AGENDA Recap CCOT (continuity and change over time) short answer questions Robber barons or captains of industry??

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Robber Barons vs. Captains of Industry
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AGENDA Recap CCOT (continuity and change over time) short answer questions Robber barons or captains of industry??

THE GILDED AGE 1870S-1890S

WHY CALL IT THE “GILDED AGE”? gild·ed ˈɡildəd/ adjective covered thinly with gold leaf or gold paint wealthy and privileged

Wait… but I thought people were poor FACTORY WORKERS But the rich were *super* rich. Like. Super. Rich.

Captain of industry? Or robber baron? Robber baron: a person who has become rich through ruthless and unscrupulous (not honest or fair) business practices

CORNELIUS VANDERBILT (1794-1877) Controlled much of the shipping business in New York Connected New York to Chicago by rail Founded Vanderbilt University in Tennessee

ANDREW CARNEGIE (1835-1919) Carnegie Steel Company (later became US Steel) Monopoly – controlled vertical and horizontal integration Inequality is inevitable and good Rich should take care of the poor “The Gospel of Wealth” Donated 90% of his wealth

JAY GOULD (1836-1892) Bought large blocks of railroad stock, building the transcontinental railroad Purchased Western Union Telegraph after falsely reporting information about their credit in his newspaper, New York World Fortune estimated around $80 million, left most to family and trustees

JP MORGAN (1837-1913) Created US Steel – the world’s first billion-dollar corporation – in 1901. Big banker and financer In 1913, his estate was worth $80 million ($1.2 billion today)

JOHN D. ROCKEFELLER (1839-1937) Owned Standard Oil Company Controlled the oil industry through trusts Drove out competitors through selling his oil at a lower price Wealthiest human of the modern period – worth $336 billion Gave away about half of his wealth

HEROES OR VILLAINS? Individually or with ONE partner, research one of the industrialists, and decide whether or not he is a robber baron or a captain of industry. After your research, answer the question: is he more good or more bad? This is subjective! What is “good” to you? Did he use his wealth well? Do his philanthropic efforts outweigh his corrupt practices? Create a “wanted” or “praise” poster for your industrialist! Wanted: for being corrupt and terrible Praise: for being a wonderful human who gave back to society Get in your groups now, and I will decide your industrialist.

Tomorrow: we will present And rank them! Who is the best? Who is the worst?

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