1. Industrialization of America
“Rags to Riches”
The RISE OF BIG BUSINESS

2. Transformation of America
INDUSTRIALIZATION AND BUSINESS

3. POWERHOUSE The Titans

4. S O C I A L D A R W I N I S M
Applied from Charles Darwin’s Origin of the Species.
Adapted by Herbert Spencer to society and economics.
Used to explain that some individuals and businesses (corporations) are more fit – have more ability, work harder, more efficient and will be more successful.

5. Cornelius Vanderbilt
Transportation in New York and Northeastern United States.

6. The COMMODORE
Cornelius Vanderbilt

7. Andrew Carnegie
From poor immigrant to the richest man in the world.

8. Andrew Carnegie

9. CARNEGIE – vertical consolidation
Control of ownership of all industries that produce the same product

10. Horizontal and Vertical Consolidation
Coke fields
Iron ore deposits
Ships
Railroads
purchased by Carnegie
Steel mills
Coke fields
Iron ore deposits
Ships
Railroads
purchased by Carnegie
Steel mills
Coke fields
Iron ore deposits
Ships
Railroads
purchased by Carnegie
Steel mills
Coke fields
Iron ore deposits
Ships
Railroads
purchased by Carnegie
Steel mills
Independent Oil refineries
Standard Oil Company
purchased by
Rockefellar

11. The Richest Man in the World
Sold CARNIGIE STEEL company to J.P. Morgan for $480 million.
Morgan consolidated Carnegie Steel with other steel companies to create UNITED STATES STEEL – the world’s largest steel company.

12. Gospel of Wealth Belief advocated by Andrew Carnegie
Concept that the wealthy should give their fortune back to society for improvement.
Gave millions to help establish public libraries.
Carnegie-Mellon University.
Carnegie Hall in New York.
Millions to help cure hookworm disease

13. John D. Rockefeller
Rockefeller used shrewd business strategies to create Standard Oil Company and make it a monopoly

14. Rockefeller – horizontal consolidation
Control of various companies that make the same product. Rockefeller controlled oil industries.

16. The Standard Oil Octopus

17. The Captains of Industry
Positive term used to describe the industrialists as the leaders of the economic growth and prosperity, established businesses that provided jobs and opportunities for poor and immigrants, provided new products and services.

18. The ROBBER BARRONS
Negative term to describe the industrialists as being corrupt and using unethical business practices to establish monopolies; they eliminated competition; they took advantage of cheap immigrant labor and kept wages low, working hours long and unsafe.

21. PUCK magazine
The Bosses of the Senate