Big Business in the Gilded Age

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Presentation transcript:

Big Business in the Gilded Age Essential Question: Were the Big businessmen of the gilded age Robber Barons or Captains of industry?

Did these business men help the U.S.? It’s up for Debate Yes No Some people were thankful for big business owners. Called these men “captains of industry”: business leader who’s personal fortune is used to help the country. They should be applauded for a job well done. Some people did not like their business practices. Called these business owners Robber Barons because they felt like these men mistreated their workers and took advantage of the situation to get ahead.

Social Darwinism Based on Darwin’s theory of evolution by natural section; unrestrained competition ensures the strong companies survive while the weak ones do not.

Vanderbilt: Railroad Background: Self Made Millionaire (worked with his dad as a boy in NYC– came from humble circumstances) Industry: Railroads Business Practices: Merged different railroad lines so he could have monopoly Philanthropy: Vanderbilt University & Grand Central Station

Andrew Carnegie: Steel Background: Born in to poverty, Rags to Riches story, Started working for $1.20 per week. Scottish immigrant. Industry: Steel (Name of Company-Carnegie Steel) Business Practices: Vertical Integration, Offered employees stock. Tried to attract best employees Philanthropist- Wrote Gospel of Wealth (book that argues rich should donate money to society). Gave to Carnegie University.

John D. Rockefeller, Oil Background: Son of traveling salesman in NYC. Began as an office clerk. Industry: Oil (Standard Oil Company) Business Practice: Controlled 90% of the refining business (horizontal integration) + Established the first trust in U.S. History (trust is a business with stock) Philanthropy: Rockefeller Center, University of Chicago

J.P. Morgan: Banking Background: Born in CT, Son of a banker- always worked in banks growing up. Industry: Banking (JP Morgan & Co) Business Practices: Invested in many large companies (entrepreneur), oversaw many mergers Philanthropy: American museum of natural history and episcopal church

Government Action Many people in the government were worried about certain individuals/companies gaining too much power. They feared this would harm the American idea of free competition. Sherman Antitrust Act 1890 made trusts illegal. The law was hard to enforce and was eventually forgotten.