1. Room in your home Technology found there Kitchen Living Room Bedroom Bathroom Classroom Technology Survey

4. NOTES on Rise of Trusts

5. Trusts: separate companies controlled by a single board

6. 1.Monopoly: a trust that has exclusive control over an entire industry a.Robber Baron: person who became wealthy by unethical means b.Captain of Industry: an innovative entrepreneur who positively influenced society

8. Cornelius Vanderbilt: steamboating and railroads 1.Loss Leader – charges less than it costs, but makes profit elsewhere 2.Legacy: $100 million a.$95 million to son b.$1 million to Vanderbilt University

9. John Rockefeller: Standard Oil 1.Horizontal Integration: ally with companies in same industry i. Controlled 90% of oil industry 2.Legacy - $900 million** Richest man in the US a.Gave away $500 million b.Gave away $10,000 in dimes http://www.hispanicbusiness.com/news/2010/3/11/carlos_slim_son_of_a_mexico.htm

10. Rockerduck: Captain of Industry?

11. Oil Tycoon: Robber Barron?

12. Andrew Carnegie: US Steel 1.Vertical Integration – ally with producer of raw materials and distributor of finished goods 2.Legacy: $400 million a.gave $350 million to charity b.Gospel of Wealth: book which advised people to make what they need  give the rest to the community i.Est free libraries – everyone = access to education

14. Here’s a few million… go build a library

15. Can I get some change?

17. Go to the library I made for you!

18. JP Morgan: banking 1.“Morganization” – buys failing companies, reorganizes them into one successful company 2.Legacy a.JP Morgan & Company a.loaned gov’t $65 mill to help restore confidence in the nation’s finances b.Bequeathed (left) large art collection to the Metropolitan Museum of Art

19. Morgan’s role in the economy was perceived as larger than the Federal Government

20. What does the government say? …. We need to step in … Interstate Commerce Commission – oversee RR operations –1 st regulation of US businesses Sherman Antitrust Act –Outlaws monopolist trusts –Gov’t does not recognize unions as a result

21. Do we have Robber Barons OR Captains of Industry today? Who?

23. What does the public think? Robber Barons = person who became wealthy by unethical means Captains of Industry = business leaders that were believed to positively serve the nation VS.

24. Circle One Robber BaronCaptain of Industry “You have undertaken to cheat me. I won't sue you, for the law is too slow. I'll ruin you.” —Cornelius Vanderbilt Reasoning

25. Circle One Robber BaronCaptain of Industry “The way to make money is to buy when blood is running in the streets.” John D. Rockefeller John D. Rockefeller Reasoning

26. Circle One Robber BaronCaptain of Industry “Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community.” Andrew Carnegie Andrew Carnegie Reasoning

27. Circle One Robber BaronCaptain of Industry “Well, I don't know as I want a lawyer to tell me what I cannot do. I hire him to tell how to do what I want to do” —JP Morgan Reasoning