2. Robber Barons
Robber Baron – A business owner/executive who acquired wealth through ethically questionable tactics
Captain of Industry – the head of company and industry
Monopoly – company that dominates one industry

6. Political Cartoon #1
The trusts are depicted as Kings and Nobles wielding swords of legislation
The rich are large and fat and tower over the poor. This suggests that they had lots of power

7. Robber Barons or Captains of Industry?
Robber barons lead to people having a negative view of big business
They were cruel and ruthless
They would stop at nothing to achieve great wealth

8. Robber Barons or Captains of Industry?
Some viewed these men as ingenious and industrial leaders
They transformed the American economy
They were praised for their charity

10. Scottish immigrant
Founded Carnegie Steel Company
Philanthropist who gave away millions of $$$
His steel company used the BESSEMER process

11. Philanthropist
A person who seeks to promote the welfare of others by donating large sums of money to a charity

13. Vertical Integration
An arrangement in which the supply chain of a company is owned by that company.

14. Horizontal Integration
The merger of companies at the same stage of production in the same or different industries

16. Political Cartoon #2
The workman is burned at the stake that is labeled Monopoly
The wood that breaths fire on the workmen depicts different businessmen and industries
The workman is at the mercy of both Monopolies and businessmen

19. Political Cartoon #3
JP Morgan is much bigger than Uncle Sam. This makes it look like he has lots of power and influence over the government

22. Political Cartoon #4 The large man in Rockefeller
He is holding the white house in his hand
This suggests that he holds the government in the palm of his hand. This means he has a lot of power over them

23. Social Darwinism

24. Social Darwinism
Free competition in the economy, like natural selection, would ensure survival of the fittest
Society should do as little as possible to interfere with people’s pursuit of success

25. The government Response
1890 Sherman Antitrust Act – in response to social Darwinism
Outlawed any combination of companies that restrained interstate trade
Was not effective against trusts
Pro business courts and politicians DID NOT REALLY ENFORCE LAWS

26. Graduated income tax
People pay increasing amounts based upon how much they earn
16th amendment – “The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.”