Have out dialogue homework to hand in. Notes in notebook

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The Captains of Industry
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Presentation transcript:

Have out dialogue homework to hand in. Notes in notebook Agenda: Have out dialogue homework to hand in. Notes in notebook Homework in notebook: Acrostic poem INDUSTRIALIZATION “Z”-zoned for business

9/23 Captains of Industry

MonOpolies…like the game? It’s just like winning the game! One company or small group that has TOTAL control over one part of business

It’s all about trusts! Trust: A group of corporations that unite to reduce competition and control prices in a business Many believed that trusts threatened American economic and political freedoms Wealthy business owners who were part of trusts used their enormous wealth to buy elections and corrupt public officials.

Political machines Political bosses do favors and then people vote how they are told Quid-pro-quo (something for something) Robber barons: Wealthy businessmen who used corrupt practices to get ahead

Political Corruption Corruption common and state and local levels of government Boss Tweed ran the Tammany Hall political machine in New York City

Captains of industry Andrew Carnegie John D. Rockefeller J.P. Morgan

Andrew Carnegie Vertical integration When one company is responsible for every part of the production of an item from beginning to end (raw material to finished product) Example: Carnegie Steel Co. owned iron ore mines and paid workers to mine owned railroad companies for shipping iron ore to factories owned the factories that turned the iron ore into steel Andrew Carnegie

Horizontal integration When one company owns all the businesses in a field Example: Standard Oil Bought out all other oil companies so Standard Oil owned the market John Rockefeller

Captains as philanthropists someone who uses their wealth for the benefit of the less fortunate Rockefeller Center Carnegie Hall

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