Robber Barons and Rebels Capitalism vs. Socialism.

Robber Barons and Rebels

Robber Barons and Rebels

Capitalism vs. SocialismCapitalism vs. Socialism

Chapter 17 VocabularyChapter 17 Vocabulary

Technology/Inventors Transcontinental Railroad (1869) Credit Mobilier Grange Public Utility Bloc

Technology/Inventors Transcontinental Railroad (1869) Credit Mobilier Grange Public Utility Bloc

VocabularyVocabulary

Holding Company Merger Monopoly Trust Interlocking Directorate Rebates Robber Barons Capitalism v. Socialism Social Darwinism

Holding Company Merger Monopoly Trust Interlocking Directorate Rebates Robber Barons Capitalism v. Socialism Social Darwinism

New Industries New Industries

Bessemer Process - 3-5 tons to 15 minute

Farming - 61 hours before the civil war to produce 1 acre of wheat .

Farming - 3 hours 19 minutes by 1900 Manufactured ice enabled the transport

of food and then began the meat industry

Coal - 1860 (14 million tons) Coal - 1884 ( 100 million tons)

Bessemer Process - 3-5 tons to 15 minute

Farming - 61 hours before the civil war to produce 1 acre of wheat .

Farming - 3 hours 19 minutes by 1900 Manufactured ice enabled the transport

of food and then began the meat industry

Coal - 1860 (14 million tons) Coal - 1884 ( 100 million tons)

New Industries New Industries

Steel - 1880 ( 1million tons) Steel - 1910 (25 million tons) Copper - 1880 (30,000 tons) Copper - 1910 ( 500,000 tons)

Why did the copper industry grow?

Steel - 1880 ( 1million tons) Steel - 1910 (25 million tons) Copper - 1880 (30,000 tons) Copper - 1910 ( 500,000 tons)

Why did the copper industry grow?

Growth of CitiesGrowth of Cities

New York between 1860-1914 (850,000 to 4 million people

Chicago (110,00 to 2 million people

Philidelphia (650,000 to 1.5 million)

Think of the social changes this rapid movement to the city made

New York between 1860-1914 (850,000 to 4 million people

Chicago (110,00 to 2 million people

Philidelphia (650,000 to 1.5 million)

Think of the social changes this rapid movement to the city made

Inventors or Robber Barons

Inventors or Robber Barons

Thomas Edison - Electrical Devices Gustavus Swift - Ice cooled railway

car James Duke - Cigarette rolling

maching Andrew Carnegie - Steel JD Rockefeller - Oil Jay Gould - Railroad

Thomas Edison - Electrical Devices Gustavus Swift - Ice cooled railway

car James Duke - Cigarette rolling

maching Andrew Carnegie - Steel JD Rockefeller - Oil Jay Gould - Railroad

The Rise to richesThe Rise to riches

Social Darwinism - The explanation why all of these big businessmen succeeded and they are living the American Dream

90 percent of the big business men came from wealthy familys. There were self made stories - Andrew Carnegie

Social Darwinism - The explanation why all of these big businessmen succeeded and they are living the American Dream

90 percent of the big business men came from wealthy familys. There were self made stories - Andrew Carnegie

The Transcontinental Railroad

The Transcontinental Railroad

The Central Pacific: spent $200,000 in bribes in Washington to receive 9 million acres of free land, $24 million in bonds, and payed $79 million to a construction that was their own

The Union Pacific moving west paid for 12 million acres, and $27 million. It created the Credit Mobilier and gave them $94 million when the cost was $44 million

Both railroads accepted subsidies from towns

The Central Pacific: spent $200,000 in bribes in Washington to receive 9 million acres of free land, $24 million in bonds, and payed $79 million to a construction that was their own

The Union Pacific moving west paid for 12 million acres, and $27 million. It created the Credit Mobilier and gave them $94 million when the cost was $44 million

Both railroads accepted subsidies from towns

JP MorganJP Morgan

Started as the son of a banker who sold stocks to the railroad after the civil war

Civil War he profited buying rifles for $3.50 and selling them to the union for $22. Shoot off thumbs but profited

Escaped service in the CW for $300 Linked Railroads to banks, banks to

insurance companies and controlled 100,000 miles

Started as the son of a banker who sold stocks to the railroad after the civil war

Civil War he profited buying rifles for $3.50 and selling them to the union for $22. Shoot off thumbs but profited

Escaped service in the CW for $300 Linked Railroads to banks, banks to

insurance companies and controlled 100,000 miles

John D. Rockefeller John D. Rockefeller

Book Keeper to Merchant Invested in the new industry of oil Bought his first oil refinery in 1862 1872 set up the Standard Oil

Company Secret agreements with railroad

companies driving competitors out of business.

