1. Aim: Were the new millionaires of the industrial age “Captains of Industry” or “Robber Barons”?
Do Now:
Andrew Carnegie Biography –
Read/highlight & answer question
Homework:
History of the Standard Oil Company Worksheet – answer the questions on a separate sheet of paper.

3. Views of Entrepreneurs
Robber Barons – negative nickname given to millionaires.
Stole from Public
Drained Natural resources
Drove out competition
Poor working conditions

5. Views of Entrepreneurs
Captains of Industry – positive nickname given to millionaires.
Increased supply of goods
Provided jobs
Built factories
Expanded markets

6. Views of Entrepreneurs
Philanthropists - many industrialists believed in giving back to the community
John D. Rockefeller – Rockefeller Foundation
Andrew Carnegie – Carnegie Hall
J.P. Morgan – Morgan Library
Henry Ford – Ford Hospital

7. Government Response
Sherman Anti-Trust Act (1890): made it illegal to form a trust that interfered with free trade between states or with other countries
Problems:
Act didn't define Trusts
Firms reorganized when they felt pressure from the government
Government couldn’t enforce it

8. Apply Your Knowledge
Do you believe the new millionaires of the industrial age were “Captains of Industry” or “Robber Barons”?