Developing The Role of Big Business

Jaqualla WilliamsJaikeim MosleyTyshaun Hayes

Billy Harrell

Developing The Role of Big Business

Robber Baron

• Robber baron is a term used for a powerful 19th century American businessman. By the late 1800's, the term was typically applied to businessmen who were viewed as having used questionable practices to amass their wealth.

• It combines the sense of criminal ("robber") and illegitimate aristocracy ("baron").

• Some feel that the powerful industrialists of the gilded age should be referred to as "robber barons."

Their "questionable practices" usually included: • Selling the product at extremely low prices • And paying their workers very poorly in order

to do so• Buying out the competitors that couldn't keep

up, and once there was no competition, • They would hike prices far above the original

level.

Andrew Carnegie

• He owned Carnegie Steel Corporation, the largest of its kind in the world. In 1901 he sold his business and dedicated his time to expanding his philanthropic work, including the establishment of Carnegie-Mellon University in 1904.

• the chief of the robber barons • Like most of the robber barons, Carnegie was a mass

of contradictions • Carnegie paid low wages. That helped make him rich.

• People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents."

• Andrew Carnegie poured a great deal of his energies and resources into institutions which would support and further his dedication to the notion of a meritocracy.

Cornelius Vanderbilt

• He began a passenger ferry business in New York harbor with one boat, then started his own steamship company, eventually controlling Hudson River traffic. He also provided the first rail service between New York and Chicago

• During the Civil War he sold or leased to the U.S. Navy unseaworthy vessels at inflated prices, some were in such bad shape they sank before leaving port

J.P. Morgan

• He started his own private banking company in 1871, which became J.P. Morgan & Co. His company was so powerful that even the U.S. government looked to the firm for help with the depression of 1895. The government later filed suit against the company over concerns about monopolies.

Captains of Industry

• The term captain views these men as viewed ingenious and industrious leaders who transformed the American economy with their business skills. They were praised for their skills as well as for their philanthropy (charity).

• People believed that business leaders served the nation positively, which nicknamed them “Captains of Industry”

John D. Rockefeller

• He built his first oil refinery near Cleveland and in 1870 incorporated the Standard Oil Company. By 1882 he had a near-monopoly of the oil business in the U.S, but his business practices led to the passing of antimonopoly laws. Late in life Rockefeller devoted himself to philanthropy

• He built a great industrial empire and at the same time donated money to churches and schools

• "Don't be afraid to give up the good to go for the great."

• This quote means that people should do their own work, since copying someone else's work might be good, but thinking of the answer yourself is great.

Social Darwinism

• Social Darwinism is an application of the theory of natural selection to social, political, and economic issues. In its simplest form, Social Darwinism follows the mantra of "the strong survive," including human issues.

• This theory was used to promote the idea that the white European race was superior to others, and therefore, destined to rule over them.

• Many believed that the nation would grow strong by allowing the most vigorous rise to the top.

Charles Darwin

• he embarked on a five-year survey voyage around the world on the HMS Beagle. His studies of specimens around the globe led him to formulate his theory of evolution and his views on the process of natural selection

• A man who dares to waste one hour of time has not discovered the value of life.

• The meaning of life is clear and absolute if you do not waste time and gravity use.

Citations • "Robber Baron (industrialist)." Wikipedia.

Wikimedia Foundation, 26 Oct. 2012. Web. 01 Nov. 2012. <http://en.wikipedia.org/wiki/Robber_baron_(industrialist)>.

• ""Robber Barons" or "Captains of Industry"" "Robber Barons" or "Captains of Industry"N.p., 2001-2012. Web. 01 Nov. 2012. <http://www.socialstudieshelp.com/Lesson_44_Notes.htm>.

• "What Is Social Darwinism." What Is Social Darwinism. N.p., n.d. Web. 01 Nov. 2012. <http://www.allaboutscience.org/what-is-social-darwinism-faq.htm>.

• "Andrew Carnegie Biography." Bio.com. A&E Networks Television, n.d. Web. 01 Nov. 2012. <http://www.biography.com/people/andrew-carnegie-9238756>.

• "John D. Rockefeller Biography." Bio.com. A&E Networks Television, n.d. Web. 01 Nov. 2012. <http://www.biography.com/people/john-d-rockefeller-20710159>.

• "Cornelius Vanderbilt Biography." Bio.com. A&E Networks Television, n.d. Web. 01 Nov. 2012. <http://www.biography.com/people/cornelius-vanderbilt-9515195>.

• "J.P. Morgan Biography." Bio.com. A&E Networks Television,

n.d. Web. 01 Nov. 2012. <http://www.biography.com/people/jp-morgan-9414735>.

• "Charles Darwin Biography." Bio.com. A&E Networks Television, n.d. Web. 01 Nov. 2012. <http://www.biography.com/people/charles-darwin-9266433>.

• "What Made Andrew Carnegie a Robber Baron?" Yahoo! Answers. Yahoo!, n.d. Web. 01 Nov. 2012. <http://answers.yahoo.com/question/index?qid=20080818164630AAl9Mow>.