Supplies Folder BW graphic organizer pencil LT I

Supplies: Folder, BW graphic organizer, pencil LT: I will be able to identify entrepreneurs during the Industrial Era and show knowledge of how a market economy works. BW: List 3 New inventions or industries that came about in the late 19 th-20 th century. Which one do you think is most important? Why?

Inventions & Industries � New steel: Henry Bessemer developed a new process in making steel that used less coal therefore cutting the cost of steal. � Electricity: Thomas Edison light bulb led the lighting of homes and cities. � Alexander Graham Bell: invented the telephone � Switchboard: allowed more people to connect to a telephone network � Sewing machine: became a best seller and created a new industry. People began purchasing ready-made clothes.

What is an entrepreneur? What makes an invention successful?

Business terms: � Corporation: a business owned by shareholders � Shareholder: investors who buy a portion of the company � Market Economy: competition among producers is encouraged. Prices are regulated based on supply and demand. � Trust: legal body that holds stock in many companies, often in the same industry. In the 1800’s few laws regulated corporations. � Monopoly: A company that wipes out its competition and controls the industry.

John D. Rockefeller � � � An Ohio businessman who started the Standard Oil Company. He created many good ideas for better production and refining of oil into products like kerosene. Criticized for using "hard-ball" tactics to take over competing oil companies and tried to eliminate competition. Created Standard Oil Trust and controlled 95% of all oil refining. Because of the monopoly he created, he wiped out all competition and raised the prices of oil. Although rich he gave away hundreds of millions of dollars to medical, educational, and scientific causes.

Andrew Carnegie An immigrant from Scotland famous for working his way up from a job as a boy in a textile factory to owner of the nation's largest steel business. � His steel mills were located in the Pittsburgh area. Steel was used to build bridges and skyscrapers and brought numerous jobs. � Tried to beat out competition by creating the cheapest product � Gave away hundreds of millions of dollars to improve society. �

J. P. Morgan An American banker. � He became one of the richest men of his era. � In 1901 he bought Carnegie Steel Company and merged it with other steel companies to create US Steel. � He was criticized for manipulating the nation’s financial system for his own gain. �

Supplies: Folder, BW graphic organizer, notes from yesterday, and a pencil Thursday BW: Compare and contrast Andrew Carnegie and John Rockefeller. How did they each try and beat their competition? What is a robber baron?

Thomas Edison � An American inventor and businessman. � Developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, light bulb.

�A Cornelius Vanderbilt New York businessman who made a fortune in shipping, and later, railroads in the 1800 s. � After working as a steamship captain, Vanderbilt went into business for himself and eventually became one of the country’s largest steamship operators. � Gained a reputation for being fiercely competitive. � Later he shifted his focus to the railroad industry, where he built another empire and helped make railroad transportation more efficient.

Henry Ford is the founder of the Ford Motor Company, and sponsor of the development of the assembly line technique of mass production. � Ford did not invent the automobile, but he developed and manufactured the first automobile that many middle class Americans could afford to buy. � As owner of the company, he became one of the richest and best-known people in the world. �

� Rockefeller goes to court. � What is a “Captain of Industry? ” Was Rockefeller a robber baron or “Captain of Industry? ” � The Men Who Built America

Connect the industries � As new inventions come about, they are used to support each other and make business more profitable and efficient. � As a group, using the following inventions and industries, quick write how they are all connected. ◦ ◦ ◦ ◦ Carnegie Steel Thomas Edison’s light bulb Alexander Graham Bell’s telephone Switchboard Sewing Machine Standard Oil J. P Morgan Vanderbilt shipping Carnegie Steel built the frame of the factory The factory uses Thomas Edison’s light bulb

(Underneath your notes) Gilded Age � The “rags to riches” stories of millionaires was unrealistic. � The majority of America lived below the poverty line � Just as a gold leaf can cover an object of lesser value, the wealth of a few masked societies problems. �Corrupt politics �Widespread poverty

Predict what kind of problems will come about during this time period. Post it on the door on your way out.