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Robber Barons or Captains of Industry

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Arial Garamond Times New Roman Wingdings Stream Robber Barons or Captains of Industry Essential Questions John D. Rockefeller John D. Rockefeller Andrew ... – PowerPoint PPT presentation

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Title: Robber Barons or Captains of Industry


1
Robber Barons or Captains of Industry
  • What various practices of industrialists/financier
    s led to their being labeled "robber barons"?
    "Captains of industry"? In what ways did such
    industrialists/financiers harm and/or benefit the
    U.S. economy and the quality of life of its
    citizens?

2
Essential Questions
  • Though a century has passed since the heyday of
    the great industrialists and financiers, debate
    continues
  • Were these men captains of industry, without whom
    this country could not have taken its place as a
    great industrial power, or were they robber
    barons, limiting healthy competition and robbing
    from the poor to benefit the rich?
  • Where do we draw the line between unfair business
    practices and competition that leads to
    innovation, investment, and improvement in the
    standard of living for everyone? Would the
    industrial economy have succeeded without
    entrepreneurs willing to take competition to its
    extremes?

3
John D. Rockefeller
  • Standard Oil
  • employed tactics that made him a legend. Imposing
    his own discipline on the industry, he bought up
    rivals, modernized plants and organized the oil
    industry on an enduring basis
  • Gave away over 500 million
  • Rockefeller foundation
  • University of Chicago

4
John D. Rockefeller
  • Rockefeller had a droll, genial personality that
    masked supreme cunning and formidable
    self-control.
  • colluded with railroads to gain preferential
    freight rates, secretly owned rivals, bribed
    state legislators and engaged in industrial
    espionage.
  • Large profits didnt pass along to workers
  • Low wages and undercut competitors
  • After controlling market hiked prices back up
  • Gained rebates and kickbacks from RR companies

5
Andrew Carnegie
  • Gets start in RRs enters Steel Market in 1873.
    By 1899 manufactures more steel than all in GB
    combined

6
Andrew Carnegie
  • Reasons for success
  • Management practices searched for cheapest ways
    to make products
  • Incorporated new techniques, technology to
    improve quality
  • Sought most talented people offered stock and
    encouraged competition among workers
  • Tried to control industry used vertical
    integration
  • Bought out all his suppliers
  • Attempted horizontal integration controlled up
    to 80 of steel industry

7
Andrew Carnegie
  • To sum up, do not drink, do not smoke, do not
    indorse, do not speculate. Concentrate, perform
    more than your prescribed duties be strictly
    honest in word and deed. And may all who read
    these words be just as happy and prosperous and
    long lived as I wish them all to be. And let this
    great fact always cheer them It is impossible
    for any one to be cheated out of an honorable
    career unless he cheats himself. Carnegie

8
Carnegies Philanthropy
  • "The man who dies rich dies disgraced,"
  • You should be able to make as much money as you
    want if you give back
  • created 2,800 free libraries worldwide.
  • Carnegie Hall and other arts venues money still
    supports them today
  • Carnegie Mellon University

9
John Pierpont Morgan
  • Made his fortune in banking and financing
  • took over other people's businesses and hated
    competition.
  • Known for cut-throat business practices
  • wanted to absorb their competition by forming
    giant trusts and monopolies felt price wars
    were ruining American economy
  • Would sell "watered," or over-valued, railroad
    stock to the public. When people found out their
    stocks were worth less than they thought, they
    sold them at a loss, and the railroad went
    bankrupt

10
(No Transcript)
11
Cornelius Vanderbilt
  • I have been insane on the subject of moneymaking
    all my life. Cornelius Vanderbilt You have
    undertaken to cheat me. I won't sue you, for the
    law is too slow. I'll ruin you. Cornelius
    Vanderbilt
  • Law? Who cares about the law. Hain't I got the
    power? Comment alleged to have been made by
    Cornelius Vanderbilt, when warned that he might
    be violating the law
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