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Robber Barons or Captains of Industry?

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Presentation on theme: "Robber Barons or Captains of Industry?"— Presentation transcript:

1 Robber Barons or Captains of Industry?

2 Basic Economics of 19th 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


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

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