Industrial Giants “Captains of Industry” or “Robber Barons”

Robber Barons or Captains of Industry ??? ??? Praised for vision and skills Invested their wealth in worldwide ventures Employed thousands of workers Added to general prosperity Destroyed competition Damaged free-enterprise system Reformers called for laws to prevent monopolies and regulate corporations Benefitted at expense of others

Robber Barons or Captains of Industry Captains of Industry Robber Barons Praised for vision and skills Invested their wealth in worldwide ventures Employed thousands of workers Added to general prosperity Destroyed competition Damaged free-enterprise system Reformers called for laws to prevent monopolies and regulate corporations Benefitted at expense of others

Robber Barons

Early Industrial Giants John D. Rockefeller John D. Rockefeller Standard Oil Standard Oil Big Four Big Four Central Pacific Railroad Central Pacific Railroad Andrew Carnegie Andrew Carnegie Carnegie Steel Company Carnegie Steel Company

John D. Rockefeller

Founded Standard Oil Founded Standard Oil ExxonMobil and Chevron ExxonMobil and Chevron World’s first billionaire World’s first billionaire Richest man in history ($330 billion) Richest man in history ($330 billion) Founded Founded University of Chicago & Rockefeller University University of Chicago & Rockefeller University Eradicated Hookworm and Yellow Fever Eradicated Hookworm and Yellow Fever 1911 – Congress orders break-up of Standard Oil 1911 – Congress orders break-up of Standard Oil

Rockefeller Center

The Big Four Big Four Big Four Leland Stanford Leland Stanford Stanford University Stanford University Collis P. Huntington Collis P. Huntington Huntington Library Huntington Library Huntington Beach Huntington Beach Huntington, VA Huntington, VA Dominate government and economy of California Dominate government and economy of California

Stanford Mansion

Stanford University

Stanford Mausoleum

Huntington Library

Huntington Gardens

Andrew Carnegie

Carnegie Steel Company Carnegie Steel Company Pittsburgh, PA Pittsburgh, PA Founded: Founded: Carnegie Hall Carnegie Hall Carnegie Mellon University Carnegie Mellon University 2 nd richest man in history ($309 billion) 2 nd richest man in history ($309 billion)

Carnegie Mellon University

Skibo Castle

Andrew Carnegie "Maybe with the giving away of his money, he would justify what he had done to get that money." "Maybe with the giving away of his money, he would justify what he had done to get that money." Joseph Wall Joseph Wall

Check for Understanding Do you feel Rockefeller and Carnegie were robber barons or captains of industry? Why? Do you feel Rockefeller and Carnegie were robber barons or captains of industry? Why? Do we face this same question today with modern businessmen? Do we face this same question today with modern businessmen?

Bill Gates Worth $58 billion Worth $58 billion Criticized for management techniques Criticized for management techniques Congress ruled violation of anti-trust laws Congress ruled violation of anti-trust laws Founded Bill & Melinda Gates Foundation Founded Bill & Melinda Gates Foundation Largest transparently operated charitable organization in the world Largest transparently operated charitable organization in the world Given over $28 billion as of 2007 Given over $28 billion as of 2007