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Who are these men?

Who are these men?. Rutherford Hayes James Garfield Chester Arthur Grover Cleveland Benjamin Harrison. Robber Barons :. Business Leaders of 1870 - 1910. Andrew Carnegie. Rags to Riches (richest man alive) Became wealthy quickly, and invested in steel industry

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Who are these men?

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  1. Who are these men? • Rutherford Hayes • James Garfield • Chester Arthur • Grover Cleveland • Benjamin Harrison

  2. Robber Barons: Business Leaders of 1870 - 1910

  3. Andrew Carnegie • Rags to Riches (richest man alive) • Became wealthy quickly, and invested in steel industry • Lucky in that he lived in an area full of coal, and iron ore a raw material needed for steel

  4. Andrew Carnegie • Expanded Steel Business by buying out competition when steel prices dropped • Vertical Integration - owned each business step up to finished product (coal mines, iron mines, trains, factories)

  5. John D. Rockefeller • A bit lucky to be in oil industry as cars and machines begin to use this as fuel and lubricant • Created Standard Oil - biggest oil company in the US • Used Vertical Integration to succeed

  6. John D. Rockefeller • Used Horizontal Integration - Owned 90% of oil business • Monopoly = Horizontal Integration • Trust - All companies in an industry work together to cut costs to drive out competition, then raise prices

  7. Cornelius Vanderbilt • Borrowed $100 to start first business at 16 and bought a sailboat • Made millions during Gold Rush shipping goods and people to California

  8. Cornelius Vanderbilt • Sees RRs are wave of future • Bought up RR and created the New York-Penn RR • Sold tickets at below cost to drive competitors out of business, then raised prices to be able to afford to continue this

  9. J.P. Morgan • A banker whose company owned both General Electric and U.S. Steel at the same time • Bought Carnegie Steel and changed name to U.S. Steel

  10. J.P. Morgan • Used trusts to cut costs and rive out competition • Had a skin issue on nose he refused to get fixed. Dared people to stare at him knowing he could ruin their lives. • JPMorgan Chase Bank still in business

  11. Darwinism • Charles Darwin published Origin of Species in 1859 • Darwin’s theory is that the strongest and/or best adapted animals survive and the weak die out

  12. Social Darwinism • Industrialists began to put forth idea of “Social Darwinism” • Social Darwinism - weak companies die out and stronger, smarter, better run businesses survive.

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