Download
1 / 8
80 likes | 468 Views
ROBBER BARONS. Alex, Derian, JJ . WHAT ARE THEY?. The Robber Barons became an insulting term to those who where wealthy and powerful in the 19 th century. By the 18 th century this term was applied to businessmen who did exploitive practices to better their wealth.
E N D
ROBBER BARONS Alex, Derian, JJ
WHAT ARE THEY? • The Robber Barons became an insulting term to those who where wealthy and powerful in the 19th century. • By the 18th century this term was applied to businessmen who did exploitive practices to better their wealth. • The term combines the sense of criminal(“robber”) illegal upper classes (a Barron is an illegal role in a republic)
John D. Rockefeller • He owned a Standard oil Company. • His company was the first US business trust and it dominated the oil industry. • He was the worlds richest man and also he was Americas first man worth more than a billion dollars. • He was the first founder of both University of Chicago and Rockefeller university.
John D. Rockefeller • Rockefellers oil company of Ohio processed two or three percent of the country's crude oil. • It controlled 90% of the refining business within a decade. • He paid his employees a low wage so he increased his profits by a lot. • He drove his competitors out of business because he sold his oil for a lower price than it cost to produce it.
Sherman Antitrust Act • It allows the government to pursue monopolies for companies being in violation. • This law was not enforced and the consolidation of businesses continued. • This didn’t clearly state trust when written. • It was the first federal statute to limit cartels and monopolies.
Sherman Antitrust Act • Monopolies are were people try and cheat the system and they try and become the one brand for all the company's that make the same thing company there is so they could jack their prices up a ton and if you wanted it that bad you would have to buy from them.
Andrew Carnegie • Worked for six years to become the private secretary to the local superintendent of the Pennsylvania Rail Road • After a while he happily left his job for the rail road and entered the steel business. • His factory manufactured more steel than all the factories in Britain. • Carnegies success was due in part to management practices that he initiated that soon became wide spread
Andrew Carnegie • Searched for better ways to make new products. • Incorporated new machinery and techniques • Tried to control steel company's using vertical integration. • he also tried to buy out competing steel producers using a process known as horizontal integration.
