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Perspectives of Entrepreneurs

Perspectives of Entrepreneurs. Robber Barons or Industrial Statesmen?. Focus Question. In a short of response of two to three sentences, answer the following question: How would you define ‘success’?. Objectives. After today’s lesson, you will:

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Perspectives of Entrepreneurs

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  1. Perspectives of Entrepreneurs Robber Barons or Industrial Statesmen?

  2. Focus Question In a short of response of two to three sentences, answer the following question: • How would you define ‘success’?

  3. Objectives After today’s lesson, you will: • Define ‘Robber Baron’ and ‘Captain of Industry’ with complete accuracy. • Debate which term is more accurate in the late 19th century business world.

  4. The Gilded Age • Late 19th century referred to as the ‘Gilded Age’ • Title taken from a Mark Twain satire • Meaning: • Conditions in America seemed wonderful, but underneath all was base and poor.

  5. Monopoly Became the Rule • Nearly all industries part of the monopolistic drive • Promoted by ideas of Social Darwinism • “Survival of the Fittest” • Justification of ruthless tactics • Justified the depths of poverty • Justified autocratic approaches

  6. Robber Barons v. Industrial Statesmen • Abuses within the system led many to criticize entrepreneurs • Lack of competition • Exploited workforce • Corruption of Government • Others praised entrepreneurs • Built the wealth of the nation • Developed a multitude of new products • Success stories

  7. Which Were They? ROBBER BARONS • Exploited Workers • Drained Natural Resources • Controlled Government • Devastated Competition • Ruled Autocratically INDUSTRIAL STATESMEN • Created wealth • Created Jobs • Made the U.S. a world power • Developed a bevy of new products and industrial procedures • Philanthropists

  8. The Gospel of Wealth • Some grew uncomfortable with the situation • Andrew Carnegie promoted the Gospel of Wealth • Riches were justified if the wealthy used his wealth for the community “The Man Who Dies Rich Dies Disgraced.”

  9. Reforms proposed • Many saw the government as a tool to prevent monopolies • Sherman Antitrust Act • Forbade “combinations in restraint of trade” • Did not define trusts • Rarely used against any monopoly. • Ineffective

  10. Summary • In a short response of 2 to 3 sentences, explain how you would improve today’s lesson:

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