The Rise of Big Business Chapter 14 Section 2 Learning Goal: I will be able to identify the leading industrial tycoons, and what they achieved. US.6 Describe.

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The Rise of Big Business Chapter 14 Section 2 Learning Goal: I will be able to identify the leading industrial tycoons, and what they achieved. US.6 Describe the changes in American life that resulted from the inventions and innovations of business leaders and entrepreneurs of the period: (C, E) · Henry Bessemer · George Pullman · Alexander Graham Bell · Andrew Carnegie · Thomas Edison · J.P. Morgan · John D. Rockefeller · Swift and Armour · Cornelius Vanderbilt

Morning Work August 5, st PeriodAgenda WRITE QUESTIONS! 1.What were Jim Crow laws? 2.What were grandfather clauses? Morning Work Lecture: Rise of Big Business Men Who Built America: Cornelius Vanderbilt

Morning Work August 5, rd /4 th PeriodAgenda WRITE QUESTIONS! 1.What were Jim Crow laws? 2.What were grandfather clauses? Morning Work Lecture: Rise of Big Business Men Who Built America: Cornelius Vanderbilt

Morning Work August 8, 2016 WRITE QUESTIONS 1.What is a monopoly? 2.What is a trust? Morning Work Finish Men Who Build America (Vanderbilt) Lecture: Rise of Big Business Men Who Built America : John D. Rockefeller

Morning Work August 9, st PeriodAgenda WRITE QUESTIONS 1.What was the Bessemer Process? 2.What is vertical integration? Morning Work Finish Men Who Built America (10 minutes) Lecture: Rise of Big Business America the Story of Us: Thomas Edison Close Read: Carnegie’s Gospel of Wealth

Morning Work August 9, rd /4 th PeriodAgenda WRITE QUESTIONS 1.What is the Bessemer Process? 2.What is vertical integration? Morning Work Finish Men Who Built America (Rockefeller) Lecture: Rise of Big Business America the Story of Us: Thomas Edison Reading: Carnegie’s Gospel of Wealth

A Favorable Climate for Business Free Markets ▫Capitalism: competition determines prices/wages, & most industries are run by private businesses. ▫Laissez-Faire: No government intervention Social Darwinism ▫Inequalities were part of the natural order ▫Charles Darwin/natural selection

A Favorable Climate for Business Social Darwinists believed natural selection applied to society.

Business Structures Change Proprietorships and Partnerships ▫Proprietorships  Ran by individual owners ▫Partnerships  Companies owned by 2 or more people Corporations ▫Businesses owned by stockholders

Business Structures Change Trusts and Monopolies ▫Trust: Companies that joined together/were then run as 1 company. ▫Sometimes a trust gained a monopoly, having complete control of an industry.  With no competition, prices could be raised or lowered at will.

Oil Oil Industry Begins ▫Fuel source and for lubrication ▫ Edwin L. Drake drilled the 1 st commercial oil well. ▫Oil prospectors, or Wildcatters, looked for oil in other regions.

Oil January 1901: Anthony F. Lucas struck oil in Spindletop, Texas.  Exxon Mobil, Gulf Oil, and Texaco got their start at Spindletop.

Steel Making of Steel ▫Bessemer Process  America the world’s top producer of steel. ▫Transformed U.S. into a modern industrial economy.

Railroad Tycoons Cornelius Vanderbilt ▫At height of career he controlled 4,500 miles of track ▫Gave money to what would become Vanderbilt University.

Railroad Tycoons George Pullman ▫Designed and built sleeper cars ▫Built a town south of Chicago to house workers ▫Pullman Company controlled aspects of life in the town.

Industrial Tycoons John D. Rockefeller ▫Standard Oil Company ▫Used vertical integration/horizontal integration  Vertical : acquired companies that supplied his business  Horizontal: Took over companies producing the same product. ▫By 1879 Standard Oil refined 90% of U.S. oil.

Industrial Tycoons Carnegie and Steel ▫Used vertical integration ▫Carnegie Steel Company dominated the U.S. industry. ▫Carnegie’s Gospel of Wealth  Wealthy had a duty toward the rest of society.

J.P. Morgan Investment banking: ▫J.P. Morgan- specialized in helping companies sell large blocks of stock to investment bankers at a discount. ▫1901: Morgan bought out Carnegie Steel & merged with other steel companies- United State Steel Corp.

Monopoly

Meatpacking Industry Gustavus Swift ▫Shipped 1 st refrigerated load of meat ▫Owned Swift & Co. Philip Armour ▫Owned Armour and Company- a meatpacking industry in Chicago

A Mixed Legacy Critics ▫Business tycoons were “robber barons” who profited unfairly by squeezing out competitors Proponents ▫“Captains of industry” who used their business skills to make the American economy more productive.

Mass Marketing Hershey Company ▫Milk chocolate Household goods were targeted toward women Brand names

Mass Marketing Department stores Mail-order companies gave rural dwellers access to a huge variety of goods.

Communication Revolution Telephone ▫Alexander Graham Bell developed a device that could transmit voices using electricity. ▫1876 Bell patented his device

Communication Revolution

Thomas Edison 1876 opened own research lab in Menlo Park, N.J. Invented the first phonograph Incandescent bulb ▫need for widely available electricity 1880 brought electricity to New York City Over lifetime he earned over 1,000 U.S. patents.

1 st Motion Film in America

effects the railroad had on American life 2 companies that built the Transcontinental Railroad 1 new industry that emerged in the late 1800s

Robber Baron vs. Captain of Industry Robber Baron ▫An American industrialist who became wealthy by unethical means, such as questionable stock market operations and exploitation of labor. Captain of Industry ▫A business leader that benefits the nation in a positive way. This includes increasing the availability of goods, creating more and new jobs, and donating money to benefit the well being of the people.