1. - Economic system in which supply and demand determine prices.
Capitalism
- Economic system in which supply and demand determine prices.
Remember 9th grade?

2. Government should keep its hands off of businesses
Laissez-Faire
Government should keep its hands off of businesses

3. A person who takes a risk and starts a company.
Entrepreneur
A person who takes a risk and starts a company.

4. In the late 1800s and early 1900s several men created fortunes based on the Industrialization of America. Good … Right ???

5. Andrew
Carnegie
John D.
Rockefeller

6. One business has complete control of a product or service
Monopoly
One business has complete control of a product or service

7. Remember this? What is the winning strategy?

8. Produced 1/4 of American steel Poor Scottish immigrant
“Steel King”
Andrew
Carnegie
Produced 1/4 of American steel
Poor Scottish immigrant
$25 million per year

9. Used Bessemer Process – allowed for large skyscrapers to be built

10. Guess where Carnegie ran his business…..
Again – Industrialization – big cities!!!

11. One business controls all aspects of production
Vertical
Integration
One business controls all aspects of production

13. Philanthropist
Someone who makes charitable donations to benefit human welfare

14. Carnegie Mellon University

15. Carnegie Hall

16. Carnegie Library

17. John D. Rockefeller pioneer of the merger mov’t (Standard Oil Company)
Merger Movement
Merger: combining many competing firms into one

18. Trusts
A group of separate companies that are placed under the control of a single board

19. All competing companies are merged into 1 area of business
Horizontal
Integration
All competing companies are merged into 1 area of business

21. Rockefeller Institute for Medical Research

22. University of Chicago

23. Gilded: Anything that glitters on the surface but is rotten underneath
Late 1800s
Gilded Age
Coined by Mark Twain
Gilded: Anything that glitters on the surface but is rotten underneath

24. Robber Barons or Captains of Industry?
Why was this called the Gilded Age?
Robber Barons or Captains of Industry?

25. Much wealth was being created by a few but there was a lot of poverty & bad working conditions

26. English philosopher Herbert Spencer, said yes!
Is this OK?
English philosopher Herbert Spencer, said yes!

27. Application of Darwin’s theory of evolution to human society
Social Darwinism
Application of Darwin’s theory of evolution to human society

28. Progress
occurs
through
competition
in which
the weak fall
& the strong
thrive