1. Age of Moguls Let’s look at some terms –Mogul –Trust –Monopoly –Incorporated –pious

2. Andrew Carnegie http://www.biography.com/people/an drew-carnegie- 9238756/videos/andrew-carnegie- full-episode-2071932799 Let’s watch a video But before we start the video, you will be required to do the following:

3. Video on Andrew Carnegie As you watch the video on Andrew Carnegie: 1.Write down 3 things you found interesting about Carnegie and explain why. 2.Identify what contributed to Carnegie’s success. 3.Why was Carnegie a mogul? 4.Draw a picture which best represents Carnegie’s impact on the industrial revolution.

4. Background Steel and Pittsburgh -- Civil War -- Railroads (iron vs. steel) -- All his eggs in one basket -- Carnegie Steel -- Henry Frick -- Limited partnership -- Secrets of his success Vertical Integration  Carnegie Steel  Henry Frick

5. Bought by United States Steel Company (1901)- Competition with JP. Morgan (monopoly) Steel tubing

6. Andrew Carnegie: Gospel of Wealth: Rich man’s duty Give it away Die Rich (No!) Why did he want to sell? Minister of his surplus of wealth (public good)

7. John D. Rockefeller

8. Background Oil –Growth of refining and exporting (Kerosene) –Excelsior Refinery (1863) –Standard Oil (1870) – Monopoly- Horizontal Integration Trust- What is it? Sherman Anti-Trust Act of 1890 http://www.history.com/topics/john-d-rockefeller/videos#john-d-rockefeller- oil-money-and-power -Retires(1897) Well-being of mankind

9. Capitalism and Moguls Let’s see if you can make some connections!!!!! Explain how capitalism allows/motivates the creation of Moguls