LT: I will be able to identify entrepreneurs during the Industrial Era and show knowledge of how a market economy works. BW: List 3 New inventions or industries that came about in the late 19 th -20 th century. Which one do you think is most important? Why?

 New steel: Henry Bessemer developed a new process in making steel that used less coal therefore cutting the cost of steal.  Electricity: Thomas Edison light bulb led the lighting of homes and cities.  Alexander Graham Bell: invented the telephone  Switchboard: allowed more people to connect to a telephone network  Sewing machine: became a best seller and created a new industry. People began purchasing ready-made clothes.

 Corporation: a business owned by shareholders  Shareholder: investors who buy a portion of the company  Market Economy: competition among producers is encouraged. Prices are regulated based on supply and demand.  Trust: legal body that holds stock in many companies, often in the same industry. In the 1800’s few laws regulated corporations.  Monopoly: A company that wipes out its competition and controls the industry.

 An Ohio businessman who started the Standard Oil Company.  He created many good ideas for better production and refining of oil into products like kerosene.  Criticized for using "hard-ball" tactics to take over competing oil companies and tried to eliminate competition.  Created Standard Oil Trust and controlled 95% of all oil refining.  Because of the monopoly he created, he wiped out all competition and raised the prices of oil.  Although rich he gave away hundreds of millions of dollars to medical, educational, and scientific causes.

 An immigrant from Scotland famous for working his way up from a job as a boy in a textile factory to owner of the nation's largest steel business.  His steel mills were located in the Pittsburgh area. Steel was used to build bridges and skyscrapers and brought numerous jobs.  Tried to beat out competition by creating the cheapest product  Gave away hundreds of millions of dollars to improve society.

 An American banker.  He became one of the richest men of his era.  In 1901 he bought Carnegie Steel Company and merged it with other steel companies to create US Steel.  He was criticized for manipulating the nation’s financial system for his own gain.

Thursday BW: Compare and contrast Andrew Carnegie and John Rockefeller. How did they each try and beat their competition? What is a robber baron?

 An American inventor and businessman.  Developed many devices that greatly influenced life around the world, including the phonograph, the motion picture camera, light bulb.

 A New York businessman who made a fortune in shipping, and later, railroads in the 1800s.  After working as a steamship captain, Vanderbilt went into business for himself and eventually became one of the country’s largest steamship operators.  Gained a reputation for being fiercely competitive.  Later he shifted his focus to the railroad industry, where he built another empire and helped make railroad transportation more efficient.

 Henry Ford is the founder of the Ford Motor Company, and sponsor of the development of the assembly line technique of mass production.  Ford did not invent the automobile, but he developed and manufactured the first automobile that many middle class Americans could afford to buy.  As owner of the company, he became one of the richest and best-known people in the world.

 Rockefeller goes to court. Rockefeller goes to court.  What is a “Captain of Industry?” Was Rockefeller a robber baron or “Captain of Industry?”  The Men Who Built America The Men Who Built America

 As new inventions come about, they are used to support each other and make business more profitable and efficient.  As a group, using the following inventions and industries, quick write how they are all connected. ◦ Carnegie Steel ◦ Thomas Edison’s light bulb ◦ Alexander Graham Bell’s telephone ◦ Switchboard ◦ Sewing Machine ◦ Standard Oil ◦ J.P Morgan ◦ Vanderbilt shipping Carnegie Steel built the frame of the factory The factory uses Thomas Edison’s light bulb

 The “rags to riches” stories of millionaires was unrealistic.  The majority of America lived below the poverty line  Just as a gold leaf can cover an object of lesser value, the wealth of a few masked societies problems.  Corrupt politics  Widespread poverty