Transcript Document
The Industrial Age An Age of Opportunity or a Period of Atrocities Andrew Carnegie John Rockefeller Captains of Industry Criminals of Power And Wrath Did Carnegie and Rockefeller: Work to help make America the Great nation that it is today. Did Carnegie and Rockefeller: Take advantage of the poor to become wealthy Andrew Carnegie • 1835- Born in Dunfermline, Scotland – Father preached political and economic equality – His own poverty taught Carnegie a different lesson. • 1848- Family emigrated to America – He was determined to bring prosperity to his family • Carnegie started US Steel – Brought himself from the slums of Pittsburgh to up scale New York Andrew Carnegie • 1868- worth $400,000 (nearly $5 million today) • Troubled by his own wealth • "To continue much longer overwhelmed by business cares... must degrade me beyond hope of permanent recovery." The Carnegie Case Accomplishments Blemishes • Publically supported labor Unions • Avoided strike breakers • Donated funds to music halls, educational grants, etc. • Built nearly 3000 libraries • Donated over $350 million (more than $3 billion in 1996 dollars) • Crushed Unions in his own mills • Drove a hard bargain and usually succeeded • Forced workers to work long hours in poor conditions • Personally earned $250 million (approximately $4.5 billion today John Rockefeller • Born in Richford, New York • Father was a traveling salesman and schemer – He taught his kids to always get the better end of a deal – Family had plenty of money • 1859- Started a foodstuffs business with partner (raised $4000 in first year) • 1863- Refinery started (would become Standard oil) John Rockefeller • Gave large sums to colleges – Major funding for Spelman college- 1884 – $80 mil. to UIC- Turned a small school into a world class institution – Founded modern day Rockefeller University- 1901 • The Rockefeller Foundation (Philanthropy) – Donated $550 mil. total The Rockefeller Case Accomplishments Blemishes • Made products available at lower prices (price dropped 80% over life of the co.) • Improved the quality and availability of kerosene products • Trustee and Sunday school teacher • Strong Abolitionist and Lincoln supporter • Tithed all his life (gave 10% at age 20) • Underselling (Lowballing) • Differential Pricing (Different pricing for different customers) • Secretly buy competitors and use them to spy on legit competition • Secret rebates from rail companies • Paid railroads to refuse to move other's oil You be the Judge!!!!! Criminals or Hero's???