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Big Business vs. The Working Class

Big Business vs. The Working Class. Lecture 10/31/12. John D. Rockefeller: Captain of Industry. “self-made man ” Sold cheaper product because he owned all steps of oil refining process “vertical integration ” Standard Oil Company made him one of the richest men in the world

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Big Business vs. The Working Class

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  1. Big Business vs. The Working Class Lecture 10/31/12

  2. John D. Rockefeller: Captain of Industry • “self-made man” • Sold cheaper product because he owned all steps of oil refining process “vertical integration” • Standard Oil Company made him one of the richest men in the world • Philanthropist- donated millions to charities

  3. John D. Rockefeller: Robber Baron • Standard Oil Company soon became Standard Oil Trust Rockefeller’s techniques allowed him to lower prices and eliminate and buy out competition • Ida Tarbell wrote A History of Standard Oil, describing his unfair business tactics • He soon dominated 90% of America’s oil market

  4. Andrew Carnegie: Captain of Industry • “rags to riches”- Scottish immigrant, self-educated • Owned US Steel Company • Philanthropist- believed in helping people help themselves so created libraries, universities

  5. Andrew Carnegie: Robber Baron • American Steel Trust was a near monopoly- he used shady business tactics to buy out competition • He exploited his workers

  6. Henry Ford: Captain of Industry • Pioneered early auto engineering • Ford Motor Company was first to use the assembly line • Ford Model T was the first car avaiable to middle class- nearly half of all cars were model Ts in 1918

  7. Henry Ford: Robber Baron? • Introduced the $5 work day to keep the best employees • Reduced the workweek of his employees • Was opposed to labor unions- tried to squash organizing of his factory workers

  8. Homestead Steel Strike • Andrew Carnegie (robber baron, captain of the steel industry) owned a steel mill in Homestead, PA, near Pittsburgh. • Union at the steel mill, the Amalgamated Association (AA), formed and won a couple of early strikes. • Homestead was run by Henry Clay Frick whose goal was to break the union. • When the union’s contract was up in 1892, Frick refused to negotiate a new contract and locked workers out. • Frick hired the Pinkerton Detectives to provide security and break the strike. • When the Pinkertons tried to enter the mill, there was conflict. The conflict lasted for 14 hours and left 16 people dead.

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