1. AMERICAN INDUSTRIALISTS
LATE 19TH / EARLY 20TH CENTURY

2. WHO WERE THEY?
Typically used to describe men from the late 19th and early 20th centuries
Successful businessmen who amassed great personal fortunes, usually through ownership or management of a major U.S. industry
As a result of their methods, behaviors, and legacies, American industrialists are usually categorized as “captains of industry” or “robber barons.”

3. Andrew Carnegie (Steel)
THE USUAL SUSPECTS
Andrew Carnegie (Steel)
John D. Rockefeller
(Oil)
Cornelius Vanderbilt
(Railroads)

4. CAPTAIN OF INDUSTRY
A SUCCESSFUL BUSINESS LEADER WHOSE MEANS OF AMASSING A PERSONAL FORTUNE…
Spills over to the working class – by creating jobs, stabilizing the costs of goods, or increasing individual purchasing power through fair wages
Positively transforms the American economy – builds factories, increases productivity, stabilizes or bails out major industries, or expands markets
Gives back to the community through philanthropy – donates large amounts of money to charity, acts as a patron for artists, or establishes museums / libraries / universities

5. J.P MORGAN
Reorganized several major railroads and consolidated the U.S. Steel, International Harvester, and General Electric Corporations – all major employers of the late 19th/early 20th centuries.
Following the panic of 1893 and U.S. Treasury crisis, formed a syndicate that resupplied the government’s depleted gold reserve with $62 million.
Avid art and book collector – donated works to the Metropolitan Museum of Art, allowed his book collection to become a public reference library in 1924.
“Go as far as you can see; when you get there, you’ll be able to see farther.”

6. “I’m not a businessman, I’m a business, man.”
JAY-Z
Started several major businesses, including Def Jam Records, Roc Nation Sports, and Rocawear.
Created Tidal, the first music streaming service with High Fidelity sound quality, HD music videos, and curated editorials by music journalists.
Has consistently supported 10 charities, including the Red Cross, Boys & Girls Club of America, and the Global Poverty Project. His Sean Carter Foundation has donated over $1.3 million to low-income students in the form of individual grants. Along with his wife, Beyonce, he has bailed several protestors out of jail in Baltimore and Ferguson.
“I’m not a businessman, I’m a business, man.”

7. GUSTAVUS SWIFT
Headed a large American corporation that revolutionized the meatpacking industry by using refrigerated railroad cars and strict cost controls at his plants
His practices and publicity campaigns initially helped overcome consumer distrust of processed meats.
Upton Sinclair based his novel The Jungle on Swift’s factories, depicting harsh working conditions and exploitation of immigrant workers.
In 1902, his company came under federal scrutiny as one of the first anti-trust prosecutions. His firm was indicted for price-fixing and other business conspiracies.
“Don’t let the best you have done so far be the standard for the rest of your life.”

8. ROBBER BARON
A SUCCESSFUL BUSINESS LEADER WHOSE MEANS OF AMASSING A PERSONAL FORTUNE…
Exploits the poor and working classes – through unfair wages or dangerous working conditions
Excludes other people from sharing their wealth – uses price-fixing at unfair rates, does not give away wealth through charity or philanthropy
Often uses illegal or corrupt means to gain more wealth at the expense of the public – creates illegal monopolies to control entire industries, bribes government officials or other people in positions of power, uses undue influence to achieve own ends

9. JAY GOULD
As director of the Erie Railroad, Gould engaged in outrageous financial manipulations, including the issuing of fraudulent stock and bribery of members of the New York state legislature.
His attempt to corner the gold market resulted in the 1869 “Black Friday” panic, which ruined countless investors.
Mistreated his railroad workers by paying them “slave wages,” ensuring that they would be entirely dependent on the amount of money they earned from him.
“I don’t think it is any trouble to become a millionaire if one sets out to make himself one.”

10. DONALD TRUMP
His companies have imported large numbers of immigrant workers on controversial types of work visas, which often leave workers vulnerable to illegal recruiting fees, substandard housing, and low pay.
Has been dubbed the “least charitable billionaire in the world,” giving only $3.7 million to his own foundation since 1990.
In the 1990s, Trump promised an amusement park in Bridgeport, CT. When the deal fell through, he owed $300,000 in back taxes but made a deal with the mayor (who was later indicted on corruption charges) to sell the land back for only $1 – if they forgave the back taxes.
“Money was never a big motivation for me, except as a way to keep score. The real excitement is playing the game.”

11. J.P. MORGAN
Donated heavily to leading politicians, such as William McKinley, who was elected President in 1896 and Also had influence over members of Congress.
His U.S. Steel corporation was criticized as a monopoly and attempted to dominate the construction of bridges, ships, and other products.
In 1912, a subcommittee of the House Banking and Currency Committee concluded that a small number of financiers, like Morgan, were exercising considerable control over many industries.
“A man always has two reasons for what he does –a good one, and the real one.”

12. SOURCING
Why was I able to make an argument for J.P. Morgan as both a “captain of industry” and a “robber baron”?
What kinds of evidence would you need to argue for one side or the other?
Even the same source can be interpreted in different ways, depending on the bias or perspective of the person who is doing the interpreting