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Should the industrialists of the late 19th century be remembered as Robber Barons or Captains of Industry? Aim: Do Now:

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Presentation on theme: "Should the industrialists of the late 19th century be remembered as Robber Barons or Captains of Industry? Aim: Do Now:"— Presentation transcript:

1 Should the industrialists of the late 19th century be remembered as Robber Barons or Captains of Industry? Aim: Do Now:

2 Background

3 Free Enterprise System (Capitalism)
The free enterprise system or Capitalism is the economic system in which citizens are free to run a business to make a profit. The system is based on the laissez-faire theory, meaning the government should NOT interfere in how business run or the economy.

4

5 Alexander Graham Bell develops the telephone!
The free enterprise system helped to lead to new inventions by private businesses. One of the most dramatic inventions of the late 1800s was the telephone.

6 Thomas Edison develops the Light Bulb!
The invention led to the widespread use of electrical power to run at night. This in turn produced more jobs and more goods... Edison holds 1,093 US patents in his name!

7 Entrepreneurs were able to accumulate great wealth during industrialization….

8 The government created policies to support the industrialists...
No regulation (laws to control) on business High tariffs to lower prices for American made goods. The government supported the owners of big business instead of workers...

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