american business leaders see pgs 27 in study packet
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American Business Leaders ( see pgs. 27 in study packet). Andrew Carnegie – Steel. Vertical integration Merged steps of production to cut costs of production Wrote “Gospel of Wealth” belief that wealthy have an obligation to help the poor

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andrew carnegie steel
Andrew Carnegie – Steel
  • Vertical integration
    • Merged steps of production to cut costs of production
  • Wrote “Gospel of Wealth”
    • belief that wealthy have an obligation to help the poor
    • Not charity – but provide opportunities to work their way up theladder)
    • Established free lending libraries
john d rockefeller standard oil co
John D. Rockefeller – Standard OIL Co.
  • Horizontal integration
    • merged companies that produced same product
    • At one point controlled 90% of the oil refineries in the US
  • Noted for very ruthless tactics – price wars, intimidation
  • Later established foundations, scholarships,
jp morgan banking finance
JP Morgan – Banking & finance
  • Took over bankrupt railroads and merged into profitable lines
  • Bought Carnegie Steel and merged with others to form US Steel
  • Loaned money to businesses
henry ford automobile
Henry Ford - Automobile
  • Revolutionized auto making by using the assembly line to produce more affordable cars
cornelius vanderbilt railroads
Cornelius Vanderbilt – Railroads
  • New York Central Railroad
  • Merged railroad lines between NY and Chicago
captains of industry or robber barons
Captain of Industry

Entrepreneurs, risk takers

Used the system & available resources to make a fortune

Role model for others to follow

Philanthropists

Could use wealth to better nation

Robber Baron

Ruthless businessmen

Exploited workers & consumers in order to make a profit

Self centered; greedy motive

(Go back to pg. 30 to add two more industrialists to our packet!!)

“Captains of Industry” or “Robber Barons”
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