Baltimore Polytechnic Institute October 5, 2011 U.S. History Mr. Green

The students will analyze the impact of the business tycoons by developing a position on the role of the business tycoon Warm-up Question: Read the following quote, “for they are the bees that make the most honey, and contribute most to the hive even after they have gorged themselves full” 1. Identify the meaning of the above quote? What is this quote in reference to? 2. What is your reaction to the above quote?

Carnegie’s Innovations Management Techniques Ways to make better products more cheaply Attracted talented people to his operation Business Strategies Vertical Integration Horizontal consolidation

Principles of Social Darwinism Based on Charles Darwin’s theory of evolution Survival of the fittest A New Definition of Success Poor must be lazy/inferior Riches a sign of God’s favor

Growth and Consolidation The rise of the oligopoly Holding companies helped mergers Trusts/Trustees Rockefeller and the Robber Barons Standard Oil dominated the oil refining business Cut prices then hiked them Philanthropy

Sherman Anti-Trust Act Passed to outlaw monopolies/trusts Difficult to enforce due to vague terms Assignment 1 Identify three robber barons and the companies they headed. Assignment 2 Robber Barons or Captains of Industry IndustrialistsWorkers Personal gain/losses Effective business practices Model for working people Contribution to society

Read point/counter-point on page 260 and write a 1 paragraph response on your position of the robber barons/tycoons. Were the leaders of the big trusts ruthless or captains of industry? Explain

Read Chapter 6 Section 4 Prepare for 5 Question Quiz over Chapter 6 Section 3 and 4 Test on Chapters 5/6 on Friday