The Industrial Age

An Age of Opportunity or a Period of Atrocities

Andrew Carnegie John Rockefeller

Captains of Industry

Criminals of Power

And Wrath

Did Carnegie and Rockefeller:

Work to help make America the Great nation that it is

today.

Did Carnegie and Rockefeller:

Take advantage of the poor to

become wealthy

Andrew Carnegie

• 1835- Born in Dunfermline, Scotland– Father preached political and economic equality– His own poverty taught Carnegie a different lesson.

• 1848- Family emigrated to America – He was determined to bring prosperity to his family

• Carnegie started US Steel – Brought himself from the slums of Pittsburgh to up scale

New York

Andrew Carnegie

• 1868- worth $400,000 (nearly $5 million today)

• Troubled by his own wealth• "To continue much longer

overwhelmed by business cares... must degrade me beyond hope of permanent recovery."

The Carnegie Case

Accomplishments• Publically supported labor

Unions• Avoided strike breakers• Donated funds to music

halls, educational grants, etc.

• Built nearly 3000 libraries• Donated over $350

million (more than $3 billion in 1996 dollars)

Blemishes• Crushed Unions in his own

mills• Drove a hard bargain and

usually succeeded• Forced workers to work

long hours in poor conditions

• Personally earned $250 million (approximately $4.5 billion today

John Rockefeller

• Born in Richford, New York• Father was a traveling salesman and schemer– He taught his kids to always get the better end of a deal – Family had plenty of money

• 1859- Started a foodstuffs business with partner (raised $4000 in first year)

• 1863- Refinery started (would become Standard oil)

John Rockefeller• Gave large sums to colleges– Major funding for Spelman college- 1884– $80 mil. to UIC- Turned a small school into a world class

institution– Founded modern day Rockefeller University- 1901

• The Rockefeller Foundation (Philanthropy)– Donated $550 mil. total

The Rockefeller CaseAccomplishments

• Made products available at lower prices (price dropped 80% over life of the co.)

• Improved the quality and availability of kerosene products

• Trustee and Sunday school teacher

• Strong Abolitionist and Lincoln supporter

• Tithed all his life (gave 10% at age 20)

Blemishes

• Underselling (Lowballing)• Differential Pricing

(Different pricing for different customers)

• Secretly buy competitors and use them to spy on legit competition

• Secret rebates from rail companies

• Paid railroads to refuse to move other's oil

You be the Judge!!!!!

Criminals or Hero's???