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Captains Of Industry

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CAPTAINS OF INDUSTRY CAPTAINS OF INDUSTRY CHAPTER 8-3 Key Questions for Today: Do you agree with the philosophy of social Darwinism? Why or why not? – PowerPoint PPT presentation

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Title: Captains Of Industry


1
Captains Of Industry
Captains Of Industry
  • Chapter 8-3

2
Key Questions for Today
  • Do you agree with the philosophy of social
    Darwinism? Why or why not?
  • Why do you think oil is still such a valuable
    product?
  • How were the tactics of Carnegie and Rockefeller
    similar? How were they different?

3
Rockefeller and the Standard Oil Trust
  • A. One of the most notable entrepreneurs of the
    late 1800s was John D. Rockefeller, who gained
    almost complete control of the nation's oil
    industry.
  • B. By 1870, Rockefeller's firm, the
  • Standard Oil Company of Ohio,
  • owned one of the largest refineries
  • in the Cleveland area.
  • 1. Over the next nine years,
  • Rockefeller gained control of
  • more than 90 percent of the
  • nation's refining business.

4
Rockefeller and the Standard Oil Trust
  • C. One method he used to gain control of
  • the industry was to make deals for
  • lower rates with railroads that
  • shipped his oil in order to gain
  • a competitive edge.
  • D. In 1882, Rockefeller consolidated his control
    of the oil industry by combining 40 companies
    under a single management.
  • 1. He then expanded vertically, taking over oil
    fields and even building a fleet of tankers and
    wagons to deliver the oil.

5
Rockefeller and the Standard Oil Trust
  • Cartoon of John Rockefeller from 1901.
  • What can be determined based on the cartoon about
    Rockefellers corporation, Standard Oil?

6
Rockefeller and the Standard Oil Trust
  • E. In 1903, journalist Ida Tarbell exposed
    Rockefellers ruthless business tactics in a
    series of articles.
  • F. Rockefeller denied any wrongdoing. He claimed
    that much of Standard Oil success stemmed from
    his passion for efficiency and hatred of waste.
  • 1. Standard Oil continuously
  • worked to improve its product.
  • 2. In addition, the company
  • had few labor troubles because
  • it paid its workers well.

7
Andrew Carnegie, Master of Steel
  • A. The other giant of American industry during
    this period was Andrew Carnegie, who gained
    control over the nation's steel industry.
  • B. In 1873, Carnegie formed a group
  • of investors to build the world's
  • largest and most modern steel mill
  • near Pittsburgh.
  • 1. He employed a new and cheaper
  • way to make steel and thus gained
  • a quick advantage over his
  • competitors.

8
Andrew Carnegie, Master of Steel
  • C. In his constant effort to be more efficient,
    Carnegie combined all the processes required for
    making steel into one great vertical combination.
  • 1. He seized control of mines that dug out iron
    ore, a raw material used in steelmaking.
  • 2. In addition, he gained control of the ships
    and railroads that carried the ore, as well of
    coal mines, whose products fired the blast
    furnaces in his factory.

9
Andrew Carnegie, Master of Steel
  • D. Life in Carnegie's mills was hard for workers.
  • 1. Carnegie drove wages down and hours up.
  • 2. He crushed the steel workers' union so that
    the 12-hour day remained standard for years.

Homestead Strike 1892
10
Social Darwinism and the Industrialists
  • A. Carnegie and most other industrialists found
    justification for their ruthless business actions
    in a philosophy known as Social Darwinism, which
    applied the biological theories of naturalist
    Charles Darwin to human society.

Charles Darwin
11
Social Darwinism and the Industrialists
  • B. Darwin believed that in NATURE a competition
    exists in which only the strongest plants and
    animals survive.
  • 1.The weak die out and each species thereby
    remains strong and healthy.
  • C. Industrialists believed that a similar
    competition operated within human society and
    that the fittest-the strongest, most clever, most
    efficient-competitors will succeed.

12
Social Darwinism and the Industrialists
  • D. Some industrialists, including Carnegie, gave
    back much of the money they made in the form of
    philanthropy.
  • 1. By the time he died in 1919, Carnegie had
    donated about 350 million-mostly to building
    libraries and improving
  • education.
  • 2. Rockefeller's
  • donations totaled
  • more than 500 million.

A Carnegie Library close to home
13
Social Darwinism and the Industrialists
  • E. By the late 1800s, a growing number of
    Americans were calling on the federal government
    to impose greater regulation (more rules) on big
    businesses.
  • 1. In 1890, Congress passed the Sherman
    Antitrust Act, which outlawed monopolies.
  • F. The Sherman Act, however, had little effect on
    preventing business consolidation.
  • 1. It was not strictly enforced and was so
    loosely worded that many were unsure of its true
    meaning.

14
Key Questions for Today
  • Do you agree with the philosophy of social
    Darwinism? Why or why not?
  • Why do you think oil is still such a valuable
    product?
  • How were the tactics of Carnegie and Rockefeller
    similar? How were they different?

15
Social Darwinism and the Industrialists Journal
  • Pretend that you are a very wealthy industrialist
    or entrepreneur. People are criticizing you for
    having so much money while others are very poor.
    Defend yourself and justify why you have so much
    and they have so little. A paragraph would be
    dandy
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