Robber Barons or Captains of Industry? Perspectives of Entrepreneurs

Focus Question In a short of response of two to three sentences, answer the following question: How would you define ‘success’?

Objectives After today’s lesson, you will: Define ‘Robber Baron’ and ‘Captain of Industry’ with complete accuracy. Debate which term is more accurate in the late 19 th century business world.

The Gilded Age Late 19 th century referred to as the ‘Gilded Age’ Title taken from a Mark Twain satire Meaning: Conditions in America seemed wonderful, but underneath all was base and poor.

Monopoly Became the Rule Nearly all industries part of the monopolistic drive Promoted by ideas of Social Darwinism “Survival of the Fittest” Justification of ruthless tactics Justified the depths of poverty Justified autocratic approaches

Which Were They? ROBBER BARONS Exploited Workers Drained Natural Resources Controlled Government Devastated Competition Ruled Autocratically CAPTAINS OF INDUSTRY Created wealth Created Jobs Made the U.S. a world power Developed a bevy of new products and industrial procedures Philanthropists

The Gospel of Wealth Some grew uncomfortable with the situation Andrew Carnegie promoted the Gospel of Wealth Riches were justified if the wealthy used his wealth for the community “The Man Who Dies Rich Dies Disgraced.”

Reforms proposed Many saw the government as a tool to prevent monopolies Sherman Antitrust Act Forbade “combinations in restraint of trade” Did not define trusts Rarely used against any monopoly. Ineffective

Summary In a short response of 2 to 3 sentences, explain how you would improve today’s lesson: