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Big Business Emerges
6, sec. 3
John D. Rockefeller
Andrew Carnegie
Steel Magnate
J. P. Morgan
Carnegie
Poor Scottish immigrant Made fortune in Steel Hired talented assistants Worked efficiently Vertical Integration 1901 - owned 80% of steel industry
Social Darwinism
Economic theory which stated that the strongest businesses and individuals will survive.
Don’t regulate business Poor were lazy Rich were more intelligent
Rockefeller
Gained control of Oil Industry Cheap, paid employees low wages Given the name Robber Barron
J.P. Morgan
Created Holding companies - bought stock of other companies
Bought Carnegie’s U.S. Steel - 500 million Created Monopolies
Charities
Rockefeller gave away $500 million in his lieftime
Carnegie - $325 million “The Man Who Dies Rich Dies Disgraced.”
$3.5 billion in today’s money Carnegie - “Gospel of Wealth”
Sherman Anti-Trust Act
Outlawed trusts but failed Businessman got richer and richer and
workers had fewer rights.