1. The Growth of American Industry

2. The Gilded Age
The Gilded Age= A period in American history It was a period of
Big Industry
Political Corruption
What did Mark Twain mean? = It looked good on the outside, but not good on the inside

3. Three things that fueled industrial growth
1). Steel – Produced through the Bessemer Process

4. 2). Petroleum Fuel
Edwin Drake developed a system to drill oil out of the ground

5. 3). Electricity – Thomas A
3). Electricity – Thomas A. Edison = Developed an electrical distribution system
George Westinghouse = Developed electrical transformers that could send electricity to far off places

6. Other Inventions
Alexander Graham Bell

7. How could the railroad be good for business?
Good for farmers?

8. The “Captains” of Industry or the “Robber Barons”

9. Andrew Carnegie = Steel Baron
Owned U.S. Steel
How did his company get so big?

10. Vertical Integration Shell Gas Station
Oil Trucking Company
Oil Shipping Company
Oil Drilling Company
A process where a company owns all stages of production of a produce

12. John D. Rockefeller = Oil Baron
Owner of Standard Oil Company = The largest oil company of the Gilded Age
How did his company get so big?

13. Horizontal Integration
A process where a company buys out similar companies

14. What was the goal of Horizontal and Vertical Integration?
To form a Monopoly= When a company has exclusive control over the supply of a product and faces no competition
Why would you want this?
Make more money because there is no one competing with you

15. J.P. Morgan = Banking Baron
He gained control of other businesses by controlling stocks and banks

16. Cornelius Vanderbilt = Railroad and shipping Baron
Controlled almost all of the railroads in the American northeast and mid-west.

18. Social Darwinism= Survival of the fittest in American Society
Is it right that these men should become so wealthy and control almost all of American business?
Social Darwinism= Survival of the fittest in American Society
They were successful because they were better at what they did. If you worked in a factory, you simply were not fit to lead business.

19. ***The Gilded Age is a period of Laissez-Faire Economics = No government regulation of business

20. Gospel of Wealth
Gospel of Wealth = A book written by Andrew Carnegie – A rich person should give part of their fortune back to the people

21. Examples
Carnegie Hall
Rockefeller Plaza
Vanderbilt University

22. What were these guys “Captains of Industry” or “Robber Barons”?