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Entrepreneurs

Entrepreneurs . Standard 4.3 E.Q. What businessmen impacted the industries in the late 1800’s? . Glided Age. Describing the excesses of the late 1800’s. “Robber Barons”: Leaders of industry and philanthropists who robbed the middle class.

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Entrepreneurs

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  1. Entrepreneurs Standard 4.3 E.Q. What businessmen impacted the industries in the late 1800’s?

  2. Glided Age • Describing the excesses of the late 1800’s. • “Robber Barons”: Leaders of industry and philanthropists who robbed the middle class. • Competition led to economic uncertainty and periodic depressions and eventually to a public call for government regulation of monopolistic practices. • Voting public pressured the Congress to assert limited control over the power of Big Business. • Business leaders with corrupt political machine was the biggest threat to democratic government.

  3. Andrew Carnegie • Control of the steel industry; from the mining of iron ore to coal to the steel mill. • He searched for ways to make his product better and cheaper and he hired talented young people and offered them stock in the company. • Gospel of Wealth: Carnegie improving his image by giving $ to charities such as universities & libraries.

  4. Andrew Carnegie • Bessemer Process: A technique involving injecting air into molten iron removing the carbon & other impurities, producing a lighter, more flexible, rust – resistant metal – steel. • Vertical Integration: a process in which you buy out competing producers of raw materials in order to control the raw materials and transportation systems. • Coal fields and iron mines, ore freighters, and railroads lines. Allow himself to under sell his competitors.

  5. John D. Rockefeller • 1st to create a trust – Standard Oil • Used a variety of tactics in his struggle against his competitors to gain control of the oil industry. • Forced railroads to give him kickbacks and rebates that hurt his competitors. • Controlled retails outlets and forced them not to sell the products of his competitors.

  6. John D. Rockefeller • Undersold the market until he drove his competition out and then increased the price of oil. • Horizontal Integration: companies producing similar products merge all raw materials to make a cheaper finished product. • Used both Vertical and Horizontal Integration to stay on top. • Sherman Anti – Trust Act: made it illegal to form a trust that interfered with free trade between states or international; this act was designed to control big business, but was not effective. • Later it will be used against the worker’s unions.

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