Robber Barons

Cornelius Vanderbilt A dominant force in industry by engaging in fierce wage wars with his competitors Often, his competitors would pay him hefty sums to NOT compete with him. Had numerous enemies Did not own grand homes or give away much of his wealth to charitable causes. Died with more than $100 million, which he left to his son.

John D. Rockefeller Founder of the Standard Oil Company, became the world’s richest man. net worth of $55 million. The History of Standard Oil by Ida Tarbell Gave away more than $530 million to various causes. Creation of the University of Chicago Rockefeller Institute for Medical Research

Andrew Carnegie Built the Steel Industry Homestead Strike of 1892 – Workers Strike By 1900 Carnegie Steel produced more of the metal than all of Great Britain Battle with JP Morgan Sold Carnegie steel to JP Morgan for $480 million “Now the richest man in the world” Established over 2,500 public libraries and supported higher learning institutions Gave away $350 million

JP Morgan Not born into a poor family, like Carnegie After the Civil War he began buying distressed businesses and railroads West Shore, Pennsylvania, Reading, Erie, New England “Morganization” Worth $80 million at his death ($1.2 billion today) “And to think he wasn’t even a rich man.” – John D. Rockefeller Not in the amount he had but it was in the billions he controlled.

Henry Ford Two failed attempts to establish a company for automobiles Finally in 1903 the Ford Motor Company was incorporated with Henry Ford as vice-president and chief engineer His dream of producing an automobile that was reasonably priced, reliable, and efficient came about with the Model T in 1908. Initiated a new era in transportation By 1918, half of all cars in America were Model-T Moving assembly line, significantly reduced time per vehicle and lowered costs