Captains of Industry or Robber Barons
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 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 • - Vertical Integration – controlling all aspects of the industry
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 could)
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
Staircase
Music room
Dining Room
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
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
Bedroom
Dining room
Vanderbilt summer cottage
Vanderbilt childrens’ cottage
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
Aerial view of Rockefeller’s estate
Rockefeller Robber Baron or Captain of Industry handout
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 • Made it bigger – it became the first Billion dollar company
What point is this cartoon making?
Morgan
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