Presentation on theme: "Age of Moguls Let’s look at some terms –Mogul –Trust –Monopoly –Incorporated –pious."— Presentation transcript:
Age of Moguls Let’s look at some terms –Mogul –Trust –Monopoly –Incorporated –pious
Andrew Carnegie http://www.biography.com/people/an drew-carnegie- 9238756/videos/andrew-carnegie- full-episode-2071932799 Let’s watch a video But before we start the video, you will be required to do the following:
Video on Andrew Carnegie As you watch the video on Andrew Carnegie: 1.Write down 3 things you found interesting about Carnegie and explain why. 2.Identify what contributed to Carnegie’s success. 3.Why was Carnegie a mogul? 4.Draw a picture which best represents Carnegie’s impact on the industrial revolution.
Background Steel and Pittsburgh -- Civil War -- Railroads (iron vs. steel) -- All his eggs in one basket -- Carnegie Steel -- Henry Frick -- Limited partnership -- Secrets of his success Vertical Integration Carnegie Steel Henry Frick
Bought by United States Steel Company (1901)- Competition with JP. Morgan (monopoly) Steel tubing
Andrew Carnegie: Gospel of Wealth: Rich man’s duty Give it away Die Rich (No!) Why did he want to sell? Minister of his surplus of wealth (public good)