Robber Barons and Rebels Capitalism vs. Socialism.
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Transcript of Robber Barons and Rebels Capitalism vs. Socialism.
Robber Barons and Rebels
Robber Barons and Rebels
Capitalism vs. SocialismCapitalism vs. Socialism
Chapter 17 VocabularyChapter 17 Vocabulary
Technology/Inventors Transcontinental Railroad (1869) Credit Mobilier Grange Public Utility Bloc
Technology/Inventors Transcontinental Railroad (1869) Credit Mobilier Grange Public Utility Bloc
VocabularyVocabulary
Holding Company Merger Monopoly Trust Interlocking Directorate Rebates Robber Barons Capitalism v. Socialism Social Darwinism
Holding Company Merger Monopoly Trust Interlocking Directorate Rebates Robber Barons Capitalism v. Socialism Social Darwinism
New Industries New Industries
Bessemer Process - 3-5 tons to 15 minute
Farming - 61 hours before the civil war to produce 1 acre of wheat .
Farming - 3 hours 19 minutes by 1900 Manufactured ice enabled the transport
of food and then began the meat industry
Coal - 1860 (14 million tons) Coal - 1884 ( 100 million tons)
Bessemer Process - 3-5 tons to 15 minute
Farming - 61 hours before the civil war to produce 1 acre of wheat .
Farming - 3 hours 19 minutes by 1900 Manufactured ice enabled the transport
of food and then began the meat industry
Coal - 1860 (14 million tons) Coal - 1884 ( 100 million tons)
New Industries New Industries
Steel - 1880 ( 1million tons) Steel - 1910 (25 million tons) Copper - 1880 (30,000 tons) Copper - 1910 ( 500,000 tons)
Why did the copper industry grow?
Steel - 1880 ( 1million tons) Steel - 1910 (25 million tons) Copper - 1880 (30,000 tons) Copper - 1910 ( 500,000 tons)
Why did the copper industry grow?
Growth of CitiesGrowth of Cities
New York between 1860-1914 (850,000 to 4 million people
Chicago (110,00 to 2 million people
Philidelphia (650,000 to 1.5 million)
Think of the social changes this rapid movement to the city made
New York between 1860-1914 (850,000 to 4 million people
Chicago (110,00 to 2 million people
Philidelphia (650,000 to 1.5 million)
Think of the social changes this rapid movement to the city made
Inventors or Robber Barons
Inventors or Robber Barons
Thomas Edison - Electrical Devices Gustavus Swift - Ice cooled railway
car James Duke - Cigarette rolling
maching Andrew Carnegie - Steel JD Rockefeller - Oil Jay Gould - Railroad
Thomas Edison - Electrical Devices Gustavus Swift - Ice cooled railway
car James Duke - Cigarette rolling
maching Andrew Carnegie - Steel JD Rockefeller - Oil Jay Gould - Railroad
The Rise to richesThe Rise to riches
Social Darwinism - The explanation why all of these big businessmen succeeded and they are living the American Dream
90 percent of the big business men came from wealthy familys. There were self made stories - Andrew Carnegie
Social Darwinism - The explanation why all of these big businessmen succeeded and they are living the American Dream
90 percent of the big business men came from wealthy familys. There were self made stories - Andrew Carnegie
The Transcontinental Railroad
The Transcontinental Railroad
The Central Pacific: spent $200,000 in bribes in Washington to receive 9 million acres of free land, $24 million in bonds, and payed $79 million to a construction that was their own
The Union Pacific moving west paid for 12 million acres, and $27 million. It created the Credit Mobilier and gave them $94 million when the cost was $44 million
Both railroads accepted subsidies from towns
The Central Pacific: spent $200,000 in bribes in Washington to receive 9 million acres of free land, $24 million in bonds, and payed $79 million to a construction that was their own
The Union Pacific moving west paid for 12 million acres, and $27 million. It created the Credit Mobilier and gave them $94 million when the cost was $44 million
Both railroads accepted subsidies from towns
JP MorganJP Morgan
Started as the son of a banker who sold stocks to the railroad after the civil war
Civil War he profited buying rifles for $3.50 and selling them to the union for $22. Shoot off thumbs but profited
Escaped service in the CW for $300 Linked Railroads to banks, banks to
insurance companies and controlled 100,000 miles
Started as the son of a banker who sold stocks to the railroad after the civil war
Civil War he profited buying rifles for $3.50 and selling them to the union for $22. Shoot off thumbs but profited
Escaped service in the CW for $300 Linked Railroads to banks, banks to
insurance companies and controlled 100,000 miles
John D. Rockefeller John D. Rockefeller
Book Keeper to Merchant Invested in the new industry of oil Bought his first oil refinery in 1862 1872 set up the Standard Oil
Company Secret agreements with railroad
companies driving competitors out of business.
