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Robber Barons or Captains of Industry?. Basic Economics of 19 th Century - economic system where businesses are operated by private owners -Laissez-Faire?

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Presentation on theme: "Robber Barons or Captains of Industry?. Basic Economics of 19 th Century - economic system where businesses are operated by private owners -Laissez-Faire?"— Presentation transcript:

1 Robber Barons or Captains of Industry?

2 Basic Economics of 19 th Century - economic system where businesses are operated by private owners -Laissez-Faire? -Protective Tariff – protect US businesses -Mass production – use machines to quickly make goods -Corporation – group ownership – invest in a company (shares/stocks) - - complete ownership of a company

3 Protective Tariff

4 Monopoly

5 Trusts Vertical Integration – control every step of the manufacturing process – Brainstorm – automobile – Carnegie – steel Horizontal Integration – ally with competitors to control an entire market – Brainstorm – Nike – Rockefeller – Oil Trust – group of companies controlled by a single board

6

7 Cornelius Vanderbilt Railroads $185 billion (today’s money)

8 JP Morgan Banker – US Steel – General Electric – AT&T – $41.5 Billion (today’s $)

9 John D Rockefeller Oil (kerosene, gasoline) – Standard Oil Company – $340 billion (today’s)

10 Thomas Alva Edison Edison Electric (now GE) Light bulb/ DC $170 million (today’s $)

11 Andrew Carnegie Steel – Carnegie Steel Co. – Bessemer Process – cheap steel – “Gospel of Wealth” – $310 billion (today)

12 Good or Bad? Captains of Industry Philanthropists – Grand Central Station – Rockefeller Center – Carnegie-Mellon University – Vanderbilt University – Carnegie Libraries – University of Chicago Jobs Cheaper products Bailed gov’t out Robber Barons Long hours, small wages Monopolists Child labor Destroyed small businesses Unfair business practices


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