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The Industrial Age. An Age of Opportunity or a Period of Atrocities. John Rockefeller. Andrew Carnegie. Captains of Industry. Criminals of Power. And Wrath. Did Carnegie and Rockefeller:. Work to help make America the Great nation that it is today. Did Carnegie and Rockefeller:.

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the industrial age

The Industrial Age

An Age of Opportunity or a Period of Atrocities

andrew carnegie

John Rockefeller

Andrew Carnegie

slide5

Did Carnegie and Rockefeller:

Work to help make America the Great nation that it is today.

slide6

Did Carnegie and Rockefeller:

Take advantage of the poor to become wealthy

andrew carnegie1
Andrew Carnegie
  • 1835- Born in Dunfermline, Scotland
    • Father preached political and economic equality
    • His own poverty taught Carnegie a different lesson.
  • 1848- Family emigrated to America
    • He was determined to bring prosperity to his family
  • Carnegie started US Steel
    • Brought himself from the slums of Pittsburgh to up scale New York
andrew carnegie2
Andrew Carnegie
  • 1868- worth $400,000 (nearly $5 million today)
  • Troubled by his own wealth
  • "To continue much longer overwhelmed by business cares... must degrade me beyond hope of permanent recovery."
the carnegie case
The Carnegie Case

Accomplishments

Blemishes

Crushed Unions in his own mills

Drove a hard bargain and usually succeeded

Forced workers to work long hours in poor conditions

Personally earned $250 million (approximately $4.5 billion today

  • Publically supported labor Unions
  • Avoided strike breakers
  • Donated funds to music halls, educational grants, etc.
  • Built nearly 3000 libraries
  • Donated over $350 million (more than $3 billion in 1996 dollars)
john rockefeller
John Rockefeller
  • Born in Richford, New York
  • Father was a traveling salesman and schemer
    • He taught his kids to always get the better end of a deal
    • Family had plenty of money
  • 1859- Started a foodstuffs business with partner (raised $4000 in first year)
  • 1863- Refinery started (would become Standard oil)
john rockefeller1
John Rockefeller
  • Gave large sums to colleges
    • Major funding for Spelman college- 1884
    • $80 mil. to UIC- Turned a small school into a world class institution
    • Founded modern day Rockefeller University- 1901
  • The Rockefeller Foundation (Philanthropy)
    • Donated $550 mil. total
the rockefeller case
The Rockefeller Case

Accomplishments

Blemishes

Underselling (Lowballing)

Differential Pricing (Different pricing for different customers)

Secretly buy competitors and use them to spy on legit competition

Secret rebates from rail companies

Paid railroads to refuse to move other's oil

  • Made products available at lower prices (price dropped 80% over life of the co.)
  • Improved the quality and availability of kerosene products
  • Trustee and Sunday school teacher
  • Strong Abolitionist and Lincoln supporter
  • Tithed all his life (gave 10% at age 20)
you be the judge

You be the Judge!!!!!

Criminals or Hero's???