Unit 1: The Gilded Age Industrialization. Have you ever used any of these products? What company created these products? Who was the man behind the creation.
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Have you ever used any of these products?
What company created these products?
Who was the man behind the creationof these products?
Apple Inc.
Steve Jobs CEO 1976: Started Apple at
21 years old Entrepreneur: person
who organizes and operates a business
Monopoly: one company controls the production and sale of a product or service
Gilded Age Entrepreneurs
John D. Rockefeller
Andrew Carnegie
Cornelius Vanderbilt
J.P. MorganGeorge
WestinghouseGeorge Pullman
How did these men build their businesses?
Industrialization: growth of industry due to availability of natural resources, use of electricity and petroleum, new inventions and improved communication and transportation
Transcontinental Railroad
Availability of cheap labor
Free Enterprise
Monopolies
Laissez Faire Capitalism
Trusts: competing companies consolidate into one
What is Laissez Faire Capitalism?
Laissez Faire capitalism is when the government is not regulating big business. During the Gilded Age, the government practiced Laissez Faire capitalism and this led to rise of big business ( trusts )
Industrialization took place between 1870 and 1900.
This time period is also called the Gilded Age because on the surface the US was doing great but if one looked below the surface, there was a lot of problems like poverty, bad working conditions and child labor
John D. Rockefeller
Industry: OilCompany: Standard Oil TrustRefined oil from the ground into useful
productsBy 1879, Standard Oil controlled 90% of oil
refining in the United States
Andrew Carnegie
Industry: SteelCompany: Carnegie SteelPoor Scottish immigrantPaid his workers low wages, forced them to
work 12 hour days and prohibited labor unions
Philanthropist: $350 million to build libraries and fund universities
Cornelius Vanderbilt
Industry: Railroads and Steam ShipsOne of America’s first millionairesGrew up poorOperated a fleet of 100 steam shipsPurchased railroads in New York and offered
low fares and improved service
J.P. Morgan
Industry: BankingCompany: JP Morgan and Co.Son of a bankerCreated monopolies in the steel and railroad
industries
George Westinghouse
Industry: ElectricalCompany: Westinghouse Electric &
Manufacturing Co.Served in the Union ArmyPatented several devices for use by the
railroads
George Pullman
Industry: RailroadsCompany: Pullman Palace Car Co.Invented the sleeping carBuilt the town of Pullman to house his
employees
Captains of Industry OR Robber Barons?
These entrepreneurs were viewed as Captains of Industry: Entrepreneurs who created the
modern industrial economy. Inventive leaders who were charitable and hard working. OR…
Robber Barons: Entrepreneurs who were self-centered, destroyed competition and mistreated their workers.
Example: Steve Jobs
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