Monday October 20, 2014 Mr. Goblirsch – U.S. History

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Monday October 20, 2014 Mr. Goblirsch – U.S. History OBJECTIVE – Students Will Be Able To – SWBAT: Describe management and business strategies that contributed to the growth of big businesses in the late 1800s. AGENDA: WARM-UP: Success Journal CONCEPT: Big Business GUIDED READING: Carnegie Biography VIDEO CLIP: Carnegie Steel (5 min) PARTNER TASK: Inventions Poster Success Journal WARM-UP: (Follow the directions below) ***5 Minutes*** Write a paragraph journal entry on the topic below. What personal qualities do you think a person has to have in order to become billionaire?

Industrial Boom: Big Business Ch 6 Sec 3

Big Businesses take Control Large capital, improved technologies, and multiple investors Used Social Darwinism to justify laissez faire economy (No Govt Regulation of Business) If Your Wealthy = Successful in Business If Your Poor = Failure in Business or Lazy Success and failure in business was governed by natural law

SECTION 3: BIG BUSINESS AND LABOR Andrew Carnegie was one of the first industrial moguls He entered the steel industry in 1873 By 1899, the Carnegie Steel Company manufactured more steel than all the factories in Great Britain combined

CARNEGIE BUSINESS PRACTICES Carnegie initiated many new business practices such as; Searching for ways to make better products more cheaply Accounting systems to track expenses Attracting quality people by offering them stock & benefits ANDREW CARNEGIE 1835 -1919

CARNEGIE’S VERTICAL INTEGRATION Carnegie attempted to control as much of the steel industry as possible How? Vertical integration; he bought out his suppliers (coal fields, iron mines, ore freighters, and rail lines) in order to control materials and transportation

HORIZONTAL INTEGRATION Additionally, Carnegie bought up the competition through friendly and hostile takeovers This is known as Horizontal Integration; buying companies that produce similar products – in this case other steel companies MERGERS

Structured Academic Discussion Horizontal integration is when a business _____________ in an attempt to control the industry. Vertical integration is when a business ______________.

Inventions Advertisement Group Poster New inventions changed the way people lived and worked during the mid to late 1800s. Your group will be selecting an invention and your task is to create an attractive advertising poster to promote your new invention. Your poster should be creative, original, and include: the name of your invention, an illustration, and benefits of your invention. 1869 – Transcontinental RxR (P. 237) 1837 – Steel Plow (P. 217) 1867 – Typewriter (P. 232) 1831 – Reaper (P. 217) 1876 – Telephone (P. 232) 1874 – Barbed Wire (P. 217) 1879 – Light bulb (P. 232) Late 1800s – Oil (P. 231) Late 1800s – Steel (P. 232)

C. Dominant Business Men 1. Andrew Carnegie – controlled steel industry 2. John D. Rockefeller – controlled oil industry Used Horizontal & vertical integration, mergers, & Trusts to control industries Andrew Carnegie John Rockefeller

BUSINESS GROWTH & CONSOLIDATION Mergers could result in a monopoly (Trust) A monopoly is complete control over an industry An example of consolidation: In 1870, Rockefeller Standard Oil Company owned 2% of the country’s crude oil By 1880 – it controlled 90% of U.S. crude oil CHICAGO’S STANDARD OIL BUILDING IS ONE OF THE WORLD’S TALLEST

SOCIAL DARWINISM The philosophy known as Social Darwinism has its origins in Darwin’s theory of evolution Darwin theorized that some individuals in a species flourish and pass their traits on while others do not Social Darwinists (like Herbert Spencer) believed riches was a sign of God’s favor, and being poor was a sign of inferiority and laziness DARWIN (RIGHT) LIMITED HIS FINDINGS TO THE ANIMAL WORLD SPENCER WAS THE ONE WHO COINED THE PHRASE “SURVIVAL OF THE FITTEST”

ROBBER BARONS Alarmed at the cut-throat tactics of industrialists, critics began to call them “Robber Barons” Famous “Robber Barons” included Carnegie, Rockefeller, Vanderbilt, Stanford, and J.P. Morgan J.P MORGAN IN PHOTO AND CARTOON

ROBBER BARONS WERE GENEROUS, TOO Despite being labeled as greedy barons, rich industrialists did have a generous side When very rich people give away lots of money it is called “Philanthropy” Carnegie built libraries, Rockefeller, Leland Stanford, and Cornelius Vanderbilt built schools ROCKEFELLER CHAPEL – UNIVERSITY OF CHICAGO