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The Rise of Big Business

The Rise of Big Business. Robber Barons. Business leaders who built their fortunes by stealing from the public Drained country of natural resources Drove competitors to ruin Paid workers meager wages Dangerous/unhealthy conditions. Captains of Industry.

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The Rise of Big Business

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  1. The Rise of Big Business

  2. Robber Barons • Business leaders who built their fortunes by stealing from the public • Drained country of natural resources • Drove competitors to ruin • Paid workers meager wages • Dangerous/unhealthy conditions

  3. Captains of Industry • Business leaders who served their nation in a positive way • Increased supply of goods: • factories, productivity • Created jobs • Founded/funded museums, libraries

  4. Barons or Captains?? • Andrew Carnegie • Steel King • Created Bessemer process to create steel easier and cheaper • John D. Rockefeller • Oil tycoon • J. P. Morgan • Banker who financed many industries

  5. Social Darwinism • Society should do as little as possible to interfere with people’s pursuit of success “Society as a whole would benefit”

  6. Monopoly Complete control of a product or service Remaining company could charge any price Cartel Loose association of businesses that make/supply the same product Members agree to limit supply of product and keep prices high Monopolies vs. Cartels

  7. Combination & Integration • Horizontal Combination • Combine many competitors into one company • Vertical Integration • Gain Control of all phases of production

  8. Gospel of Wealth • Hard work and perseverance leads to wealth and that God justified attainment of great wealth. • A new view recently stated that wealth garnered from earthly success should be used for good works • Andrew Carnegie promoted this view in 1889 after securing millions through steel manufacturing

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