1. The Rise of Big Business

2. Robber Barons
Business leaders who built their fortunes by stealing from the public
Drained country of natural resources
Drove competitors to ruin
Paid workers meager wages
Dangerous/unhealthy conditions

3. Captains of Industry
Business leaders who served their nation in a positive way
Increased supply of goods:
factories, productivity
Created jobs
Founded/funded museums, libraries

4. Barons or Captains?? Andrew Carnegie John D. Rockefeller J. P. Morgan
Steel King
Created Bessemer process to create steel easier and cheaper
John D. Rockefeller
Oil tycoon
J. P. Morgan
Banker who financed many industries

5. “Society as a whole would benefit”
Social Darwinism
Society should do as little as possible to interfere with people’s pursuit of success
“Society as a whole would benefit”

6. Monopolies vs. Cartels Monopoly Cartel
Complete control of a product or service
Remaining company could charge any price
Cartel
Loose association of businesses that make/supply the same product
Members agree to limit supply of product and keep prices high

7. Combination & Integration
Horizontal Combination
Combine many competitors into one company
Vertical Integration
Gain Control of all phases of production

8. Gospel of Wealth
Hard work and perseverance leads to wealth and that God justified attainment of great wealth.
A new view recently stated that wealth garnered from earthly success should be used for good works
Andrew Carnegie promoted this view in 1889 after securing millions through steel manufacturing