Growth of Big Business As industrial capabilities grew, so did the wealth of some company owners.

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Presentation transcript:

Growth of Big Business As industrial capabilities grew, so did the wealth of some company owners

“Robber Barons” or “Captains of Industry”-(some business men accumulated staggering wealth!) Built fortunes by stealing from people Help from public officials Harm to workers Served nation in positive way Expand markets, better technology Founded schools, museums, libraries, colleges

Monopolies Control a product or service

Andrew Carnegie US Steel Purchased iron ore mills to form monopoly Cartel- loose association of companies Supported libraries

Carnegie mansion

John Rockefeller Standard Oil Company Bought out companies (competition) to form monopoly Trust-managed a number of companies in a single unit

Satire on Rockefeller

Vertical consolidation Horizontal consolidation

Sherman Anti-Trust Act Bans Monopolies

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