American Business Leaders American Business Leaders ((see pgs. 27 in study packet)see pgs. 27 in study packet)

Andrew Carnegie – Andrew Carnegie – SteelSteel

– Vertical integrationVertical integrationMerged steps of Merged steps of

production to cut production to cut costs of productioncosts of production

– Wrote “Gospel of Wrote “Gospel of Wealth” Wealth”

belief that wealthy belief that wealthy have an obligation have an obligation to help the poor to help the poor

Not charity – but Not charity – but provide provide opportunities to opportunities to work their way up work their way up thethe ladder)ladder)

Established free Established free lending librarieslending libraries

John D. Rockefeller – John D. Rockefeller – Standard OIL CoStandard OIL Co..

– Horizontal integrationHorizontal integration merged companies merged companies

that produced same that produced same productproduct

At one point controlled At one point controlled 90% of the oil 90% of the oil refineries in the USrefineries in the US

– Noted for very ruthless Noted for very ruthless tactics – price wars, tactics – price wars, intimidationintimidation

– Later established Later established foundations, foundations, scholarships, scholarships,

JP Morgan – JP Morgan – Banking & financeBanking & finance

– Took over bankrupt Took over bankrupt railroads and railroads and merged into merged into profitable linesprofitable lines

– Bought Carnegie Bought Carnegie Steel and merged Steel and merged with others to form with others to form US SteelUS Steel

– Loaned money to Loaned money to businesses businesses

Henry Ford - AutomobileHenry Ford - Automobile

– Revolutionized auto Revolutionized auto making by using making by using the assembly line to the assembly line to produce more produce more affordable carsaffordable cars

Cornelius Vanderbilt – Cornelius Vanderbilt – RailroadsRailroads

– New York Central New York Central RailroadRailroad

– Merged railroad Merged railroad lines between NY lines between NY and Chicagoand Chicago

““Captains of Industry” Captains of Industry” or or

“Robber Barons”“Robber Barons” Captain of IndustryCaptain of Industry

– Entrepreneurs, risk Entrepreneurs, risk takerstakers

– Used the system & Used the system & available resources to available resources to make a fortunemake a fortune

– Role model for others to Role model for others to followfollow

– PhilanthropistsPhilanthropists Could use wealth to Could use wealth to

better nationbetter nation

Robber BaronRobber Baron– Ruthless businessmenRuthless businessmen– Exploited workers & Exploited workers &

consumers in order to consumers in order to make a profitmake a profit

– Self centered; greedy Self centered; greedy motivemotive

(Go back to pg. 30 to add (Go back to pg. 30 to add two more industrialists two more industrialists to our packet!!)to our packet!!)