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The Rise of Big Business. Robber Barons. Business leaders who built their fortunes by stealing from the public Drained country of natural resources Drove competitors to ruin Paid workers meager wages Dangerous/unhealthy conditions. Captains of Industry.

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robber barons
Robber Barons
  • Business leaders who built their fortunes by stealing from the public
    • Drained country of natural resources
    • Drove competitors to ruin
    • Paid workers meager wages
    • Dangerous/unhealthy conditions
captains of industry
Captains of Industry
  • Business leaders who served their nation in a positive way
    • Increased supply of goods:
      • factories, productivity
    • Created jobs
    • Founded/funded museums, libraries
barons or captains
Barons or Captains??
  • Andrew Carnegie
    • Steel King
    • Created Bessemer process to create steel easier and cheaper
  • John D. Rockefeller
    • Oil tycoon
  • J. P. Morgan
    • Banker who financed many industries
social darwinism
Social Darwinism
  • Society should do as little as possible to interfere with people’s pursuit of success

“Society as a whole would benefit”

monopolies vs cartels
Monopoly

Complete control of a product or service

Remaining company could charge any price

Cartel

Loose association of businesses that make/supply the same product

Members agree to limit supply of product and keep prices high

Monopolies vs. Cartels
combination integration
Combination & Integration
  • Horizontal Combination
    • Combine many competitors into one company
  • Vertical Integration
    • Gain Control of all phases of production
gospel of wealth
Gospel of Wealth
  • Hard work and perseverance leads to wealth and that God justified attainment of great wealth.
  • A new view recently stated that wealth garnered from earthly success should be used for good works
  • Andrew Carnegie promoted this view in 1889 after securing millions through steel manufacturing