Robber Barons or Captains of Industry?

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Robber Barons vs. Captains of Industry

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Robber Barons or Captains of Industry?

Basic Economics of 19th Century - economic system where businesses are operated by private owners Laissez-Faire? Protective Tariff – protect US businesses Mass production – use machines to quickly make goods Corporation – group ownership – invest in a company (shares/stocks) - complete ownership of a company

Protective Tariff

Monopoly

Trusts Vertical Integration – control every step of the manufacturing process Brainstorm – automobile Carnegie – steel Horizontal Integration – ally with competitors to control an entire market Brainstorm – Nike Rockefeller – Oil Trust – group of companies controlled by a single board

Cornelius Vanderbilt Railroads $185 billion (today’s money)

JP Morgan Banker US Steel General Electric AT&T $41.5 Billion (today’s $)

John D Rockefeller Oil (kerosene, gasoline) Standard Oil Company $340 billion (today’s)

Thomas Alva Edison Edison Electric (now GE) Light bulb/ DC $170 million (today’s $)

Andrew Carnegie Steel Carnegie Steel Co. Bessemer Process – cheap steel “Gospel of Wealth” $310 billion (today)

Good or Bad? Captains of Industry Robber Barons Philanthropists Jobs Grand Central Station Rockefeller Center Carnegie-Mellon University Vanderbilt University Carnegie Libraries University of Chicago Jobs Cheaper products Bailed gov’t out Long hours, small wages Monopolists Child labor Destroyed small businesses Unfair business practices