Robber Baron or Philanthropists John D. Rockefeller Andrew Carnegie Big Business Robber Baron or Philanthropists John D. Rockefeller Andrew Carnegie

Robber Baron Businessmen who were viewed as having used questionable practices to amass their wealth. Combines the sense of criminal ("robber") and illegitimate aristocracy ("baron").

Philanthropists The effort or inclination to increase the well- being of humankind, as by charitable aid or donations.

Corporation New technology caused business and factory owners to expand. To do this they needed money for equipment. Business owned by investors who buy part of the company through stocks.

Monopoly * One company that wipes out its competition and controls the industry.

Trust Consolidate holdings (stocks) in a number of companies with national and international reach. A legal body of men (organization) who banned together to control a certain industry.

John D. Rockefeller 1839 - 1937 Born into a poor family in Upstate New York Drops out of high school. He enters a professional school, where he studies double-entry bookkeeping, penmanship, banking, and commercial law. At 16 he begins working for Hewitt & Tuttle, commission merchants and produce shippers. At 24, Rockefeller gets involved in the oil business, along with partners Maurice Clark and Samuel Andrews. Andrews, Clark & Co. builds a refinery in The “Flats” near Cleveland. At 25, he buys out his partners and founds Standard Oil. At 40, Rockefeller is numbered among the country's twenty richest men.

Andrew Carnegie 1835 - 1919 Born in Scotland At age 12, his family moved to U.S. He began working in a cotton mill (factory) at 13, earning $1.20 a week. At age 16, he began working as a telegraph operator and two years later he began working for the Pennsylvania Railroad . He left the railroad in 1865 to focus on his other business interests, including the Keystone Bridge Company. By the mid 1870s, Carnegie constructed his first steel mill. Carnegie would use a new steel refining process developed by Henry Bessemer to convert huge amounts of iron into steel. Within a few years, Carnegie Steel dominated both the U.S. and World markets.

Rockefeller Philanthropy His fortune was mainly used to create foundations that had a major effect on medicine, education, and scientific research. Founder of Chicago University Founder of Rockefeller University Gave generously to the Baptist Church Gave generously to the YMCA Estimated to have given $500 million away.

Carnegie Philanthropy Author: “Gospel of Wealth” - Wealthy people were morally obligated to give their money back to others in society. Founded the Carnegie Institution to fund scientific research. He gave money to towns and cities to build more than 2,000 public libraries throughout the country. Estimated to have given $350 million away.