sumner says about the business leaders that “…their own wealth… and millions more… scattered...
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Sumner says about the business leaders that “…their own wealth… and millions more… scattered in the hands of thousands, would not exist but for them.”
Phillips says “…labor [is] the creator of all wealth [and] is entitled to all it creates.”
Which do you agree with?Discuss with a partner
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Business and Labor
In the Gilded Age
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{Law? What do I care about the law? Haven’t I got the power?
-Cornelius Vanderbilt
A common attitude
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{A consortium of independent organizations formed to limit competition by controlling the production and distribution of a product or service
The Trust System
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Robber Barons
John D. Rockefeller – Standard Oil
Andrew Carnegie – US Steel
Henry Frick – Steel Cornelius Vanderbilt –
New York Central Railroad
J.P. Morgan - Financier
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Though amassing their fortunes at the expense of their workers, a few of the robber barons, most notably Andrew Carnegie, practically invented the idea of philanthropy.
Carnegie endowments built libraries, research centers, a university, and many other functions of the public good.
A Potential Silver Lining
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Low pay Long hours Dangerous conditions No job security Managers had all the power, workers
were left with no recourse for mistreatment
Labor vs Management
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Knights of Labor (1869) Broad base, not well organized, variety of
issues (led to disunity and failure) American Federation of Labor (1886)
Organized into trade unions (local unions based upon skill)
Trade unions of same skill would make up a larger national union of all those who worked in the same trade
AFL would be the umbrella organization for all trade unions
Samuel Gompers was the founder
Rise of the Labor Union