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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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American business leaders see pgs 27 in study packet
American Business Leaders (see pgs. 27 in study packet)


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”