Book Keeper to Merchant Invested in the new industry of oil Bought his first oil refinery in 1862 1872 set up the Standard Oil
Company Secret agreements with railroad
companies driving competitors out of business.
Andrew CarnegieAndrew Carnegie
Started as a telegraph clerk at age 17 Secretary to the head of the
Pennsylvania Railroad Broker on Wall Street for railroads Went to London discovered Bessemer
steel process - set up his own company Government passes tariffs to protect 1900 - $40 mIllion - Sold for $492 million
Started as a telegraph clerk at age 17 Secretary to the head of the
Pennsylvania Railroad Broker on Wall Street for railroads Went to London discovered Bessemer
steel process - set up his own company Government passes tariffs to protect 1900 - $40 mIllion - Sold for $492 million
MergersMergers
Morgan bought the steel company and formed US Steel
Tariffs were passed to keep foreign steel out closing out competition and keeping steel $28 ton; working 200,000 men twelve hours a day for low wages
The banks also had interest as well as the government in these monopolies
Morgan bought the steel company and formed US Steel
Tariffs were passed to keep foreign steel out closing out competition and keeping steel $28 ton; working 200,000 men twelve hours a day for low wages
The banks also had interest as well as the government in these monopolies
What are some businesses today?
What are some businesses today?
Which ones are local and which are national corporations.
Supersize me Do big companies have interests
in government today. Do we really have the ability to
have upward mobility today.
Which ones are local and which are national corporations.
Supersize me Do big companies have interests
in government today. Do we really have the ability to
have upward mobility today.
The Interstate Commerce Act
The Interstate Commerce Act
The interstate commerce act was passed to regulate railroads and other monopolies by the Federal Government
This formed a very tight bond between the government and railroads.
Although the ICC was formed it was week and could only control short runs within states.
Sherman Anti Trust Act
The interstate commerce act was passed to regulate railroads and other monopolies by the Federal Government
This formed a very tight bond between the government and railroads.
Although the ICC was formed it was week and could only control short runs within states.
Sherman Anti Trust Act
Grover Cleveland vetoes Grover Cleveland vetoes
Although the presidency switched political parties it didn’t stop the ties to big business
Grover Cleveland vetoed a bill $100,00 to help farmers because he said the government is not the parent of farmers
The same year he used the gold surplus to pay bondholders $45 million
Although the presidency switched political parties it didn’t stop the ties to big business
Grover Cleveland vetoed a bill $100,00 to help farmers because he said the government is not the parent of farmers
The same year he used the gold surplus to pay bondholders $45 million
Education mirrors industry
Education mirrors industry
The industrial Rows Bells Developing Managers and middle
people Colleges are donated by wealth -
Johns Hopkins, Conrelius Vanderbilt, James Duke, Leland Stanford, Rockefeller
The industrial Rows Bells Developing Managers and middle
people Colleges are donated by wealth -
Johns Hopkins, Conrelius Vanderbilt, James Duke, Leland Stanford, Rockefeller
The 14th amendmentThe 14th amendment
The 14th amendment protected who?
In 1886 the court did away with 230 state laws regulating big business.
It declared big corporations were people and their money was protected by due process.
19 - African Americans - 288 big corp.
The 14th amendment protected who?
In 1886 the court did away with 230 state laws regulating big business.
It declared big corporations were people and their money was protected by due process.
19 - African Americans - 288 big corp.
Popular Novels Popular Novels
Progress and poverty - The basis of wealth is land, and land is being monopolized, a single tax on land could help even out society
Looking Backward - The author falls asleep and wakes up in year 200 to find a socialist system - sold millions of copies
Progress and poverty - The basis of wealth is land, and land is being monopolized, a single tax on land could help even out society
Looking Backward - The author falls asleep and wakes up in year 200 to find a socialist system - sold millions of copies
Test tomorrowTest tomorrow
Vocab and essay questions Vocab and essay questions