A Troubled Economy. The Uber Rich Andrew Carnegie: Rags to riches Started out working for the railroad then made dividends through stock Started up Carnegie.

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Presentation transcript:

A Troubled Economy

The Uber Rich Andrew Carnegie: Rags to riches Started out working for the railroad then made dividends through stock Started up Carnegie Steel in 1899 Vertical integration Horizontal integration Social Darwinism

The super Uber rich! John D. Rockefeller: The son of a swindler Robber Baron Standard Oil went from 2-90% of refining business Low wages to break competition and then raise prices J.P. Morgan: bought out Carnegie steel to own a monopoly on steel industry 498 dollars to 23 million

Rich people with a heart At the end of his life Carnegie donated 90% of his wealth which still funds many scholarships in arts and education. Rockefeller helped establish the University of Chicago and gave away 500 million bucks. Created a medical facility that discovered many new cures including a cure for yellow fever.

Won’t someone think of the children?! Children as young as 5 years old might work at some of the factories during the industrial process. They could work up to 14 hour days. No workman’s compensation, no disability, 7 day weeks of 12 hours plus. No holidays, no vacation! Bad work conditions

GOVT. to the Rescue... Sherman Anti-Trust Act: Said that no one person or company could maintain a monopoly of a necessary good. Hard to prosecute 7/8 major cases were thrown out. Debate is this ok? Should the government be able to step in and tell you how to run your own business?