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Welcome to the Big Bosses of The Industrial Revolution

AKA Corporations. Welcome to the Big Bosses of The Industrial Revolution. Let’s Meet the Players. Andrew Carnegie John D. Rockefeller JP Morgan Cornelius Vanderbilt. Cornelius Vanderbilt – King of the Railroad.

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Welcome to the Big Bosses of The Industrial Revolution

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  1. AKA Corporations Welcome to the Big Bosses of The Industrial Revolution

  2. Let’s Meet the Players • Andrew Carnegie • John D. Rockefeller • JP Morgan • Cornelius Vanderbilt

  3. Cornelius Vanderbilt – King of the Railroad • As the railroad system grew, the bigger railroads bought the smaller ones and consolidated. Consolidation was done by railroad barons. • Cornelius Vanderbuilt was the richest and most powerful railroad baron. He also owned a steamship line and knew how important the railroad was going to be to a growing nation.

  4. Andrew Carnegie –King of Steel • Andrew Carnegie was as rich and powerful as Vanderbilt was. He made his fortune in the steel industry. • In 1870 he made a trip to England and saw the Bessimer steel process in use. He brought this back to the United States, and began making lots of money. He used this money to buy out rivals. He also began buying iron mines, railroad and steamship lines, and warehouses. Soon he controlled all phases of the industry, from mining the raw materials to the finished product. This is called vertical integration. • In 1892, Carnegie combined all his businesses into the giant Carnegie Steel Corporation.

  5. John D. Rockefeller –King of Oil • John D. Rockefeller was an oil baron. He came from very humble beginnings to become a very rich man. • Rockefeller believed that competition among oil companies was a waste of time.So, he used the profits from his • refinery to buy up other oil companies. He then combined them all into the Standard Oil Company of Ohio. • The Standard Oil Trust ended competition in the oil industry. He controlled 95% of all oil refining in the United States.

  6. JP Morgan – King of Banking • J.P. Morgan was an important banker during the Industrial Revolution. He headed J.P. Morgan and Company. • Morgan's success as a banker started as he began reorganizing railroads. He reorganized the Baltimore and Ohio, the Chesapeake and Ohio, and the Erie lines. • As industrial companies began to dominate the American economy, it was his firm that financed many of them. In 1901, Morgan was instrumental in the creation of US Steel, the largest corporate enterprise in the world at the time.

  7. Connection to Learning Outcome #1 Explain the effects that change has on others. • How do you think these Big Bosses brought change to the people that worked for them? • How do you think they brought change to the country? • What changes do you think needed to happen to these Big Bosses?

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