Robber Barons, Captains of Industry & Social Darwinism
Robber Barons, Captains of Industry & Social Darwinism Chapter 19 Big Business and Urbanization ROBBER BARRONS Extortion: Forced against your will robber Rebates: discount or refund on freight charges Drawbacks / Kickbacks: Standard Oil gave certain railroads all its shipping business if it agreed to charge Standard Oil 25% to 50% less than its competitors Buyouts: Larger corporations forced smaller businesses to sell out Congress was bought out by the monopolies
Spies: Stealing your competitor's ideas Small businesses complained monopolies eliminated fair competition ENTREPRENEUR A person who organizes, operates, and assumes the risk for a business CAPTAINS OF INDUSTRY OR ROBBER BAR Captains of Industry
Robber Barons Business leaders built their fortunes by stealing from the public. They drained the country of its natural resources. They persuaded public officials to interpret laws in their favor. They ruthlessly drove their competitors to ruin. They paid their workers meager wages and forced them to toil
under dangerous and unhealthful conditions. The business leaders served their nation in a positive way. They increased the supply of goods by building factories. They raised productivity and expanded markets. They created jobs that enabled many Americans to buy new goods and raise their standard of living.
They also created museums, libraries, and universities, many of which still serve the public today. ANDREW CARNEGIE Captain of Industry Monopolized Monopolized the the steel steel industry industry Rags Rags to to riches riches story---came story---came from from
Scotland Scotland very very poor. poor. Used Used scientific scientific ideas ideas (Bessemer (Bessemer Process) Process) to to develop develop a a better better way way to to produce produce steel
steel and and sell sell a a quality quality a a product product for for an an inexpensive inexpensive price. price. Used Used Horizontal Horizontal integration. integration. JOHN ROCKEFELLER
Captain of Industry Came from a wealthy family Bought a substitute during the Civil War. Formed the first modern corporations in the oil industry Standard Oil Was the first billionaire in the U.S. by 1900. Used Vertical Integration and Horizontal Integration to gain a monopoly in the oil business. CONRELIUS VANDERBILT Formed Formed a a steamship steamship company company in in 1829
1829 Dominated Dominated shipping shipping along along the the Atlantic Atlantic 1849 1849 established established steamship steamship that that carried carried people people from from New New York York to to San
San Francisco Francisco in in Gold Gold Rush Rush days days Leading Leading U.S. U.S. steamship steamship owner, owner, nicknamed nicknamed The The Commodore Commodore Gained Gained control control of of the
the Hudson Hudson River River Railroad Railroad CONRELIUS VANDERBILT After After Civil Civil War War Vanderbilt Vanderbilt bought bought most most railroad railroad lines lines from from New New York York to
to Chicago Chicago 1877, 1877, controlled controlled 4,500 4,500 miles miles of of railroads railroads Worth Worth over over $100 $100 million million Philanthropist?--donated Philanthropist?--donated $1 $1 million million to to
Vanderbilt Vanderbilt University University Philanthropy Philanthropy -- The The effort effort of of an an individual individual or or organization organization to to increase increase the the well-being well-being of of
humankind, humankind, as as by by charitable charitable aid aid or or donations. donations. ANDREW CARNEGIE Philanthropist ? Gave millions to colleges and libraries. It was the sacred duty of the wealthy to give back to society who has
given to him. Stressed education as a means to better ones Cartoon Carnegie GOSPEL OF WEALTH Gospel of Wealth Capitalists used Social Darwinism to justify their success Social Darwinism also coincided with the ideas of Adam Smith, especially concerning the laws of supply & demand and free markets Carnegie wrote The Gospel of Wealth (1901) which claimed wealthy people have power but also an obligation to society Baptist preacher Russell H. Conwell preached about Acres of Diamonds everyone who wanted to be rich had the opportunity
Horatio Algers Luck and Pluck manual pushed the idea of rags-to-riches at the time to encourage everyone (think Jackson) On Wealth Andrew Andrew Carnegie Carnegie The Anglo-Saxon race is superior. Gospel of Wealth (1889). Inequality is inevitable and good. Wealthy should act as trustees for
their poorer brethren. (think back to breadwinner shame, self- JOHN ROCKEFELLER Philanthropist Gave millions of his money to hospitals and colleges. University of Chicago Spellman College National Parks United Nations Williamsburg Cancer Research
Rockefeller CONRELIUS VANDERBILT Worth over $100 million Philanthropist donated $1 million to Vanderbilt University CAPTAINS OF INDUSTRY? OR ROBBER BARONS? JOHN ROCKEFELLER Controlled the railroad by forcing them to pay him rebates because of the volume of
business he gave them. Was called Rock a Fellow by many Ruthless business man: Pay no man a Cartoon Rockefeller Rockefeller was so wealthy, he dictated to the U.S. Government to protect big business---- laissez faire Rockefeller/Control Govt Rockefeller would be hated by many because he had too much control over the oil industry and the government as viewed by the common man-----Some believed he was corrupt because he took away the right to compete---free enterprise Big business, monopolies controlled Congress through bribery. This is corruption
History repeats itself-----The Robber Barons of the Middle Ages and the Robber Barons of Today.. Social Darwinism British economist, Herbert Spencer. Advocate of laissez-faire. Adapted Darwins ideas from the Origin of Species to humans. Belief that there was a natural upper class and lower class. Survival of the fittest
Social Darwinism Belief that in the economic world the strongest companies will survive The growth of a large business is merely a survival of the fittest. J. Rockefeller Social Darwinism Social Darwinists believed that companies struggled for survival in the economic world and the government should not tamper with this natural process. The fittest business leaders would
survive and would improve society. Belief that hard work and wealth showed Gods approval and those that were poor were lazy and naturally a lower class. SOCIAL DARWINISM 1. All living things have always competed for survival. Survival of the fittest. 2. All living things have evolved over millions of years as a result of genetic changes. 3. Some plants and
animals developed traits that helped them survive. 1. Every human activity individuals compete for success. 2. The unfit or incompetent lose and the strong or competent win. 3. These winners make up a natural upper class. 4. Hard worked paid off, and lazy
14th AMENDMENT Rights of Citizens 14th amend All persons born in the U.S. are citizens of this country and the state they reside in. No state shall make or enforce any law which deprives any person of life, liberty, or property, without due process of law, nor deny to any person with its jurisdiction to the equal protection of the laws. Industrialists would use the 14th Amendment as a way to defend a corporation from the Sherman AntiTrust Act.
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