1. Industrial Revolution Economic Systems ■Capitalism, Socialism, Communism ■What were the issues we had discussed about “pure” Capitalism from Friday?

2. IWBAT evaluate the causes and effects of the Industrial Revolution ■Is it the duty of wealthy Americans like Bill Gates, (formerly) Steve Jobs, Donald Trump, Warren Buffett to give their money away for the public good or is it their right to keep the billions of dollars they have made?

3. Understanding Perspective ■Using the passages “Selfish Wealth is never good” and “The Workingman’s Ten Commandments” what do you think the opinion of the working class was of those who used Pure Capitalism to become extremely rich? ■Answer in complete sentences, use evidence from the text to back up your opinions!

4. Workers’ Opinion ■Workers’ Opinion of the Industrial Capitalist of the 19 th century were not complimentary. Fireman’s Magazine in 1884 stated that “Selfish wealth is never good. One may be a millionaire, but if with it comes greed, avarice, and oppression of others….the success is small indeed.” This is in direct reference to the unscrupulous tactics employed by wealthy businessman across the United States who exploited their workers for their own self gain. Historians often debate at the “necessary evil” that these Industrial giants provided. Some have stated that without the innovations and business acumen of these men the United States would have never become the manufacturing power that it is today, while others argue that the advances came at the expense of personal loss and agony of the working class. Which was not worth the price according to those who experienced that life.

5. From 1870-1900, the United States went through the 2 nd Industrial Revolution

6. The Civil War stimulated mass-production techniques that were used after the war to make industrial goods Stacked cannon balls, possibly a view of an arsenal yard in Washington, D.C. (NARA)

7. Industrial goods like iron, steel, and railroads were needed to rebuild the nation after the war and build America’s new cities Grounds of the destroyed arsenal with scattered shot and shell in Richmond, Virginia, in 1865 The Civil War stimulated mass-production techniques that were used after the war to make industrial goods

8. America’s industrial revolution began as a wave of inventions U.S. Patents Issued (1850-1899) Guess the Gilded Age invention Cash registers, typewriters adding machines, made businesses more efficient Marconi’s wireless transmitter and Bell’s telephone revolutionized communication The Bessemer process created a cheap way to transform iron into stronger, lighter steel New inventions allowed for improved industrialization

9. Thomas Edison (the “Wizard of Menlo Park”) was the greatest inventor of the 1800s In his New York research lab, he invented the 1 st phonograph, audio recorder, and battery ? ? ? His most influential invention was the 1 st electric light bulb Thomas Edison

10. America’s industrial revolution was fueled by 4 major industries (R.O.S.E.) Railroads, Oil, Steel, Electricity

11. The railroad was America’s first “big business” Railroad construction grew in the years before the Civil War… …But, tracks were owned by different companies and were not standardized

12. Aspects of Political cartoons ■As we discuss the Industrial Capitalists we will analyze political cartoons of the era and identify aspects that artists use when creating these commentaries. ■Effective Cartoons have: Symbolism, Labeling, Irony: a statement on the way things are and the way they should be (Satire), Exaggeration, Analogy (comparing two unlike things with similar characteristics)

17. During the Gilded Age, railroad construction boomed, led by tycoons like Cornelius Vanderbilt Large companies bought small railroads, standardized gauges and schedules, and pooled cars Cornelius Vanderbilt (3.47)

18. Railroad expansion led to a boom in the economy Railroads connected the East, South, and West and allowed for national trade and regional specialization The 1 st transcontinental railroad was finished in 1869 Railroads stimulated demand for coal, oil, iron, and steel Eastern railroads were connected to the West by 4 great trunk lines

20. Essential Question: – What factors led to the rise of the American Industrial Revolution from 1870 to 1900?

21. Industrialization led to a demand for iron and steel

22. Steel led to skyscrapers, longer bridges, stronger railroads, and heavier machinery

23. The iron and steel industries were dominated by Andrew Carnegie Carnegie best represented the American dream by rising from poor a immigrant to richest man in the world Carnegie converted his mills to the Bessemer process and made the highest quality steel at the lowest price Carnegie Steel Company produced more steel than all the steel factories in Great Britain combined

25. Carnegie did not pay his employees very much and did not allow unions in his factories… … but he was a philanthropist who gave money to New York City libraries, colleges, and performing arts institutions Andrew Carnegie (2.11)

26. Industrialization led to a demand for oil for lubrication and kerosene lighting The oil industry during the Gilded Age was dominated John D. Rockefeller’s Standard Oil Company Rockefeller used ruthless tactics to buy out competing companies Standard Oil lowered costs and improved the quality of its oil products By 1879, Standard Oil sold 90% of the oil in America John D. Rockefeller (2.51)

27. Rockefeller took advantage of his workers and used his fortune to influence the national gov’t… …but Rockefeller gave away $500 million to charities, created the Rockefeller Foundation, and founded the University of Chicago

28. Industrialization led to a demand for financing so banking became a significant part of the Gilded Age American finance was dominated by JP Morgan He was so influential that he bailed out the railroad industry when companies were in trouble He helped ease an economic depression during the Panic of 1907 JP Morgan (3.08)

29. Industrialists like Vanderbilt, Carnegie, Rockefeller changed the way businesses were organized Businesses hired professional managers to oversee employees, improve efficiency, and manage finances Corporations became a more common business structure Corporations used boards of trustees (“trusts”) to manage the company… …and holding companies to manage other subsidiary companies Board of Trustees Company Manager Employees Holding Company Company A Company D Company E Company B Company F Company C Company G Company H

30. Corporations used mergers to increase profits

31. Companies like Standard Oil used horizontal integration to buy similar companies to reduce competition

32. Companies like Carnegie Steel used vertical integration to buy companies in order to gain materials needed to make or deliver their products

33. Corporate mergers led to giant companies called monopolies that controlled the majority of an industry… Because most monopolies were run by boards of trustees, monopolies became known as “trusts”

34. Monopolists justified their wealth in a variety of ways The “Gospel of Wealth” argued that it is God's will for some men to gain great wealth so they could serve the public Social Darwinism taught that natural competition weeds out the weak and allows the strong to survive The government used laissez faire policies toward big business… …the lack of regulation allowed businesses to become very powerful and exploitive

35. Conclusions ■ America was changed by the Industrial Revolution: – The United States led the world in industry, innovation, and wealth – Laissez-faire gov’t policies and new business tactics led to monopolies – But the gap between the wealthy monopolists and their poor immigrant workers grew wider

36. “Robber Barons” of the Gilded Age Were the industrial capitalists of the Gilded Age “robber barons” or “captains of industry”? Weigh their positive and negative effects

37. Activity ■You will now complete a checklist to help you gather your thoughts and help you decide were these men “Robber Barons” or “Captains of Industry”? ■When you have completed this task use the graphic organizer on the back to individually label these men and reflect on whether they did more harm than good or vice versa.

38. Activity ■Now that you have organized your thoughts you’re going to create your own political cartoon based on the men and business practices we have talked about. ■You can use symbolism, exaggeration, labeling, irony to get your point across. ■The Cartoon must be neat and have a clear message about the practices of one of these 4 men.