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The Captains of Industry

The Captains of Industry. Cornelius Vanderbilt Andrew Carnegie John Rockefeller J.P. Morgan Henry Ford. Terms to Know? . Robber Baron The term may now relate to any businessman or banker who used questionable business practices to become powerful or wealthy .

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The Captains of Industry

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  1. The Captains of Industry Cornelius Vanderbilt Andrew Carnegie John Rockefeller J.P. Morgan Henry Ford

  2. Terms to Know? • Robber Baron • The term may now relate to any businessman or banker who used questionable business practices to become powerful or wealthy. • May use political means to achieve their ends • Captains of Industry • describing a business leader whose means of amassing a personal fortune contributes positively to the country in some way. • May be through increased productivity, expansion of markets, providing more jobs, or acts of philanthropy

  3. Andrew Carnegie = steel • He was born in Scotland and worked as a bobbin boy and a telegraph operator. He then worked for the Pennsylvania Railroad. • “You cannot push anyone up the ladder unless he is willing to climb.” • “The first man gets the oyster, the second man gets the shell.” • “Mr. Morgan buys his partners; I grow my own. “ VIDEO

  4. Andrew Carnegie = steel • How he acquired his wealth: • Gained control of every step of the steel making process • Carnegie Steel Company • How he (or his related industries) treated workers: • Homestead strike: locked out workers who demanded more money. Hired a private army to take control. Nine workers were killed. • How he spent his money: • books, music, and the fine arts • How he donated his money: • “Gospel of Wealth” • (rich had a duty to improve society); • Libraries • Robber Baron or Captain of Industry?

  5. Henry Ford = automobiles He was born in 1863 near Detroit, Michigan. At the age of 16 he got a job with a machinist because he had always been fascinated with machines “A business that makes nothing but money is a poor business” “Don't find fault, find a remedy. “ VIDEO

  6. Henry Ford = automobiles • How he acquired his wealth: • Automobile • assembly line • Ford Motor Company • How he (or his related industries) treated workers: • High wages for workers; 40-hour work week • Demanded “Socially Moral” employees • How he spent his money: • Racecars • How he donated his money: • Created a museum • Paid children’s hospital bills • Robber Baron or Captain of Industry?

  7. J.P. Morgan = steel & banking • He was a wealthy banker that bought U.S. Steel. He had so much money, he loaned money to the U.S. government! He spent money on art, yachts, and fine champagne! Titanic near-miss! He willed his art to the Metropolitan Museum of Art in NY City! • “Go as far as you can see; when you get there, you'll be able to see farther.” • “A man always has two reasons for doing anything--a good reason and the real reason.”

  8. J.P. Morgan = steel & banking • How he acquired his wealth: • Accounting and banking; • used trusts to control American industry • How he (or his related industries) treated workers: • Coldly rational; • used aggressive tactics to root out troublemakers • How he spent his money: • Art; cigars; gems; yachts • first house in NY to have electricity • How he donated his money: • Libraries; • Art museums • Robber Baron or Captain of Industry?

  9. John D. Rockefeller = oil • He started out being a bookkeeper and then went into the grain business. He then invested in oil. (Standard Oil) He had a monopoly on the oil business by owning 85% of the oil in the U.S.! Rockefeller gave away about $550 million to charities! Colonial Williamsburg was restored thanks to him! • “ “I have ways of making money that you know nothing of. “ • “Competition is a sin. “

  10. John D. Rockefeller = oil • How he acquired his wealth: • bought out oil companies • controlled most of the refining and shipping process • How he (or his related industries) treated workers: • Bought out competition • price slashing • How he spent his money: • Simple and frugal personal life • How he donated his money: • Universities • organization to set up free high schools • Robber Baron or Captain of Industry?

  11. Cornelius Vanderbilt = Railroads • Started with steamboats in competition with Fulton. Then built the New York Central Railroad system and then the Grand Central Railroad. • “I have been insane on the subject of moneymaking all my life” • “You have undertaken to cheat me. I won't sue you, for the law is too slow. I'll ruin you.” • “What do I care about law? Ain'tI got the power?”

  12. Cornelius Vanderbilt = Railroads • How he acquired his wealth: • railroads (The Central Railroad) & shipping • How he (or his related industries) treated workers: • Building the Grand Central Terminal helped employ thousands. • Workers were paid verylittle and worked long hours. • How he spent his money: • Built a yacht and toured Europe; • Staten Island mansion; • Biltmore Estate • How he donated his money: • Largest endowment to a University; wife’s church; • left 95% of estate to eldest son • Robber Baron or Captain of Industry?

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