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The Influence of Monopolies on America: Historical Perspective

Explore the impact of monopolies like Standard Oil and Carnegie Steel on American business from the 1600s to the early 1900s, including the rise of Robber Barons and Captains of Industry. Learn why monopolies are harmful, their control on industries, and the shift towards competition. Discover the ruthless methods used and the controversies surrounding figures like Rockefeller and Carnegie. Was J.P. Morgan a Captain of Industry or a Robber Baron? Dive into the history of oil, steel, and the evolution of American business landscape.

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The Influence of Monopolies on America: Historical Perspective

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  1. Nov 19, 2013R.A.W. Why are Monopolies bad? AIM# 23 How did monopolies influence America?

  2. America prior to the shift towards Business & Industry 1600s-Civil War

  3. NYC, 1900

  4. NYC, 1900

  5. Made with Carnegie Steel

  6. What late 19th C. Industries do you still see??

  7. I. Monopoly • Total control of an industry by one company or person. • Hurts consumers. Raises prices, lowers quality of goods. • Competition is good for the consumer. WHY?? • 50% or more of one industry=monopoly.

  8. Rockefeller and Carnegie use ruthless methods to form huge Monopolies. • Carnegie Steel 1875. • Standard Oil 1870. • Both men control more than50% of their industry.

  9. yellow for coal, orange for ore, and blue for steel scrap STEEL CITY--PITTSBURGH, Pa

  10. TRUSTS or Monopolies dominating AMERICAN BUSINESS -- Oil, Tobacco, leather, beef, sugar, etc. • Robber Baron: A person that uses illegal means to control an industry and wipe out competition.

  11. III. J.P. Morgan • Buys Carnegie Steel in 1901 for 400 million dollars. • Combines it with other steel companies to form U. S. Steel. • U.S. Steel will become the first billion dollar company • SO RICH THAT BANKS BORROW FROM HIM!!

  12. Cornelius Vanderbilt

  13. IV. Were they Robber Barons or Captains of Industry? • Captain of Industry: A person that creates jobs and helps the economy of a country. • Robber Baron: A person that uses illegal means to control an industry and wipe out competition.

  14. II. Oil and Steel • Benefited from a demand for their steel and oil • Supply and demand ????? • Steel replaced brick and lumber • By 1900, Carnegie is #1 producer of steel in world • Bessemer Process -- eliminates impurities in iron • Pittsburgh -- massive steel mills

  15. Henry Ford

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