PERSPECTIVE Entrepreneurs of the Gilded Age

Focus Question Who are some of the role models to people in society today? What makes someone a role model?

Objectives After today’s lesson, you will: Debate the idea of entrepreneurs as “Robber Barons” or “Captains of Industry” Discuss the ideas of “Social Darwinism” and “Laissez- Faire”

The Monopoly in Society Many were uneasy with the scale of trusts Schools of thought developed Laissez-Faire: Social Darwinism: Social Gospel:

Social Darwinism Promoted by Herbert Spencer “Survival of the Fittest” Justification of ruthless tactics Justified the depths of poverty Justified autocratic approaches Provided justification for accumulated wealth

Robber Barons v. Captains of Industry Abuses within the system led many to criticize entrepreneurs Lack of competition Exploited workforce Corruption of Government Others praised entrepreneurs Built the wealth of the nation Developed a multitude of new products Success stories

Which Were They? ROBBER BARONS Exploited Workers Drained Natural Resources Controlled Government Devastated Competition Ruled Autocratically CAPTAINS OF INDUSTRY Created wealth Created Jobs Made the U.S. a world power Developed a bevy of new products and industrial procedures Philanthropists

The Gospel of Wealth Some grew uncomfortable with the situation Andrew Carnegie promoted the Gospel of Wealth Riches were justified if the wealthy used his wealth for the community “The Man Who Dies Rich Dies Disgraced.”

Reforms proposed Many saw the government as a tool to prevent monopolies Sherman Antitrust Act Forbade “combinations in restraint of trade” Did not define trusts Rarely used against any monopoly. Ineffective

Summary: Describe two things you believe others should have learned from this class this week.