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Captains of Industry

Captains of Industry. or Robber Barons. Captain of Industry – person who builds a huge business and helps society. Robber Baron – people that get ahead in business by shutting off all competition, mainly using illegal practices. I. Andrew Carnegie - Steel. A. Management – efficient

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Captains of Industry

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  1. Captains of Industry or Robber Barons

  2. Captain of Industry – person who builds a huge business and helps society. Robber Baron – people that get ahead in business by shutting off all competition, mainly using illegal practices

  3. I. Andrew Carnegie - Steel • A. Management – efficient • 1. Tried to make good products cheaply • 2. kept accurate records of eveything • 3. Hired smart people, let them buy stock and rewarded them for efficiency

  4. B. Business • 1. Cutthroat – wanted to control the entire steel industry • - Vertical Integration – controlling all aspects of the industry

  5. Coal mines Iron mines – these are iron pellets that will be shipped to make steel Railroads How would it help to control all of this?

  6. - Horizontal Integration - controlling all the steel companies (or as many as he could)

  7. C. By 1901, he produced 80% of the steel in the U.S. • Gave away over $500 million • that would be $11.6 billion today • - obviously, he made A LOT of money – about $25 million per year • That can get a fella a pretty nice house

  8. Andrew Carnegie

  9. Staircase

  10. Music room

  11. Dining Room

  12. In your books . . . Page 448 – read about Social Darwinism – what does it mean? Put the definition in your notes

  13. In contrast, the homes of Carnegie’s workers

  14. II. Cornelius Vanderbilt – Steamboats, Railroads • A. Controlled the steam boat industry until selling out in 1863. • By then he was worth $40 million ($770 million now) • B. Invested in Railroads and made more money

  15. Vanderbilt

  16. Bedroom

  17. Dining room

  18. Vanderbilt summer cottage

  19. Vanderbilt childrens’ cottage

  20. III. John D. Rockefeller - Oil • A. Joined oil companies together in Trusts – all shared profits – illegal • B. Standard Oil Company controlled 90% - 98% of the nation’s oil • - Had great political power • C. Treated everyone badly – employees, competitors, etc. • - did give away over $500 million

  21. Rockefeller’s house Just kidding

  22. Rockefeller

  23. Aerial view of Rockefeller’s estate

  24. Rockefeller Robber Baron or Captain of Industry handout

  25. IV. J.P. Morgan - banking • A. Bought the stock of companies in order to control them • B. Loaned money to companies, bought their stock, put all the businesses together and controlled them all • - example – bought the RR tracks – didn’t even have to buy the RR companies – they couldn’t travel without the tracks

  26. C. INCREDIBLE wealth • D. Bought Carnegie Steel for $500 million • Made it bigger – it became the first Billion dollar company

  27. What point is this cartoon making?

  28. Morgan

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