Objective 5.02. Explain how business leaders accumulated wealth and wielded political and economic power. Essential Questions. • What characteristics were vital to the success of industrial leaders of the Gilded Age? • How did captains of industry accumulate wealth and power?
Explain how business leaders accumulated wealth and wielded political and economic power.
• What characteristics were vital to the success of industrial leaders of the Gilded Age?
• How did captains of industry accumulate wealth and power?
• Should an individual be allowed to accumulate as much wealth as possible?
Process by which Iron was melted until the impurities were burnt off and steel was the end product
Owner of US Steel
Giant Steel Monopoly
Drilled the first Oil Well in New York
Owner of Standard Oil Company
Giant Oil Monopoly
Banker of the Gilded Age, Made money investing in companies like US Steel
One company controls all of the product in a market
Board of Directors of several companies come together to form a monopoly
Father Cornelius, family made money from the railroad industry, Biltmore House
Developed electric appliances for home use, alternating current
American writer that wrote rags to riches stories and fulfillment of the American Dream
God ordained for me to be wealthy, God favors those that have wealth
“Survival of the Fittest”, I’m wealthy because I am better than you
Age of the “Robber Barons”, ridiculous wealth, political machines, immigrants, industrialization
Gospel of Wealth
J. P. Morgan
U. S. Steel
John D. Rockefeller
Standard Oil Company
“Captains of industry”