Captains of Industry - pams-byrd
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Transcript Captains of Industry - pams-byrd
National markets created by transportation advances
Advertising
Lower-cost production
Lighting and mechanical uses of
electricity (Thomas Edison).
Telephone service
(Alexander Graham Bell)
Child labor
Low wages, long hours
Unsafe working conditions
(Sweat shops)
Formation of unions
American Federation of Labor: focused on higher wages, better
working conditions, and a shorter work week for its members.
Knights of Labor: focused on an eight-hour work day, termination of
child labor
Andrew Carnegie’s Steel
Company
Carnegie Steel helped to
build America – from the
railroads spanning the
country to the skyscrapers
touching the sky to the
Brooklyn Bridge,
connecting the major
population centers of New
York.
How he acquired his wealth:
Gained control of every step of the steel making process
Carnegie Steel Company
How he (or his related industries) treated workers:
Homestead strike: cut wages then locked out workers who
demanded more money. Hired a private army to take control.
Nine workers were killed.
How he spent his money:
books, music, and the fine arts
How he donated his money:
“Gospel of Wealth”
(rich had a duty to improve society);
Libraries
Robber Baron or Captain of Industry?
James Pierpont
Morgan
By using his banks to
invest in troubled
railroads – then merging
the railroads with rival
companies to decrease
competition and increase
prices – J.P. Morgan was
able to make an
enormous fortune. His
companies were known
for unfair business
practices.
How he acquired his wealth:
Accounting and banking;
used trusts to control American industry
How he (or his related industries) treated workers:
Coldly rational;
used aggressive tactics to root out troublemakers
How he spent his money:
Art; cigars; gems; yachts
first house in NY to have electricity
How he donated his money:
Libraries;
Art museums
Robber Baron or Captain of Industry?
John D. Rockefeller
The Standard Oil Trust
How he acquired his wealth:
bought out oil companies
controlled most of the refining and shipping process
How he (or his related industries) treated workers:
Bought out competition
price slashing
How he spent his money:
Simple and frugal personal life
How he donated his money:
Universities
organization to set up free high schools
Robber Baron or Captain of Industry?
Cornelius
Vanderbilt,
Railroad
Baron
Cornelius Vanderbilt
consolidated most of the
Railroads in the state of New
York and created a vast
fortune for himself and his
family. Like many other
aristocrats of the Gilded Age,
he became a great
philanthropist after
accumulating great wealth.
How he acquired his wealth:
railroads (The Central Railroad) & shipping
How he (or his related industries) treated workers:
Building the Grand Central Terminal helped employ
thousands.
Workers were paid very little and worked long hours.
How he spent his money:
Built a yacht and toured Europe;
Staten Island mansion;
Biltmore Estate
How he donated his money:
Largest endowment to a University; wife’s church;
left 95% of estate to eldest son
Robber Baron or Captain of Industry?
Henry Ford
Ford’s development of the
assembly line technique of
mass production made
enabled him to produce an
automobile the middle class
could afford. He was known
for high wages, hiring all
races, and even recruiting
outside the country. His
hiring practices made
Detroit one of the most
racially diverse cities in
America.
How he acquired his wealth:
Automobile
assembly line
Ford Motor Company
How he (or his related industries) treated workers:
High wages for workers; 40-hour work week
Demanded “Socially Moral” employees
How he spent his money:
Racecars
How he donated his money:
Created a museum
Paid children’s hospital bills
Robber Baron or Captain of Industry?