Unit 1 The Gilded Age Industrialization Have you

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 of 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. Morgan George Westinghouse George 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: Oil Company: Standard Oil Trust Refined oil from the ground into useful products By 1879, Standard Oil controlled 90% of oil refining in the United States

Andrew Carnegie Industry: Steel Company: Carnegie Steel Poor Scottish immigrant Paid 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 Ships One of America’s first millionaires Grew up poor Operated a fleet of 100 steam ships Purchased railroads in New York and offered low fares and improved service

J. P. Morgan Industry: Banking Company: JP Morgan and Co. Son of a banker Created monopolies in the steel and railroad industries

George Westinghouse Industry: Electrical Company: Westinghouse Electric & Manufacturing Co. Served in the Union Army Patented several devices for use by the railroads

George Pullman Industry: Railroads Company: Pullman Palace Car Co. Invented the sleeping car Built 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