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.

Unit 1: The Gilded AgeIndustrialization

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

Standard Oil Trust ( monopoly )

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

TODAY

In groups, you will determine if these men were… Captains of Industry Robber Barons