced smaller RR owners to sell to him • Owned most lines between NY and Chicago

Cornelius Vanderbilt • What advantages did he create for his business? • Was it legal? • What is is called when one company owns, runs all of the parts of an industry

John D. Rockefeller

John D. Rockefeller • oil baron - 1880’s & 90’s • Bought up oil refineries • Realized U. S. would become dependent on oil • Largest, most powerful oil company - Standard Oil

John D. Rockefeller • What are some of the oil companies today? • What would happen if there were only one company? • What do we call it when prices increase, value of money decreases

Andrew Carnegie

Andrew Carnegie • steel baron - 1890’s • Bought up iron mines, steel mills, RR and steamship lines, warehouses • Vertical integration - controlling all phases of an industry - from raw material to finished product

Andrew Carnegie • What is the advantage of vertical integration?

J. P. Morgan

J. P. Morgan • banking baron - 1890’s • Controlled banks, corporations • Would buy up shares in struggling companies and then take over • By 1890’s owned most of the steel, rail companies

PHILANTHROPY Have you ever heard of any presentday institutions which have the name • Vanderbilt? • Carnegie? • Rockefeller? • Morgan?

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