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Unit 1: The Gilded Age Industrialization

Unit 1: The Gilded Age Industrialization. Have you ever used any of these products? What company created these products? Who was the man behind the creation of these products?. Apple Inc. . Steve Jobs CEO 1976: Started Apple at 21 years old

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Unit 1: The Gilded Age Industrialization

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  1. Unit 1: The Gilded AgeIndustrialization

  2. Have you ever used any of these products? What company created these products? Who was the man behind the creation of these products?

  3. Apple Inc. • Steve Jobs • CEO • 1976: Started Apple at 21 years old • Entrepreneur: person who organizes and operates a business • Monopoly: one company controls the production and sale of a product or service

  4. Gilded Age Entrepreneurs • John D. Rockefeller • Andrew Carnegie • Cornelius Vanderbilt • J.P. Morgan • George Westinghouse • George Pullman

  5. How did these men build their businesses? • Industrialization: growth of industry due to availability of natural resources, use of electricity and petroleum, new inventions and improved communication and transportation • Transcontinental Railroad • Availability of cheap labor • Free Enterprise • Monopolies • Laissez Faire Capitalism • Trusts: competing companies consolidate into one

  6. What is Laissez Faire Capitalism? • Laissez Faire capitalism is when the government is not regulating big business. During the Gilded Age, the government practiced Laissez Faire capitalism and this led to rise of big business ( trusts ) • Industrialization took place between 1870 and 1900. • This time period is also called the Gilded Age because on the surface the US was doing great but if one looked below the surface, there was a lot of problems like poverty, bad working conditions and child labor

  7. Standard Oil Trust ( monopoly )

  8. John D. Rockefeller • Industry: Oil • Company: Standard Oil Trust • Refined oil from the ground into useful products • By 1879, Standard Oil controlled 90% of oil refining in the United States

  9. Andrew Carnegie • Industry: Steel • Company: Carnegie Steel • Poor Scottish immigrant • Paid his workers low wages, forced them to work 12 hour days and prohibited labor unions • Philanthropist: $350 million to build libraries and fund universities

  10. Cornelius Vanderbilt • Industry: Railroads and Steam Ships • One of America’s first millionaires • Grew up poor • Operated a fleet of 100 steam ships • Purchased railroads in New York and offered low fares and improved service

  11. J.P. Morgan • Industry: Banking • Company: JP Morgan and Co. • Son of a banker • Created monopolies in the steel and railroad industries

  12. George Westinghouse • Industry: Electrical • Company: Westinghouse Electric & Manufacturing Co. • Served in the Union Army • Patented several devices for use by the railroads

  13. George Pullman • Industry: Railroads • Company: Pullman Palace Car Co. • Invented the sleeping car • Built the town of Pullman to house his employees

  14. Captains of Industry OR Robber Barons? • These entrepreneurs were viewed as • Captains of Industry: Entrepreneurs who created the modern industrial economy. Inventive leaders who were charitable and hard working. OR… • Robber Barons: Entrepreneurs who were self-centered, destroyed competition and mistreated their workers. • Example: Steve Jobs

  15. TODAY • In groups, you will determine if these men were… • Captains of Industry • Robber Barons

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