1. 09/02 Bellringer5+ sentences Andrew Carnegie made a fortune in the steel industry and went on to give a good deal of it away. In an 1889 speech entitled “The Gospel of Wealth”, Carnegie proclaimed that the rich had a responsibility to use their money to help others. He said, “The man who dies…rich dies disgraced.” Do you agree with Carnegie that the rich have an obligation to help others? If you had a million dollars, what would you do with it?

2. Industrialists changed the way businesses were organized by creating the corporation model Businesses hired professional managers to oversee employees, improve efficiency, and manage finances

3. Companies like Standard Oil used horizontal integration to create a monopoly on one aspect of an industry

4. Companies like Carnegie Steel used vertical integration to be self-sufficient

5. Integration led to giant companies called monopolies that controlled the majority of an industry… …they also became known as “trusts” because they were run by boards of trustees

6. Monopolists justified their wealth in a variety of ways “Gospel of Wealth”  some are rich so that they can help the poor Social Darwinism  some are rich because they are “more fit” than the poor

7. Conclusions America was changed by the Industrial Revolution: The United States led the world in industry, innovation, and wealth Laissez-faire gov’t policies and new business tactics led to monopolies But the gap between the wealthy monopolists and their poor immigrant workers grew wider

8. Video: Immigrant Cities (Crash Course)

9. Map: Immigration