Do Now: Andrew Carnegie Biography – Read/highlight & answer question

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Presentation transcript:

Aim: Were the new millionaires of the industrial age “Captains of Industry” or “Robber Barons”? Do Now: Andrew Carnegie Biography – Read/highlight & answer question Homework: History of the Standard Oil Company Worksheet – answer the questions on a separate sheet of paper.

Views of Entrepreneurs Robber Barons – negative nickname given to millionaires. Stole from Public Drained Natural resources Drove out competition Poor working conditions

Views of Entrepreneurs Captains of Industry – positive nickname given to millionaires. Increased supply of goods Provided jobs Built factories Expanded markets

Views of Entrepreneurs Philanthropists - many industrialists believed in giving back to the community John D. Rockefeller – Rockefeller Foundation Andrew Carnegie – Carnegie Hall J.P. Morgan – Morgan Library Henry Ford – Ford Hospital

Government Response Sherman Anti-Trust Act (1890): made it illegal to form a trust that interfered with free trade between states or with other countries Problems: Act didn't define Trusts Firms reorganized when they felt pressure from the government Government couldn’t enforce it

Apply Your Knowledge Do you believe the new millionaires of the industrial age were “Captains of Industry” or “Robber Barons”?

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