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Industrialization of America Rags to Riches Rags to Riches The RISE OF BIG BUSINESS

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Transformation of America INDUSTRIALIZATION AND BUSINESS

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POWERHOUSE The Titans

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S O C I A L D A R W I N I S M Applied from Charles Darwins theory of evolution of the species. Adapted by Herbert Spencer to society and economics. Used to explain that some individuals and businesses (corporations) are more fit have more ability, work harder, more efficient and will be more successful.

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Cornelius Vanderbilt Transportation in New York and Northeastern United States.

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The COMMODORE Cornelius Vanderbilt

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Andrew Carnegie From poor immigrant to the richest man in the world.

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Andrew Carnegie

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CARNEGIE vertical consolidation Control of ownership of all industries that produce the same product

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The Richest Man in the World Sold CARNIGIE STEEL company to J.P. Morgan for $480 million. Morgan consolidated Carnegie Steel with other steel companies to create UNITED STATES STEEL the worlds largest steel company.

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Gospel of Wealth Belief advocated by Andrew Carnegie Concept that the wealthy should give their fortune back to society for improvement. Gave millions to help establish public libraries. Carnegie-Mellon University. Carnegie Hall in New York. Millions to help cure hookworm disease

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John D. Rockefeller Rockefeller used shrewd business strategies to create Standard Oil Company and make it a monopoly

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Rockefeller horizontal consolidation Control of various companies that make the same product. Rockefeller controlled oil industries.

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The Standard Oil Octopus

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The Captains of Industry Positive term used to describe the industrialists as the leaders of the economic growth and prosperity, established businesses that provided jobs and opportunities for poor and immigrants, provided new products and services.

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The ROBBER BARRONS Negative term to describe the industrialists as being corrupt and using unethical business practices to establish monopolies; they eliminated competition; they took advantage of cheap immigrant labor and kept wages low, working hours long and unsafe.

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PUCK magazine The Bosses of the Senate

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Fueling American Industry Abundance of natural resources Coal Iron ore Oil Water- electricity coal Iron ore oil

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Impact of the RAILROADS Railroad industry Steel Industry Oil Industry Consumer products