Industrial Titans: Carnegie and Rockefeller ComparedIndustrial giants Andrew Carnegie and John D. Rockefeller have reshaped America's economy through their highly successful steel and oil empires. However, their business practices and impacts have been met with stark contrasts. Carnegie rose from poverty in Scotland to build the largest steel company in the world. Through innovative technology like the Bessemer Process, he drove down steel prices while producing a higher quality product. Unlike his contemporaries, Carnegie believed great wealth carried great responsibility. Upon selling his company to J.P. Morgan in 1901, Carnegie dedicated his remaining years and fortune to philanthropic causes through the Carnegie
Similar to Industrial Titans: Carnegie and Rockefeller ComparedIndustrial giants Andrew Carnegie and John D. Rockefeller have reshaped America's economy through their highly successful steel and oil empires. However, their business practices and impacts have been met with stark contrasts. Carnegie rose from poverty in Scotland to build the largest steel company in the world. Through innovative technology like the Bessemer Process, he drove down steel prices while producing a higher quality product. Unlike his contemporaries, Carnegie believed great wealth carried great responsibility. Upon selling his company to J.P. Morgan in 1901, Carnegie dedicated his remaining years and fortune to philanthropic causes through the Carnegie
Similar to Industrial Titans: Carnegie and Rockefeller ComparedIndustrial giants Andrew Carnegie and John D. Rockefeller have reshaped America's economy through their highly successful steel and oil empires. However, their business practices and impacts have been met with stark contrasts. Carnegie rose from poverty in Scotland to build the largest steel company in the world. Through innovative technology like the Bessemer Process, he drove down steel prices while producing a higher quality product. Unlike his contemporaries, Carnegie believed great wealth carried great responsibility. Upon selling his company to J.P. Morgan in 1901, Carnegie dedicated his remaining years and fortune to philanthropic causes through the Carnegie (20)
Industrial Titans: Carnegie and Rockefeller ComparedIndustrial giants Andrew Carnegie and John D. Rockefeller have reshaped America's economy through their highly successful steel and oil empires. However, their business practices and impacts have been met with stark contrasts. Carnegie rose from poverty in Scotland to build the largest steel company in the world. Through innovative technology like the Bessemer Process, he drove down steel prices while producing a higher quality product. Unlike his contemporaries, Carnegie believed great wealth carried great responsibility. Upon selling his company to J.P. Morgan in 1901, Carnegie dedicated his remaining years and fortune to philanthropic causes through the Carnegie
3. After Civil War, America continued to become an
industrial urban society.
Inventors
Samuel Morse – telegraph
Alexander Graham Bell- telephone
Thomas Edison – Light bulb
Canals
Improved water travel
New York’s Erie Canal
Ship goods west more easily
Help NYC become major economic center
Business and individuals
communicate more easily
Longer working hours and better
products
4. Railroads
Ship goods across country cheaper, faster, and more
efficiently
Allowed the west to expand and grow
The Internal Combustion Engine
Relied on the combustion of fossil fuels like gasoline
lead to the breakthrough of the automobile
5. Henry Ford
First to perfect and successfully market automobile
Model T
Mass production
Produce enough automobiles to see them at reduced prices
Assemble line – employees stayed while the parts moved
Thought of workers as consumers
Wanted workers to afford an automobile
Paid them unheard-of $5 per day
6. Migration
Many people left farms for cities
Higher wages
Fewer people make living off of farming
Immigration
Many from Eastern and Southern Europe
Italy, Russia, Poland
Ellis Island
New York Harbor – 1892
Reception center for poor immigrants arriving by ship
Cultural shock
7. Population became very dense
Melting Pot – people of all backgrounds come together in the
U.S. to assimilate into American culture
Many did not want to assimilate and loose their heritage
Cities started to experience cultural pluralism – presence of
many different cultures in one society
Problems and Concerns
U.S. citizens looked at immigrants negatively
Took jobs away from Americans
Mistrusted immigrants because of cultures barriers
Practicing culture and speaking native language is disloyal to
the U.S.
