1. AIM #46: WHAT VARIOUS BUSINESS PRACTICES OF INDUSTRIALISTS LED TO THEIR BEING LABELED ROBBER BARONS OR CAPTAINS OF INDUSTRY? Do now! Read the article on modern day “industrialists” (oh, and have out hw and copy down aim); extra credit due Monday

2. (I ) Ideal Conditions for Rapid Industrial Growth included: a.Cheap natural resources b.Large pools of labor (immigrants) c.Government support without regulation (laissez- faire) d.Expansion of railroads 1. Ends regional isolation Chinese Immigrants Working on Railroad

3. (II) ROBBER BARONS a. a.Robber baron tactics included: 1. Exerting control over natural resources 2. have high levels of government influence 3. Paying extremely low wages 4. Eliminating competition by acquiring competitors in order to create monopolies and raise prices (i.e railroads and the farmers) 5. Manipulators of government: paying corrupt officials to enact laws that support their businesses

4. (III) CAPTAINS OF INDUSTRY a. Capitalist leaders helped the country more (risk takers) b. They provide progress, jobs c.Drive technology d.Gave away millions to philanthropic causes "Millionaires are the bees that make the most honey and contribute most to the hive even after they have gorged themselves full.“ --Andrew Carnegie

5. IV. CREATING A BIG BUSINESS a.monopoly: buying out competitors in same business, prices rise (only one choice) b.Trust: similar businesses turning over assets to a board to control prices and competition c.Consolidation: creating huge businesses controlled by one company 1.Vertical integration: ownership of resources, manufacturing and distribution (Carnegie-steel) 2.Horizontal: merging of 3 manufacturers of similar products (Rockefeller’s Standard Oil Company)

7. MODERN DAY ROBBER BARONS OR CAPTAINS OF INDUSTRY??? Wrap up Activity: Read the article on Modern Day robber barons and answer the questions