The Industrial Age An Age of Opportunity or a Period of Atrocities.

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Presentation transcript:

The Industrial Age An Age of Opportunity or a Period of Atrocities

Andrew CarnegieJohn Rockefeller

Captains of Industry

Criminals of Power And Wrath

Did Carnegie and Rockefeller: Work to help make America the Great nation that it is today.

Did Carnegie and Rockefeller: Take advantage of the poor to become wealthy

Andrew Carnegie Born in Dunfermline, Scotland – Father preached political and economic equality – His own poverty taught Carnegie a different lesson Family emigrated to America – He was determined to bring prosperity to his family Carnegie started US Steel – Brought himself from the slums of Pittsburgh to up scale New York

Andrew Carnegie worth $400,000 (nearly $5 million today) Troubled by his own wealth "To continue much longer overwhelmed by business cares... must degrade me beyond hope of permanent recovery."

The Carnegie Case Accomplishments Publically supported labor Unions Avoided strike breakers Donated funds to music halls, educational grants, etc. Built nearly 3000 libraries Donated over $350 million (more than $3 billion in 1996 dollars) Blemishes Crushed Unions in his own mills Drove a hard bargain and usually succeeded Forced workers to work long hours in poor conditions Personally earned $250 million (approximately $4.5 billion today

John Rockefeller Born in Richford, New York Father was a traveling salesman and schemer – He taught his kids to always get the better end of a deal – Family had plenty of money Started a foodstuffs business with partner (raised $4000 in first year) Refinery started (would become Standard oil)

John Rockefeller Gave large sums to colleges – Major funding for Spelman college – $80 mil. to UIC- Turned a small school into a world class institution – Founded modern day Rockefeller University The Rockefeller Foundation (Philanthropy) – Donated $550 mil. total

The Rockefeller Case Accomplishments Made products available at lower prices (price dropped 80% over life of the co.) Improved the quality and availability of kerosene products Trustee and Sunday school teacher Strong Abolitionist and Lincoln supporter Tithed all his life (gave 10% at age 20) Blemishes Underselling (Lowballing) Differential Pricing (Different pricing for different customers) Secretly buy competitors and use them to spy on legit competition Secret rebates from rail companies Paid railroads to refuse to move other's oil

You be the Judge!!!!! Criminals or Hero's???