Natural ResourcesNatural Resources

America had tons of natural resources

Natural resources were used to generate huge profits by new American businesses

Laissez – Faire CapitalismLaissez – Faire CapitalismGov’t should not interfere with private businesses

Businesses took advantage of people and abused workers’ rights

Businesses did “anything to turn a larger profit”

Special Business ConsiderationsSpecial Business ConsiderationsGov’t granted special privileges to business owners

Gave free land to railroad owners by stealing it from rightful owners

ImmigrationImmigrationImmigrants increased the labor supply

Businesses paid immigrants as little as possible in order to generate huge profits

MonopolyMonopolyOne business owner controls the whole market of a product

Drives other competitors out of business to raise their prices

TrustsTrustsOne company controls the making of a product

Allows company to control the price of the product

CorporationCorporationLarge companies made up of smaller businesses

Limited LiabilityAllowed people to invest money with little risk

Robber barronsRobber barronsWealthy business owners who lied, cheated, and stole fortunes from average Americans

Captains of IndustryCaptains of IndustrySmart businessmen who earned their money through legal business practices

Gave millions of dollars to charity

Andrew CarnegieAndrew CarnegieScottish Immigrant

Created US Steelfirst corporation worth $1 billion dollars

Andrew CarnegieAndrew CarnegieBelieved in Social Darwinismpeople can whatever they want to make money

Andrew CarnegieAndrew CarnegieGave 80% of his money back to the public

Workers protested working conditions in his factories

J. P. MorganJ. P. MorganBanking tycoon who made millions off of investments and investment companies

John D RockefellerJohn D RockefellerCreated the Standard Oil Company in 1870 (trust)

Able to control the price of oil in America by owning all aspects of oil production

John D RockefellerJohn D RockefellerGave $500 million dollars to various charities

Cornelius VanderbiltCornelius VanderbiltMade a fortune in the railroad business

Introduced the use of steel rails and a standard gauge (distance between rails).