2. Write down white orange, or yellow not turquoise

3. Essential Question Were the big business leaders of the 19 th century Robber Barons or Entrepreneurs?

4. Causes of Rapid Industrialization 1.Steam Revolution of the 1830s-1850s. 2.The Railroad fueled the growing US economy:  First big business in U.S.  Magnet for financial investment.  Key to opening the West.  Aided development of other industries. 1.Steam Revolution of the 1830s-1850s. 2.The Railroad fueled the growing US economy:  First big business in U.S.  Magnet for financial investment.  Key to opening the West.  Aided development of other industries.

5. Causes of Rapid Industrialization 3.Technological innovations.  Bessemer and open hearth process  Refrigerated cars 3.Technological innovations.  Bessemer and open hearth process  Refrigerated cars

6. 4.Abundant labor (skilled & semi-skilled). 5.Abundant capital. 6.New, talented group of entrepreneurs or robber barrons. 7.Market growing < population increase. 8.Government stimulate economic growth. 9.Abundant natural resources. 4.Abundant labor (skilled & semi-skilled). 5.Abundant capital. 6.New, talented group of entrepreneurs or robber barrons. 7.Market growing < population increase. 8.Government stimulate economic growth. 9.Abundant natural resources. Causes of Rapid Industrialization

7. New Business Culture 1. Laissez Faire  government keeps their hands off the economy.  Individual as moral & economic ideal.  Individuals compete freely in marketplace.  Market not man-made or invented.  No room for government in market!  Individual as moral & economic ideal.  Individuals compete freely in marketplace.  Market not man-made or invented.  No room for government in market!

8. Thomas Edison “Wizard of Menlo Park” Most important inventor in history over 1,000 patents

9. Incandescent Light Bulb

10. The Phonograph (1877)

11. The Ediphone or Dictaphone

12. The Motion Picture Camera

13. Alternate Current George Westinghouse

14. Alternate Current Westinghouse Lamp ad

15. Alexander Graham Bell Telephone (1876)

16. The Airplane Wilbur Wright Orville Wright Kitty Hawk, NC – December 7, 1903

17. Model T Automobile Henry Ford I want to pay my workers so that they can afford my product!

18. Henry Ford Net Worth day would be 199 billion –4th richest American in history Assembly Line

19. “Model T” Prices & Sales

20. U. S. Patents Granted 1790s  276 patents issued. 1990s  1,119,220 patents issued.

21. New Type of Business Entities 1.Pool 1887  Interstate Commerce Act outlawed Trust  John D. Rockefeller  Standard Oil Co.  creator of modern corporate structure:  Richest American in History - 900 million, (340 billion)  Standard Oil Co.  creator of modern corporate structure:  Richest American in History - 900 million, (340 billion)

22. New Type of Business Entities

23. Standard Oil Co.

24. New Type of Business Entities 2.Trust:  Horizontal Integration  John D. Rockefeller 2.Trust:  Horizontal Integration  John D. Rockefeller  Vertical Integration:  Andrew Carnegie  U. S. Steel  Vertical Integration:  Andrew Carnegie  U. S. Steel

25. Andrew Carnegie  Genius of technological innovation  founder of U.S. Steel  philanthropist-- established over  800 public libraries in U.S.  92 music halls  funded most major museums  Carnegie foundation for educational research  2nd richest American: 310 million (243 billion)

26. Carnegie’s Bessemer Process

27. Cartoon featuring Andrew Carnegie from Harper's Weekly April 11, 1903 Accompanied by this poem: We men are only lusty boys, Though snowy be our locks, So Skibo's master still enjoys To sit and play with blocks.“ Patron Saint of Libraries’ He donated $56,162,622 for the construction of 2509 library buildings throughout the English-speaking parts of the world.

28. Iron & Steel Production

29. U. S. Corporate Mergers

30. Industrial Consolidation: Iron & Steel Firms

31. New Financial Businessman The Broker:  J. Pierpont Morgan The Broker:  J. Pierpont Morgan  Financial genius  father of Wall Street  founded investment banking  saved country from depression in 1907 by raising 25 million in 15 minutes to loan government  collector of fine art

32. Wall Street – 1867 & 1900

33. % of Billionaires in 1900

34. % of Billionaires in 1918

35. The Protectors of Our Industries

36. The ‘Bosses’ of the Senate

37. Caused Black Friday, panic of 1869, by attempting to corner the gold market James Fisk & Jay Gould

38. Cornelius [“Commodore”] Vanderbilt Can’t I do what I want with my money?

39. William Vanderbilt $ The public be damned! What do I care about the law? H’aint I got the power? $ Shipping & railroad magnate who made fortune with help of free land given by government to railroads $ 3rd richest American 105 million (239 billion) $ The public be damned! What do I care about the law? H’aint I got the power? $ Shipping & railroad magnate who made fortune with help of free land given by government to railroads $ 3rd richest American 105 million (239 billion)

40. Vanderbilt’s Summer Cottage at Newport

42. Regulating the Trusts 1890  Sherman Antitrust Act  in “restraint of trade”  “rule of reason” loophole 1890  Sherman Antitrust Act  in “restraint of trade”  “rule of reason” loophole

43. Relative Share of World Manufacturing

44. The ‘Robber Barons’ of the Past

45. Robber Barons ruthless competitors let their workers starve Entrepreneurs innovators growth of America philanthropists Entrepreneurs or Robber Barons?

46. Modern ‘Robber Barons’??