Big Business vs. The Working Class Lecture 10/31/12

John D. Rockefeller: Captain of Industry “self-made man” Sold cheaper product because he owned all steps of oil refining process “vertical integration” Standard Oil Company made him one of the richest men in the world Philanthropist- donated millions to charities

John D. Rockefeller: Robber Baron Standard Oil Company soon became Standard Oil Trust Rockefeller’s techniques allowed him to lower prices and eliminate and buy out competition Ida Tarbell wrote A History of Standard Oil, describing his unfair business tactics He soon dominated 90% of America’s oil market

Andrew Carnegie: Captain of Industry “rags to riches”- Scottish immigrant, self-educated Owned US Steel Company Philanthropist- believed in helping people help themselves so created libraries, universities

Andrew Carnegie: Robber Baron American Steel Trust was a near monopoly- he used shady business tactics to buy out competition He exploited his workers

Henry Ford: Captain of Industry Pioneered early auto engineering Ford Motor Company was first to use the assembly line Ford Model T was the first car avaiable to middle class- nearly half of all cars were model Ts in 1918

Henry Ford: Robber Baron? Introduced the $5 work day to keep the best employees Reduced the workweek of his employees Was opposed to labor unions- tried to squash organizing of his factory workers

Homestead Steel Strike Andrew Carnegie (robber baron, captain of the steel industry) owned a steel mill in Homestead, PA, near Pittsburgh. Union at the steel mill, the Amalgamated Association (AA), formed and won a couple of early strikes. Homestead was run by Henry Clay Frick whose goal was to break the union. When the union’s contract was up in 1892, Frick refused to negotiate a new contract and locked workers out. Frick hired the Pinkerton Detectives to provide security and break the strike. When the Pinkertons tried to enter the mill, there was conflict. The conflict lasted for 14 hours and left 16 people dead.