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Unit 1: The Gilded Age Industrialization. Have you ever used any of these products? What company created these products? Who was the man behind the creation.

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Presentation on theme: "Unit 1: The Gilded Age Industrialization. Have you ever used any of these products? What company created these products? Who was the man behind the creation."— Presentation transcript:

1 Unit 1: The Gilded Age Industrialization

2 Have you ever used any of these products? What company created these products? Who was the man behind the creation of these products?

3 Apple Inc. Steve Jobs  CEO  1976: Started Apple at 21 years old  Entrepreneur: person who organizes and operates a business  Monopoly: one company controls the production and sale of a product or service

4 Gilded Age Entrepreneurs John D. Rockefeller Andrew Carnegie Cornelius Vanderbilt J.P. Morgan George Westinghouse George Pullman

5 How did these men build their businesses? Industrialization: growth of industry due to availability of natural resources, use of electricity and petroleum, new inventions and improved communication and transportation Transcontinental Railroad Availability of cheap labor Free Enterprise Monopolies Laissez Faire Capitalism Trusts: competing companies consolidate into one

6 What is Laissez Faire Capitalism? Laissez Faire capitalism is when the government is not regulating big business. During the Gilded Age, the government practiced Laissez Faire capitalism and this led to rise of big business ( trusts ) Industrialization took place between 1870 and This time period is also called the Gilded Age because on the surface the US was doing great but if one looked below the surface, there was a lot of problems like poverty, bad working conditions and child labor

7 Standard Oil Trust ( monopoly )

8 John D. Rockefeller Industry: Oil Company: Standard Oil Trust Refined oil from the ground into useful products By 1879, Standard Oil controlled 90% of oil refining in the United States

9 Andrew Carnegie Industry: Steel Company: Carnegie Steel Poor Scottish immigrant Paid his workers low wages, forced them to work 12 hour days and prohibited labor unions Philanthropist: $350 million to build libraries and fund universities

10 Cornelius Vanderbilt Industry: Railroads and Steam Ships One of America’s first millionaires Grew up poor Operated a fleet of 100 steam ships Purchased railroads in New York and offered low fares and improved service

11 J.P. Morgan Industry: Banking Company: JP Morgan and Co. Son of a banker Created monopolies in the steel and railroad industries

12 George Westinghouse Industry: Electrical Company: Westinghouse Electric & Manufacturing Co. Served in the Union Army Patented several devices for use by the railroads

13 George Pullman Industry: Railroads Company: Pullman Palace Car Co. Invented the sleeping car Built the town of Pullman to house his employees

14 Captains of Industry OR Robber Barons? These entrepreneurs were viewed as  Captains of Industry: Entrepreneurs who created the modern industrial economy. Inventive leaders who were charitable and hard working. OR…  Robber Barons: Entrepreneurs who were self-centered, destroyed competition and mistreated their workers. Example: Steve Jobs

15 TODAY In groups, you will determine if these men were…  Captains of Industry  Robber Barons


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