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Industry and Big Business

Industry and Big Business. Robber Barons and the Oldest Companies. Robber Barons or Captains of Industry?. Main Entry: robber baron Function: noun Date: 1878

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Industry and Big Business

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  1. Industry and Big Business Robber Barons and the Oldest Companies

  2. Robber Barons or Captains of Industry? • Main Entry: robber baron • Function: noun • Date: 1878 • 1: an American capitalist of the latter part of the 19th century who became wealthy through exploitation (as of natural resources, governmental influence, or low wage scales)2: a business owner or executive who acquires wealth through ethically questionable tactics (http://www.merriam-webster.com/dictionary/robber+baron)

  3. Cornelius Vanderbilt

  4. Vanderbilt • Started out poor and quit school at 11 years old • Bought a steamboat and turned it into a ferry business (Manhattan) • Later he bought into railroads in New York and the Midwest • Left his millions to his son, William • Vanderbilt University is named for him after he gave a large amount of money to start it

  5. John Pierpont (J.P.) Morgan

  6. J.P. Morgan • Born to well off parents in Hartford, Connecticut • Became a partner where his dad worked • Financier = Bought companies in financial trouble after the Civil War, especially railroad companies (Reading and Erie) • Helped the government out by buying millions in US bonds • Formed the US Steel Corporation (1st billion dollar corporation) • Involved with Western Union Telegraph Company, General Electric • At his death, he was worth $1.2 billion • Titanic escape

  7. John D. Rockefeller Senior

  8. John D. Rockefeller Senior • Went into business for himself at the age of 20 as a commission merchant in grain, hay, meats, and miscellaneous goods • Sees the future in oil after it is discovered in Pennsylvania • Creates an oil refinery named Standard Works (Standard Oil Company) • Oil monopoly broken up by a Supreme Court decision in 1911

  9. Andrew Carnegie

  10. Andrew Carnegie • Born poor in Scotland before immigrating to the United States • Worked in a variety of jobs and learned all he could about investing from his bosses • Created Carnegie Steel • Gospel of Wealth – philosophy • While living he gave $43 million to libraries and $110 million to other causes • Legacy = Carnegie Hall, Carnegie Mellon Institute, Sesame Street

  11. Yes, they have been around that long… • American Tobacco Company (Duke)- 1890 • Sears, Roebuck and Company- 1893 • Ford Motor Company- 1903 • Western Union- 1856 • Levi Strauss & Company- 1853 • Wrigley Chewing Gum- 1891 • L.L. Bean- 1912 • Remington- 1816 • Hershey Chocolate Company- 1894

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