Launch List:

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Launch List

• 1. Copy objectives 7,8
• 2. Think of an example of how competition effects
  the price of something you bought.

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Big Business Tycoons
Name Industry/Company Location
Cornelius Vanderbilt
John D. Rockefeller
Andrew Carnegie
J. P Morgan
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10/13 Big Business

• Corporation a business owned by investors.
• Trust A group of corporations controlled by a
  single board of directors

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10/13 Big Business

• Monopoly A business that controls all of the
  business of an industry

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Examples of Monopolies

• 1. Vanderbilts NY railroad This controlled all
  the railways from NY to the Great Lakes. 4500
  miles.

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Examples of Monopolies

• 2. Standard Oil Owned by Rockefeller this
  company controlled 95 of the oil in the United
  States

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Examples of Monopolies

• 3. Carnegie Steel Later became US Steel, this
  company controlled 90 of the steel in America

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Carnegie Steel

• Bessemer Process Using this new process allowed
  for stronger steel to be created cheaper.

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Growth of Steel industry
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• Carnegie FurnacesThis photograph of the
  Carnegie Furnaces in Braddock, Pennsylvania shows
  how smoky and grimy the factory environment was.

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this illustration from Leslie's Illustrated
Newspaper on September 4, 1875, shows the giant
steel shears used at the Atlas Ironworks in
Pittsburgh.
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Carnegie Steel

• From 1889 to 1899 yearly production of steel rose
  from 332,111 to 2,663,412 tons.

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Carnegie Steel

• Banker J.P. Morgan purchased the Carnegie Company
  for 500,000,000 and established the U.S. Steel
  Corporation that was valued at 1.4 billion.

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Carnegie Gave A lot to Charity
Caption reads "Forty-Millionaire Carnegie in his
Great Double Role. As the tight-fisted employer
he reduces wages that he may play philanthropist
and give away libraries, etc."
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• Andrew Carnegie died in August, 1919, he had
  given away 350,000,000. A further 125 million
  was placed with the Carnegie Corporation to carry
  on his good works.

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Objectives

• 9. Explain why tycoons wanted to keep government
  and business separate.
• 10. List 2 problems associated with monopolies.

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10/13 Monopolies
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Pro-Monopoly

• Tycoons
• Robber Barons Rockefeller, Carnegie, Vanderbilt,
  Morgan

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Pro-Monopoly

• Free-Enterprise system Keep the government out
  of business
• Laissez-faire idea that government should play
  as small a role in economic affairs. LAZY
  GOVERNMENT

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Andrew Carnegie

• It will be a great mistake for the community to
  shoot the millionaires, for they are the bees
  that make the most honey, and contribute most to
  the hive even after they have gorged themselves
  full.

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Anti-monopoly

• Monopolies reduce competition

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Anti-monopoly

• Farmers were forced to pay high train rates
• Burned Their Crops for fuel instead of paying
  high rates
• Wanted the government to set more fair Train Rates

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• Sherman Anti-Trust Act
• 1890- bans the formation of trusts and monopolies

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Child Labor
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Child Labor
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Child Labor
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Child Labor