INDUSTRIALISTS A person involved in the ownership and management of an industry.

Format the page in your notebook like the example on the right. John D. Rockefeller Andrew Carnegie Cornelius Vanderbilt INDUSTRIALISTS Definition - Monopoly – Trust – Describe how EACH industrialist in the graphic organizer relates to a trust or monopoly. Watch the videos in this presentation and fill in the graphic organizer with notes about each industrialist.

John D. Rockefeller Watch the following video: John D. Rockefeller became the richest man in the world in the oil business. He created Standard Oil Company. Oil began being used in all types of machines, including cars.

Industrialization led to a demand for oil for lubrication and kerosene lighting The oil industry during the Gilded Age was dominated John D. Rockefeller’s Standard Oil Company Rockefeller used ruthless tactics to buy out competing companies Standard Oil lowered costs and improved the quality of its oil products By 1879, Standard Oil sold 90% of the oil in America

…but Rockefeller gave away $500 million to charities, created the Rockefeller Foundation, and founded the University of Chicago. Rockefeller took advantage of his workers and used his fortune to influence the national government…

Andrew Carnegie Watch the following video: Became a millionaire by creating a monopoly in the steel industry. Created U.S. Steel in Pittsburgh. Watch the following video: Became a millionaire by creating a monopoly in the steel industry. Created U.S. Steel in Pittsburgh.

Steel led to skyscrapers, longer bridges, stronger railroads, and heavier machinery.

The iron and steel industries were dominated by Andrew Carnegie. Carnegie converted his mills to the Bessemer process and made the highest quality steel at the lowest price.

Carnegie Steel Company produced more steel than all the steel factories in Great Britain combined Carnegie best represented the American dream by rising from poor a immigrant to richest man in the world

Cornelius Vanderbilt Watch the following video: began investing in railroads during the Civil War and by 1872, owned the New York Central Railroad controlled 4,500 miles of track at height of his career supported few charities, but gave money to what would come to be Vanderbilt University died leaving an estate of $100 million Watch the following video: began investing in railroads during the Civil War and by 1872, owned the New York Central Railroad controlled 4,500 miles of track at height of his career supported few charities, but gave money to what would come to be Vanderbilt University died leaving an estate of $100 million

Monopolies AND Trusts

What is a MONOPOLY? A single seller of a product, good, or service. –Monos: single, alone –Polo: to sell

Competition  the rivalry of two or more parties  What are the consequences of eliminating competition? Inferior Goods and Services Less Innovation Higher prices Elimination of small businesses

There are two runners in a race, and both are competing to win the race and get the prize. The two runners run as fast as they can competing for that prize. They train for months; they invest in good running shoes and aerodynamic clothing; they pace themselves with precision during the race—all these efforts to beat the other runner and win the prize. ANALOGY

Now think of two competing companies as those runners. They are competing for YOUR money! The prize the companies get for “winning” is a greater share of the market (more money and business). Those two companies are going to do everything they can to win and that includes making better products and selling them at a lower price.

Trusts a combination of businesses whose intent is to diminish competition (monopolize business) Standard Oil Trust - first well-known trust Companies assign their stock to a board of trustees, who combine them into a new organization. The trustees run the organization, paying themselves dividends on profits.

Trusts (Monopolies) Trust Tactics: Buy outs Price undercuts Long-term customer contracts Forced customer purchases Intimidation and violence Famous Trusts - Standard Oil, US Steel, American Tobacco Company

POLITICAL CARTOON Title the next blank page in your notebook, “POLITICAL CARTOON”. Use the information you learned from the “INDUSTRIALISTS” power point to analyze the political cartoon given. You will use the acronym T.A.C.O.S. to analyze the political cartoon.

TACOS ANYONE? (T)ime: When do you think the author created this political cartoon? What clues in the picture help you figure it out? What is going on during this time period? (A)ction: What is going on in the picture? What are people doing/saying? (C)aption: Write down all the words or text that you see in the picture (captions, thought bubbles, labels, etc.) (O)bjects: List everything that is visible in the picture that you think is relevant to the artist’s message. What do these objects represent? (S)ummary/So what?: What is the message the artist is trying to convey? What does this have to do with real life? Why is this important? What is the opposing viewpoint?

(T)Ime When do you think the author created this political cartoon? What clues in the picture help you figure it out? What is going on during this time period?

(A)ction What is going on in the picture? What are people doing/saying?

(C)aption Write down all the words or text that you see in the picture (captions, thought bubbles, labels, etc.)

(O)bjects List everything that is visible in the picture that you think is relevant to the artist’s message. What do these objects represent?

(S)ummary/So what? What is the message the artist is trying to convey? What does this have to do with real life? Why is this important? What is the opposing viewpoint?

3A&bcolor=red&display_image=1&imgId= In 1901 a political cartoon was created entitled “King of the World” would become one of the most famous political cartoons of the Gilded Era. While it is not known who drew the cartoon, we can see some of his political views in the drawing. The artist appears to be against the monopolies and thought that the owners of these monopolies didn’t care about anything except making money. This cartoon depicts John D. Rockefeller is virtually king of the world with his oil monopoly and powerful railroads at his disposal. The cartoon was published in 1901 for Puck Magazine, a magazine full of satire and political cartoons about events that were happening at the time. For the most part Puck Magazine was nonpartisan and criticized anyone they wanted to. Since it was mostly nonpartisan, many people read it and at the time the publication was widely popular. At the time John D. Rockefeller was one of the most powerful men in the world and had a monopoly on the oil market. Depicted in the cartoon, Rockefeller is sitting on top of a platform labeled Standard Oil, which was the name of his oil monopoly. Rockefeller is dressed in king’s attire with money signs all in his robe. He also is depicted with a very stern look on his face implying that this is all business. The huge crown is the most important part of the cartoon. The first four levels on his crown depict the railroads transporting oil. The railroads are the Reading R.R, Jersey Central R.R, St. Paul R.R and Lehigh Valley R.R, all of which he owned and used them to carry his monopolized oil to the markets. On the top of the crown is the large oil holding tanks and oil derricks and at the very top of the crown is a dollar sign, the sign that Rockefeller is obsessed with according to the satirical drawing. In the background is the ruin and destruction is depicted that Rockefeller caused due to his companies and cares little about the effect of the landscape of the nation. The reason it was produced is to label all the large company and monopoly owners as not caring about the shape of the country, but the increase of their profits and power.