2. Who are these men?  Rutherford Hayes  James Garfield  Chester Arthur  Grover Cleveland  Benjamin Harrison

3. Robber Barons: Business Leaders of 1870 - 1910

4. Andrew Carnegie  Rags to Riches (richest man alive)  Became wealthy quickly, and invested in steel industry  Lucky in that he lived in an area full of coal, and iron ore a raw material needed for steel

5. Andrew Carnegie  Expanded Steel Business by buying out competition when steel prices dropped  Vertical Integration - owned each business step up to finished product (coal mines, iron mines, trains, factories)

6. John D. Rockefeller  A bit lucky to be in oil industry as cars and machines begin to use this as fuel and lubricant  Created Standard Oil - biggest oil company in the US  Used Vertical Integration to succeed

7. John D. Rockefeller  Used Horizontal Integration - Owned 90% of oil business  Monopoly = Horizontal Integration  Trust - All companies in an industry work together to cut costs to drive out competition, then raise prices

8. Cornelius Vanderbilt  Borrowed $100 to start first business at 16 and bought a sailboat  Made millions during Gold Rush shipping goods and people to California

9. Cornelius Vanderbilt  Sees RRs are wave of future  Bought up RR and created the New York- Penn RR  Sold tickets at below cost to drive competitors out of business, then raised prices to be able to afford to continue this

10. J.P. Morgan  A banker whose company owned both General Electric and U.S. Steel at the same time  Bought Carnegie Steel and changed name to U.S. Steel

11. J.P. Morgan  Used trusts to cut costs and rive out competition  Had a skin issue on nose he refused to get fixed. Dared people to stare at him knowing he could ruin their lives.  JPMorgan Chase Bank still in business

12. Darwinism  Charles Darwin published Origin of Species in 1859  Darwin’s theory is that the strongest and/or best adapted animals survive and the weak die out

13. Social Darwinism  Industrialists began to put forth idea of “Social Darwinism”  Social Darwinism - weak companies die out and stronger, smarter, better run businesses survive.