Economics of the gilded age
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This document discusses several influential businessmen from the late 19th century known as Robber Barons or Captains of Industry, including Andrew Carnegie, Cornelius Vanderbilt, J.P. Morgan, John D. Rockefeller, and James Buchanan Duke. It also examines the technological advances of the time period, such as railroads, oil drilling, steel production, electricity, and inventions, and how these impacted industrialization and economic growth in the United States.
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Economics of the gilded age
- 1. Laquan, Rachelle, and Julia S.
- 2. ο ο This group of men could be viewed in either a positive or negative light, depending on your views. ο While they can be seen as excellent, charitable business men who brought America forward, they can also be viewed as cruel and selfish people who took advantage of workers. Robber Barons or Captains of Industry
- 3. ο ο Helped build the American steel industry ο He went from being a poor young man to one of the richest entrepreneurs of the age. ο He incorporated new machinery and techniques, and invented accounting systems that enabled him to track precise costs. ο He controlled as much of the steel industry as he could. Andrew Carnegie
- 4. ο ο Vanderbilt gained his wealth through shipping and railroads. ο He became one of the richest Americans in history ο He provided the initial gift to found Vanderbilt University ο He initially worked on steamships, and then began to build his own rail lines. Cornelius Vanderbilt
- 5. ο ο Morgan was already a banker when he gained most of his wealth ο First, When President Grover Cleveland needed gold to back the currency, he and other bankers under his leadership gave the government gold in exchange for United States government bonds. Later on, these bonds were sold and made huge profits. ο In 1898, Morgan formed the Federal Steel Company, and made another fortune in steel. J.P. Morgan
- 6. ο ο As a child, he saved $50 by the age of 12, and then lent the money, with interest, to a farmer. He later said βThe impression was gaining ground with me that it was a good thing to let the money be my servant and not make myself a slave to the moneyβ¦β ο β’Rockefeller owned an oil company, which he made a lot of money off of, but he paid his employees very little. ο He controlled 90% of the refining business. John Rockefeller
- 7. ο ο He made is competitors go out of business because of business because he sold his productions for very cheap. Then when he controlled the market he hiked prices far above original levels. ο β’ However, Rockefeller later gave away $500 million to the University of Chicago and a medical institute to help cure yellow fever. Rockefeller (continued)
- 8. ο ο a U.S. tobacco and electric power industrialist best known for the introduction of modern cigarette manufacture and marketing. James Buchanan Duke
- 9. ο ο Technology had a huge effect on economics during this period. Technology
- 10. ο ο β’ Railroads help spread business westward, and railroads also gave huge land grants and loans to railroad companies. Railroads
- 11. ο ο β’ Edwin L. Drake used the steam engine to drill for oil β in 1859 they found oil and started the oil boom. ο β’ This spread to Kentucky, Ohio, Illinois, Indiana, and Texas. Oil (Black Gold)
- 12. ο ο β’ 1887 β Iron ore deposits were found in Minnesota β more than 100 miles long and about 3 miles wide. ο β’ Coal went up too, from 33million tons in 1870 to 250 million tons in 1900. Bessemer Steel
- 13. ο ο Henry Bessemer β British manufacturer ο Henry and William Kelly- in 1850, developed the Bessemer process β injecting air into molten iron to eliminate carbon and other stuff- making steel ο β’ By 1880 American manufacturers were producing more than 90% of the nationβs steel ο The Bessemer process was also beat in the 1800s by the open-hearth process ο β’ Open-hearth process β getting quality steel from scrap metal and raw metal Bessemer Steel (Continued)
- 14. ο ο Steel was used on the railroads, innovative construction, the Brooklyn bridge. ο β’ William Le Baron Jenney β designed first sky scrapper with a steel frame ο β’ Joseph Glidden- Barbed wire ο β’ McCormick and Deere- farm machines made of steel β mechanical reaper and steel plow Bessemer Steel (Continued)
- 15. ο ο β’ In 1876, Thomas Edison established the first research lab in Menlo Park, NJ. ο β’ Developed the light bulb there and patented it in 1880, then an entire system for producing electrical power ο β’ By 1890 electric power spread to several different machines like the fan and printing press. ο β’ Electric streetcars made travel cheap and efficient ο β’ Factories were able to move to different locations that suited the owner more, moved away from rivers ο β’ This enabled industry to grow Electricity
- 16. ο ο β’ Christopher Sholes β typewriter in 1867 ο β’ Alexander Graham Bell and Thomas Watson β telephone on 1876 ο β’ These created jobs for women ο β’ By 1890, average work hours were reduced about 10 hours ο β’ Women used to sew, now clothing can be mass produced in factories β women were needed as garment workers Other Inventions of the Age