Warm Up #12 Indicate whether you agree or disagree with the following statements: A) The purpose of business is to create wealth for those in charge. B) Businesses have a responsibility to provide a safe and healthy working environment for their employees. C) Businesses should pay their employees enough money to live off of. Which statement do you agree/disagree with MOST STRONGLY? Explain your answer.

LN 4.1 The Rise of Big Business Main Idea: After the Civil War, business continued to grow and the U.S. experienced an _____________________________ Industrial Revolution

I. Causes Inventions 1. new ideas led to increased ____________ 2. the ____________ Process led to better steel. Pioneered by _____________ 3. Thomas ____________ invented the light bulb. Now work during __________ Government help 1. growth in ______________, tax on imports 2. _______________ policy meant that government would not regulate business productivity Bessemer Andrew Carnegie Edison night protective tariff Laissez Faire

1. businesses formed ________________, Strategies 1. businesses formed ________________, when one company dominates an industry 2. ____________ integration is a monopoly when one company takes over __________ 3. ____________ integration is a monopoly when one company owns all the steps of ________________ 4. a __________ is when several businesses work together instead of competing monopolies Horizontal competitors Vertical production trust ***Advantages of trusts and monopolies (for the business): can set very high prices AND pay lower wages

II. Captains of Industry John D. Rockefeller 1. created the _________________ company. He owned _______% of the oil industry Andrew Carnegie 1. showed the possibility of “_______________” 2. dominated the _________ industry 3. wrote the ____________________, said that wealthy should do _______________ use their money for positive good Standard Oil 90 rags to riches steel Gospel of Wealth philanthropy

III. Robber Barons immigrants low unsafe violence unions Gilded Age Workers 1. Relied heavily on new _____________ 2. very _______ wages and _________ conditions 3. Used ___________ to prevent workers from forming __________ and going on strike Control over government 1. during _____________ businessmen had influence over politicians Social Darwinism 1. justified riches by the idea of _____________ ____________, that the best rise to the top immigrants low unsafe violence unions Gilded Age “survival of the fittest”

How should we view the businessmen of the 1890s- as Robber Barons or Captains of Industry? Read the descriptions and decide where on the RB-CI spectrum each person should fall.