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American Business Leaders ( see pgs. 27 in study packet)

American Business Leaders ( see pgs. 27 in study packet). Andrew Carnegie – Steel. Vertical integration Merged steps of production to cut costs of production Wrote “Gospel of Wealth” belief that wealthy have an obligation to help the poor

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American Business Leaders ( see pgs. 27 in study packet)

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  1. American Business Leaders (see pgs. 27 in study packet)

  2. Andrew Carnegie – Steel • Vertical integration • Merged steps of production to cut costs of production • Wrote “Gospel of Wealth” • belief that wealthy have an obligation to help the poor • Not charity – but provide opportunities to work their way up theladder) • Established free lending libraries

  3. John D. Rockefeller – Standard OIL Co. • Horizontal integration • merged companies that produced same product • At one point controlled 90% of the oil refineries in the US • Noted for very ruthless tactics – price wars, intimidation • Later established foundations, scholarships,

  4. JP Morgan – Banking & finance • Took over bankrupt railroads and merged into profitable lines • Bought Carnegie Steel and merged with others to form US Steel • Loaned money to businesses

  5. Henry Ford - Automobile • Revolutionized auto making by using the assembly line to produce more affordable cars

  6. Cornelius Vanderbilt – Railroads • New York Central Railroad • Merged railroad lines between NY and Chicago

  7. Captain of Industry Entrepreneurs, risk takers Used the system & available resources to make a fortune Role model for others to follow Philanthropists Could use wealth to better nation Robber Baron Ruthless businessmen Exploited workers & consumers in order to make a profit Self centered; greedy motive (Go back to pg. 30 to add two more industrialists to our packet!!) “Captains of Industry” or “Robber Barons”

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