1. Big Business Emerges
6, sec. 3

2. John D. Rockefeller

3. Andrew Carnegie
Steel Magnate

4. J. P. Morgan

5. Carnegie Poor Scottish immigrant Made fortune in Steel
Hired talented assistants
Worked efficiently
Vertical Integration
owned 80% of steel industry

6. Social Darwinism
Economic theory which stated that the strongest businesses and individuals will survive.
Don’t regulate business
Poor were lazy
Rich were more intelligent

7. Rockefeller Gained control of Oil Industry
Cheap, paid employees low wages
Given the name Robber Barron

8. J.P. Morgan
Created Holding companies - bought stock of other companies
Bought Carnegie’s U.S. Steel million
Created Monopolies

9. Charities Rockefeller gave away $500 million in his lieftime
Carnegie - $325 million “The Man Who Dies Rich Dies Disgraced.”
$3.5 billion in today’s money
Carnegie - “Gospel of Wealth”

10. Sherman Anti-Trust Act
Outlawed trusts but failed
Businessman got richer and richer and workers had fewer rights.