American Business Leaders ( see pgs. 27 in study packet)

Andrew Carnegie – Steel –Vertical integration  Merged steps of production to cut costs of production –Wrote “Gospel of Wealth”  belief that wealthy have an obligation to help the poor  Not charity – but provide opportunities to work their way up the ladder)  Established free lending libraries

John D. Rockefeller – Standard OIL Co. –Horizontal integration  merged companies that produced same product  At one point controlled 90% of the oil refineries in the US –Noted for very ruthless tactics – price wars, intimidation –Later established foundations, scholarships,

JP Morgan – Banking & finance –Took over bankrupt railroads and merged into profitable lines –Bought Carnegie Steel and merged with others to form US Steel –Loaned money to businesses

Henry Ford - Automobile –Revolutionized auto making by using the assembly line to produce more affordable cars

Cornelius Vanderbilt – Railroads –New York Central Railroad –Merged railroad lines between NY and Chicago

“Captains of Industry” or “Robber Barons”  Captain of Industry –Entrepreneurs, risk takers –Used the system & available resources to make a fortune –Role model for others to follow –Philanthropists  Could use wealth to better nation  Robber Baron –Ruthless businessmen –Exploited workers & consumers in order to make a profit –Self centered; greedy motive (Go back to pg. 30 to add two more industrialists to our packet!!)