1. Captains of Industry or Robber Barons
AIM: How did industrialists during the Gilded Age justify their motives and methods?

2. I. Types of Business Organization
Corporation: raises capital through the sale of stocks.
Monopoly: the elimination of competition
Pool: arrangement among business competitors to control prices by dividing up the market among themselves
Trust: Competing corporations turn control over to a Board of Trustees to control the entire industry.

5. II. “Captains of Industry”
A. Thomas Edison
“Genius is 1% inspiration, 99% perspiration”
B. Cornelius Vanderbilt

6. Andrew Carnegie
John D. Rockefeller

7. George Westinghouse
J.P. Morgan

8. Granville T. Woods
Henry Ford

9. Frederick W. Taylor
Gustavus Swift

10. Dupont Family:
James B. Duke

11.
L. Sears and Roebuck

13. Point of View
Industrialists’ Philosophy
Arguments Against Monopolies

14. III. Philosophy of the Industrialists
Laissez Faire Capitalism:
1. business should be permitted to run without government regulation or control

15. B. Social Darwinism
States: companies struggle for survival and government should not interfere with the natural process
Herbert Spencer coined term
Promoted by Yale Professor William Graham Sumner
Supported by moral and constitutional conviction that individuals should be free to manage their property and enter into contracts themselves.

16. 5. Social Darwinism reinforces Laissez Faire:
a. How?

17. C. Horatio Alger Stories
“Rags to Riches” stories of young boys suceeding.
Supported concept of Social Darwinism
Success remained exclusive to men, not women.
Women: “Manuels on Motherhood”

18. D. Gospel of Wealth
1. Socio-economic philosophy that justifies earning great wealth but carries with it a social responsibility to the community.

19. 2. Gospel of Wealth justifies Social Darwinism
a. How?

20. because democracy alone is not enough to produce widely shared prosperity.