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Copy of Industrialists: Robber Barons or Captains of Industry?
Transcript of Copy of Industrialists: Robber Barons or Captains of Industry?
- Who were the Robber Barons and Captains of Industry? I. Industrialist Introduction: Robber Barron vs. Captain of Industry (Philanthropy)
II. JP Morgan and the Banks
III. Cornelius Vanderbilt the Railroad Barron
IV. JD Rockefeller the Oil Tycoon
V. Andrew Carnegie and Carnegie Steel I. Industrialist Introduction:
Robber Barron vs. Captain of Industry During the Industrial Revolution in America, Laissez-Faire economics allowed for the rise of powerful entrepreneurs (AKA Young Businessmen). These individuals often were labeled as Robber Barons or Captains of Industry because of their business practices. Robber Barons:
Were individuals who advanced themselves economically through ruthless business practices. For example: Trusts, Pools, Mergers, and Buyouts all leading to the formation of Monopolies. Captains of Industry:
Philanthropists who gave money to charities and other organizations through donations and grants. These men were seen as individuals who cared about the common man and were not corrupted by money and power. II. JP Morgan and the Banks Life Outside of Business - J. Pierpont Morgan was educated in Europe and began working at Duncan and Sherman and Company Bank through his father’s connections. The Businessman - Established his own bank at age 24. He then merged and bought out many banks to become the most powerful banker in America.
- Became executor of Cornelius Vanderbilt’s will and stole money from his fortune.
- Purchased U.S. Steel from Andrew Carnegie for $480 Million. Philanthropy - Saved the U.S. dollar from collapsing by putting 62 million in gold into the
U.S. Treasury. III. The Railroad Barron : Cornelius Vanderbilt Life Outside of Business - Born in Port Richmond, Staten Island, NY.
- He Married his first cousin and they had 12 kids together. The Businessman - Started a ferry business which began with one boat and grew to 100 steamships. This business at the time was the biggest employer in the U.S.
- Realized that there was money in Railroads so he sold his ferry business and began buying out Railroad companies.
- Formed the NY Central Railroad through buyouts and mergers. Philanthropy - After his wife died he began donating money to colleges and universities.
- He donated 1 million dollars to Nashville Central University (Vanderbilt). IV. JD Rockefeller Life Outside of Business - Born in Richford, NY and attended Owego Academy where he excelled at Math.
- His father was a doctor, and his mother taught him to save and give to charities. The Businessman - Developed a plan to monopolize the oil industry and started the Standard Oil Trust.
- By 1904 80% of American towns were served by standard oil.
- Tried to force all businesses to sell his products, became an unpopular businessman.
- Bought out many small businesses and forced others out of production. This gave him a very bad reputation across America. Philanthropy - At its peak his fortune was over $ 900,000,000.
- He gave $75,000,000 to University of Chicago.
- He donated $50,000,000 to Rockefeller University and $235,000,000 to the Rockefeller Foundation. V. Andrew Carnegie Life Outside of Business - Andrew Carnegie was born in Scotland and immigrated to America with his family.
- Carnegie’s Family auctioned off all belongings to pay their way to America. They landed in NY City and ended up in Pittsburg, PA. The Businessman - He began investing in the steel business at a young age. He embraced a new steel refining process which would contribute to his vast fortune later in life.
- He was a Ruthless Businessman who preached for workers rights and unions while taking advantage of his laborers.
- During the Homestead Workers Strike he hired pinkertons (thugs) to intimidate workers to force them to work, many were killed and this bothered him for the rest of his life.
- By 1900, Carnegie steel produced more metal than all of Great Britain.
- Sold business to JP Morgan for $480 million dollars. Philanthropy - Believed in the "Gospel of Wealth"
Did not believe in charity so he gave money to help people help themselves.
- Gave away $250 million which led to the creation of 2,500 libraries and colleges. DEBATE TIME! In your groups you will be debating whether your indudstrialist is a Robber Baron or a Captain of Industry.
You will be assigned which side of the debate you are on by Mr. Hoven and you will have time (Roughly 5 Minutes) to develop your arguments. Remember to use the information from your groups readings.
Once both sides have had a chance to debate in your small group, you will bring your arguments in front of the class. Each side will present their position and the class will vote for which side is correct based on the arguments they witness. Debate Guidelines:
Take 5 minutes in your small groups to work with your partner or group of three to develop your arguments.
Be respectful of the speaker, wait for them to finish before speaking.
You will be expected to bring your aregument in front of the class, so be sure to have strong reasoning supporting your side of the debate.
The class vote should be determined on arguments alone. This is not a popularity contest. BELL - RINGER 1) Pick up the Bell-Ringer activity and work to complete it on your own.
2) Hand in any current events or latework.
3) Keep your homework out on your desk! " I began to learn what poverty meant. It was burnt into my heart that my father had to beg for work. And then and there came the resolve that I would cure that when I got to be a man."
- Andrew Carnegie