Topic 2c – The Successful Few Define a monopoly Define and explain the two types of mergers Identify major robber barons of the late 19th century and how they obtained their wealth. Compare and contrast the lives of robber barons with that of the typical working class American of the 19th century (using textual evidence).

J.P. Morgan Net Worth: $41.5 billion J.P. Morgan & Company Banking and finance Provided financial support for Thomas Edison and his endeavor in electricity. “A man generally has two reasons for doing a thing. One that sounds good, and a real one.” What major industry was J.P. Morgan involved in that helped him obtain his wealth? Explain and analyze the above quote by J.P. Morgan.

Jay Gould Net Worth: $71 billion Union Pacific Railroad Used the Missouri Pacific Railroad to build ½ of all rail track in the Southwest. “I can hire one half of the working class to kill the other half.” What major industry was Jay Gould involved in that helped him obtain his wealth and fortune? Explain and analyze the above quote.

Andrew Carnegie Net Worth: $309 billion Carnegie Steel Company “Rags to riches” Built the worlds largest steel empire, sold it, and then dedicated his remaining years to philanthropy. “I resolved to stop accumulating and begin the infinitely more serious and difficult task of wise distribution.” What major industry was Andrew Carnegie in that helped him obtain his massive wealth? Why would this be such a major industry/business? Explain and analyze the above quote.

John D. Rockefeller Net Worth: $340 billion Standard Oil Company Incorporated Owned Americas oil industry by completing major pipelines and controlling other companies. Donated ½ of his fortune upon his death to philanthropic causes. “God gave me my money. I believe the power to make money is a gift from God.” What major industry was Rockefeller involved in that helped him obtain his wealth? Why would this be so important? Explain and analyze the above quote.

1. What is somewhat ironic about the robber barons and their philanthropic donations in the later part of their lives and after their deaths?