 What was the name of the man who designed Central Park?  Is Europe a country or a continent?  Which part of Europe did Old immigrants come from? 

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Presentation transcript:

 What was the name of the man who designed Central Park?  Is Europe a country or a continent?  Which part of Europe did Old immigrants come from?  Which part of Europe did New immigrants come from?

Objective Explain how business and industrial leaders accumulated wealth and wielded political and economic power.

Era of Innovation Thomas Edison- - Invented the light bulb - People able to work at night - Worked to produce electricity Alexander G Bell - telephone (1876) - improved communication Christopher Sholes- - typewriter (1867) - more women working % of women working % of women working

Industry Expands -D iscovered vast natural resources - Laissez-Faire (big business) - Immigrants provided cheap labor to factories Oil is discovered - Discovered in Texas - Edwin Drake, uses steam engine to pump up oil - Refineries in large cities (Pittsburg, Cleveland) - called Black Gold

Industrialization Bessemer Process - make better quality steel - inject air into iron, removes impurities - Makes it stronger, rust proof Steel Production - Cheaper steel - US produces more steel than any other country in the world - Used in making barbed wire, machines - Building of Skyscrapers, and suspension bridges

Andrew Carnegie - Steel industry mogul - US Steel Company - Perfected Bessemer Pros. - “Gospel of Wealth”- wealthy controls wealth John D. Rockefeller - Oil tycoon - Standard Oil Company - took over all competition - controlled 90% of oil market JP Morgan - Investment Banker - JP Morgan Investments - used Trusts to buy other companies (pooling $$$)

Business Practices - Laissez-Faire (big business) - Many formed monopolies - Rich got richer, poor got poorer Vertical Integration - buy up all steps of production - Resources, Manufacturing, Retail Horizontal Integration - buy up one stage of prod. - buy all resources, - buy all manufacturing - buy all retail stores These practices created monopolies!

Raw Materials Manufacturing Retail $$$ Manufacturing Vertical Integration Horizontal Integration

Big Business Robber Barons - steal money from country to boost personal wealth - Carnegie, Rockefeller, Morgan considered Robber Barons Captains of Industry - those that give money to improve country - Carnegie, Rockefeller, Morgan considered C-o-I because they donated most of wealth by the time they died

Big Business Legacy Carnegie - established colleges, schools - patron of the arts - gave away 90% of wealth Rockefeller -Rockefeller Foundation- helped start the University of Chicago, -medical institution that cured yellow fever - donated $550 million

 Controlled many of the Railroads in New York, New Jersey  Biltmore Estate- George Vanderbilt  America Largest home

CarnegieRockefell er JP Morgan Steel Carnegie Steel Company Oil Standard Oil Banking JP Morgan Investmen ts

1. Who invented the light bulb? 2. What was the process that made cheaper better steel? 3. Name the 3 major business moguls. 4. What type of business practice did Carnegie use to control the steel industry?

 Thomas Edison  Andrew Carnegie  John Rockefeller  JP Morgan  Vertical Integration  Horizontal Integration

 Thomas Edison  Alexander Graham Bell  Andrew Carnegie  JP Morgan  John D Rockefeller  John Deere  Eli Whitney