Ethnic Ghettos – inner city cities with immigrants of same
culture, language, and heritage
Religious tension
8. Push and Pull Factors
Push factors – why people leave one region for another
War, religious freedom, natural disasters, political/religious
prosecution
Pull Factors – why people want to come to a region
Political freedom, religious freedom, jobs, economic
opportunities
9. Living and Working Conditions among
Immigrants
Tenements – small over crowded apartment where
immigrants lived
One room, unsafe, unsanitary
Worked long hours under hazardous conditions
Sweatshops – contracted out work from factories located in
small makeshift factories or apartments
Poorly lit, poorly ventilation, unsafe
Long hours, little pay
Triangle Shirtwaist Factory
1911 factory fire
Nine floor building which had 500 workers (women and
some children) on a Saturday
Most doors locked to prevent them from leaving
10. Suburbs formed with the electric trolley
Classifications developed:
Middle class and upper class moved away from cities
Poor class and immigrants remained in the inner cities
Farms
Worked until the work was done
Not a lot of leisure time
Factory
Worked by the clock
Entertainment began to grow with leisure time
11. Entertainment
Salons – popular place for men to socialize, drink, and
talk politics
Dance halls and musical shows – entertainment for
women
Amusement parks and Vaudeville shows (inexpensive
variety shows)
Boxing, horse racing and baseball
New York’s Central Park – landscaper Frederick Law
Olmsted
14. Bessemer Process: developed by Sir henry Bessemer
New method for making steel
Make quicker and efficient
Expansion for railroads and building construction
Andrew Carnegie: dominated the steel industry
Created a monopoly on the industry
Gospel of Wealth – Carnegie believed he should use the
money on public causes not spend it on frivolous
pursuits
Rags to riches story
15. Edwin L. Drake – drilled for oil in PA
John D. Rockefeller – becoming the nations riches
and most powerful businessman
Standard Oil was the nations first trust
a business arrangement which a number of companies unite
under one system
Help create monopolies
Eliminate competitors, control the U.S. oil industry, and
dictate prices
16. Cornelius Vanderbilt – impact on the railroad
industry
Made it possible to travel form New York to Chicago
nonstop by train
J.P. Morgan – most powerful and influential finance
capitalist
Control over banks, insurance companies, and some
stock-market operations
Bought out Carnegie’s steel company making Carnegie
the richest man in the world
17. George Westinghouse – invented transformers so
electricity can be transmitted at alternating currents to
points faraway
Westinghouse Electric founder
18. Rapid growth after the Civil War
Factories replace local shops
Stimulate economic growth
Business owners enjoyed “limited liability”
Afford to invest large amounts of money without the
risk of loosing everything if the business failed
19.
20. Spoils system
Government officials awarded supports with
government positions
Led to a lot of corruption in government
assassination of President James Garfield by man who
did not receive a government position
led to the passage of the Pendleton Act
Pendleton Act
Established the Civil Service Commission
Required applications to pass a civil service exam
Appointment would be based on merit not loyalties
21. Political Machines
Unofficial entities meant to keep a certain party or group
in power
Most famous political boss was New York’s Boss
William Tweed
Ran Tammany Hall – political club that controlled the city’s
Democratic party
Thomas Nast’s political cartoons helped to bring him down
from power
Graft – the use of ones political position or job to gain
wealth
22. Sherman Antitrust Act
Passed by Congress during President Benjamin Harrison
Made monopolies illegal
Supreme Court ruling on E.C. Knight Company said
Sherman Antitrust Act cannot be used to break-up
monopolies in manufacturing just distribution of a product
23. Create a newspaper article (if you were writing it back
then) on two of the men we discussed yesterday. (3-5
paragraphs) Microsoft Publisher has a newspaper
template on in. You are to compare and contrast these
men based on business practices and lives. Then tell if
these men are “Captains of Industry” or “Robber
Barons”. Explain.