Book Keeper to Merchant Invested in the new industry of oil Bought his first oil refinery in 1862 1872 set up the Standard Oil

Company Secret agreements with railroad

companies driving competitors out of business.

Andrew CarnegieAndrew Carnegie

Started as a telegraph clerk at age 17 Secretary to the head of the

Pennsylvania Railroad Broker on Wall Street for railroads Went to London discovered Bessemer

steel process - set up his own company Government passes tariffs to protect 1900 - $40 mIllion - Sold for $492 million

Started as a telegraph clerk at age 17 Secretary to the head of the

Pennsylvania Railroad Broker on Wall Street for railroads Went to London discovered Bessemer

steel process - set up his own company Government passes tariffs to protect 1900 - $40 mIllion - Sold for $492 million

MergersMergers

Morgan bought the steel company and formed US Steel

Tariffs were passed to keep foreign steel out closing out competition and keeping steel $28 ton; working 200,000 men twelve hours a day for low wages

The banks also had interest as well as the government in these monopolies

Morgan bought the steel company and formed US Steel

Tariffs were passed to keep foreign steel out closing out competition and keeping steel $28 ton; working 200,000 men twelve hours a day for low wages

The banks also had interest as well as the government in these monopolies

What are some businesses today?

What are some businesses today?

Which ones are local and which are national corporations.

Supersize me Do big companies have interests

in government today. Do we really have the ability to

have upward mobility today.

Which ones are local and which are national corporations.

Supersize me Do big companies have interests

in government today. Do we really have the ability to

have upward mobility today.

The Interstate Commerce Act

The Interstate Commerce Act

The interstate commerce act was passed to regulate railroads and other monopolies by the Federal Government

This formed a very tight bond between the government and railroads.

Although the ICC was formed it was week and could only control short runs within states.

Sherman Anti Trust Act

The interstate commerce act was passed to regulate railroads and other monopolies by the Federal Government

This formed a very tight bond between the government and railroads.

Although the ICC was formed it was week and could only control short runs within states.

Sherman Anti Trust Act

Grover Cleveland vetoes Grover Cleveland vetoes

Although the presidency switched political parties it didn’t stop the ties to big business

Grover Cleveland vetoed a bill $100,00 to help farmers because he said the government is not the parent of farmers

The same year he used the gold surplus to pay bondholders $45 million

Although the presidency switched political parties it didn’t stop the ties to big business

Grover Cleveland vetoed a bill $100,00 to help farmers because he said the government is not the parent of farmers

The same year he used the gold surplus to pay bondholders $45 million

Education mirrors industry

Education mirrors industry

The industrial Rows Bells Developing Managers and middle

people Colleges are donated by wealth -

Johns Hopkins, Conrelius Vanderbilt, James Duke, Leland Stanford, Rockefeller

The industrial Rows Bells Developing Managers and middle

people Colleges are donated by wealth -

Johns Hopkins, Conrelius Vanderbilt, James Duke, Leland Stanford, Rockefeller

The 14th amendmentThe 14th amendment

The 14th amendment protected who?

In 1886 the court did away with 230 state laws regulating big business.

It declared big corporations were people and their money was protected by due process.

19 - African Americans - 288 big corp.

The 14th amendment protected who?

In 1886 the court did away with 230 state laws regulating big business.

It declared big corporations were people and their money was protected by due process.

19 - African Americans - 288 big corp.

Popular Novels Popular Novels

Progress and poverty - The basis of wealth is land, and land is being monopolized, a single tax on land could help even out society

Looking Backward - The author falls asleep and wakes up in year 200 to find a socialist system - sold millions of copies

Progress and poverty - The basis of wealth is land, and land is being monopolized, a single tax on land could help even out society

Looking Backward - The author falls asleep and wakes up in year 200 to find a socialist system - sold millions of copies

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