The Growth of American Industry

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Presentation transcript:

The Growth of American Industry

The Gilded Age The Gilded Age= A period in American history 1870-1900. It was a period of Big Industry Political Corruption What did Mark Twain mean? = It looked good on the outside, but not good on the inside

Three things that fueled industrial growth 1). Steel – Produced through the Bessemer Process

2). Petroleum Fuel Edwin Drake developed a system to drill oil out of the ground

3). Electricity – Thomas A 3). Electricity – Thomas A. Edison = Developed an electrical distribution system George Westinghouse = Developed electrical transformers that could send electricity to far off places

Other Inventions Alexander Graham Bell

How could the railroad be good for business? Good for farmers?

The “Captains” of Industry or the “Robber Barons”

Andrew Carnegie = Steel Baron Owned U.S. Steel How did his company get so big?

Vertical Integration Shell Gas Station Oil Trucking Company Oil Shipping Company Oil Drilling Company A process where a company owns all stages of production of a produce

John D. Rockefeller = Oil Baron Owner of Standard Oil Company = The largest oil company of the Gilded Age How did his company get so big?

Horizontal Integration A process where a company buys out similar companies

What was the goal of Horizontal and Vertical Integration? To form a Monopoly= When a company has exclusive control over the supply of a product and faces no competition Why would you want this? Make more money because there is no one competing with you

J.P. Morgan = Banking Baron He gained control of other businesses by controlling stocks and banks

Cornelius Vanderbilt = Railroad and shipping Baron Controlled almost all of the railroads in the American northeast and mid-west.

Social Darwinism= Survival of the fittest in American Society Is it right that these men should become so wealthy and control almost all of American business? Social Darwinism= Survival of the fittest in American Society They were successful because they were better at what they did. If you worked in a factory, you simply were not fit to lead business.

***The Gilded Age is a period of Laissez-Faire Economics = No government regulation of business

Gospel of Wealth Gospel of Wealth = A book written by Andrew Carnegie – A rich person should give part of their fortune back to the people

Examples Carnegie Hall Rockefeller Plaza Vanderbilt University

What were these guys “Captains of Industry” or “Robber Barons”?