America prior to the shift towards Business & Industry1600s-Civil War

NYC, 1900

NYC, 1900

Made with Carnegie Steel

What late 19th C. Industries do you still see??

I. Monopoly•Total control of an industry by one company or person.

•Hurts consumers. Raises prices, lowers quality of goods.

•Competition is good for the consumer. WHY??

•50% or more of one industry=monopoly.

•Rockefeller and Carnegie use ruthless methods to form huge Monopolies.

•Carnegie Steel 1875.•Standard Oil 1870.•Both men control more than 50% of their industry.

yellow for coal, orange for ore, and blue for steel scrap

STEEL CITY--PITTSBURGH, Pa

• TRUSTS or Monopolies dominating AMERICAN BUSINESS -- Oil, Tobacco, leather, beef, sugar, etc.

•Robber Baron: A person that uses illegal means to control an industry and wipe out competition.

III. J.P. Morgan•Buys Carnegie Steel in 1901 for 400 million dollars.

•Combines it with other steel companies to form U. S. Steel.

•U.S. Steel will become the first billion dollar company

•SO RICH THAT BANKS BORROW FROM HIM!!

Cornelius Vanderbilt

IV. Were they Robber Barons or Captains of Industry?

•Captain of Industry: A person that creates jobs and helps the economy of a country.

•Robber Baron: A person that uses illegal means to control an industry and wipe out competition.

II. Oil and Steel• Benefited from a demand for their

steel and oil• Supply and demand ?????• Steel replaced brick and lumber• By 1900, Carnegie is #1 producer of

steel in world• Bessemer Process -- eliminates

impurities in iron• Pittsburgh -- massive steel mills

Henry Ford

•DEC 1, 2010 R.A.W. •Why are Monopolies

bad?

•AIM# 29AIM# 29–What

inventions helped to change

America?

TODAY

George Eastman

America prior to the shift towards Business & Industry1600s-Civil War

NYC, 1900

NYC, 1900

Made with Carnegie Steel

What late 19th C. Industries do you still see??

Henry Ford

Edison

Cornelius Vanderbilt