1. Carnegie, Rockefeller, and Success

2.  America’s First Big Business  Railroads combine and corporations are formed (helped by the government)  Cornelius Vanderbilt dominated the industry and became extremely wealth (2 nd in history) "Gentlemen: you have undertaken to cheat me. I won't sue you, for the law is too slow. I'll ruin you. Yours truly, Cornelius Vanderbilt."

3.  Vertical Integration- own all means of production from the top down (you cut out the middle man and cut costs)  Horizontal Integration- take control of all the companies that make the same product How would you vertically or horizontally integrate your lemonade business?

4. Doesn’t he look like the guy from Jurassic Park?

5.  Scottish immigrant who achieved the “rags to riches” dream (the best example of this)  Built steel mill in 1870 and focused on cutting costs and keeping prices low  Practiced vertical and horizontal integration  Carnegie Steel becomes the World’s largest corporation  Sold company to J.P. Morgan for $450 million

6. YES, HE IS A BAD GUYNO, HE IS A GREAT GUY  He cut costs and workers salaries  Violently and ruthlessly ended the homestead strike  Helped keep workers in state of pauperism  Created unsafe and difficult conditions for his workers  He created thousands of jobs with his industry  He helped create products and technological developments that benefitted society  He was a great philanthropist and donated over $300 million to charity Henry Clay Frick

7. I’m thinking of growing a moustache like this…

8.  Founded Standard Oil Company in 1870  Scrutinized every aspect of production to cut costs  Advertized heavily and was a master of marketing  First Horizontal, then Vertical  Consolidation > Competition

9.  http://www.nytimes.com/ref/business/20 070715_GILDED_GRAPHIC.html# http://www.nytimes.com/ref/business/20 070715_GILDED_GRAPHIC.html#  http://www.neatorama.com/2008/07/09/ 10-richest-people-of-all-time-and-how- they-made-their-fortunes/ http://www.neatorama.com/2008/07/09/ 10-richest-people-of-all-time-and-how- they-made-their-fortunes/

10.  Pools- informal agreements to set rates, prices, and business  Trusts- stockholders transfer control to a board of trustees  Holding companies- One major corporation would buy the stock and exert direct control Example: Standard Oil in New Jersey