Pump-Up Predict how the first millionaires will make their money during this time period. Do you think these millionaires will use their money for themselves.

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Presentation transcript:

Pump-Up Predict how the first millionaires will make their money during this time period. Do you think these millionaires will use their money for themselves or to help others?

The Rise of Big Business

Today’s Vocabulary Laissez-faire –Philosophy that the gov’t should keep their “hands- off” business. Vertical Integration –Purchasing companies that supply ones business. Horizontal Integration –Purchasing competing businesses to form a monopoly.

Steel Bessemer Process. Could make steel faster and more cheaply. Steel was stronger and easer to shaped than iron.

Oil “Drake’s Folly” Black Gold –Used for kerosene. Rise of oil industry in Texas.

Transcontinental Railroad Union Pacific –From East to West. –Hired Irish, African and Native Americans. Central Pacific –From the West to the East. –Hired Chinese. Promontory Point, Utah –Where the two points met. Standard Time developed.

Promontory Point, Utah

Capitalism & Free Markets Horatio Alger –Believed that a strong work ethic makes one successful. Laissez-faire –“Hands off.” –Gov’t does not interfere with businesses. Social Darwinism –Survival of the fittest. –Attempted to justify inequalities between rich and poor.

Business Structure Proprietorships –Individual owners. Partnerships –Two or more people. Corporations –Stockholders. Monopoly –When a corporation gains complete control over an industry.

Rockefeller & Oil Standard Oil controlled 90% of the oil refined in the U.S. Vertical integration –Purchasing companies that supply ones business. Horizontal integration –Purchasing competing companies to form a monopoly. –Able to control the market. Supported the gospel of wealth. –Used wealth to help the less fortunate. –Gave away ½ of his money.

Barrels Pumps Shipping Oil Refinery Integrated Oil Company Vertical Integration Integrated Oil Company Independent Oil Refinery Horizontal Integration

Standard Oil owned interests in all parts of the industry—drilling, refining, and storage of oil. Rockefeller got special rates from RR companies, lowering his transport costs. Rockefeller’s fortune rested on Standard Oil.

Carnegie & Steel U.S. Steel Company was the first billion dollar corporation in America. Supported the gospel of wealth. –Gave away 90% of his money. –Philanthropy.

Vanderbilt & Railroads Began investing in RRs during the Civil War. Supported social Darwinism. –Biltmore House

Biltmore House

Morgan & Banking Investment banking. Believed in social Darwinism. –Only donated money when it would benefit him.

Good vs Bad Robber Barons –Unfairly profited by squeezing out competitors. Captains of Industry –Used their fortunes to better America.

Mass Marketing Department stores –Sold many products in one store. Mail-order –Sears Roebuck and Company was able to send products to all areas of the country.

The Gilded Age Mark Twain May appear to sparkle on the outside but on the inside there is corrosion.

Classwork Today you will read about four men who earned fortunes during the Gilded Age. You will then determine for yourself if these men are a Robber Baron or a Captain of Industry.

Reflection Explain the difference between Robber Barons and Captains of Industry. How did each affect society?