1. Do Now Name three top industrialists during any time in history. What are the top traits of these successful people?

2. Do Now Compare current business titans to the titans around 1900. What is different? What is the same?

3. What tools did business leaders use to GET BIG ? The business leaders exploited technology. --Using Bessemer process for steel. --Refining oil into kerosene. Used modern business structures to expand. Persevered through hardship and worked hard. Lobbied the government. They exploited human beings (labor).

4. Lobby Seek to influence government officials

5. exploit Use other human beings unfairly.

6. Business leaders leveraged the laissez- faire environment of “no rules.” Companies issued shares of stock. Many people could share the profits (and losses) of the companies. Companies tried to win total control over industries…monopoly. Rockefeller and Carnegie used trusts to create monopolies. How did BIG BUSINESS use those tools?

7. Why do business owners sell stock in their companies? Potential alone Current Potential with cash from Investors. Compare areas

8. Monopoly One company controls the market.

9. Titans of American industry Vanderbilt --water transportation --railroads

10. Titans of American industry Rockefeller -- kerosene refined from oil --oil to fuel railroads

11. Titans of American industry Carnegie --telegraph --railroad --steel

12. Titans of American industry Morgan --finance

13. What paths did industrialists take to achieve monopoly (total control)?

15. http://www.youtube.com/watch?v=S4KrIMZpwCY&feature=related Henry Ford—assembly line

16. Regular Company Trust What paths did industrialists take to achieve monopoly (total control)? Trust help you leverage economies of scale…and proactively destroy competitors.

17. Oil discovered in Pennsylvania in 1859 (new technology—no one had used the “oozing” stuff for fuel ever before) Edison invented the light bulb in1879 and created an electric plant to light whole cities. Bell invented telephone in 1876. 300,000 businesses had telephones by 1885. Ford mass produced cars in 1900. He “invented” assembly in 1913. Wright brothers flew in 1903. What are examples of American technologies during the late 1800s and early 1900s?

18. Income controlled by top 10% (decile) of the population. 1910 2010 1950 Source: New Yorker Magazine