Big Business in the early 20th century Rockefeller, Vanderbilt, Carnegie and J.P Morgan.

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Presentation transcript:

Big Business in the early 20th century Rockefeller, Vanderbilt, Carnegie and J.P Morgan

Cornelius Vanderbilt

Railroad baron ’s Bought up RR lines Forced smaller RR owners to sell to him Owned most lines between NY and Chicago

Cornelius Vanderbilt What advantages did he create for his business? Was it legal? What is is called when one company owns, runs all of the parts of an industry

John D. Rockefeller

oil baron ’s & 90’s Bought up oil refineries Realized U.S. would become dependent on oil Largest, most powerful oil company - Standard Oil

John D. Rockefeller What are some of the oil companies today? What would happen if there were only one company? What do we call it when prices increase,value of money decreases

Andrew Carnegie

steel baron ’s Bought up iron mines, steel mills, RR and steamship lines, warehouses Vertical integration - controlling all phases of an industry - from raw material to finished product

Andrew Carnegie What is the advantage of vertical integration?

J. P. Morgan

banking baron ’s Controlled banks, corporations Would buy up shares in struggling companies and then take over By 1890’s owned most of the steel, rail companies

PHILANTHROPY Have you ever heard of any present- day institutions which have the name Vanderbilt? Carnegie? Rockefeller? Morgan?

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