When you first get in… • Add LO and DQ to pg. LO: • Identify how big business rose during industrialization 2. Analyze political cartoon DQ: • What methods did Rockefeller & Carnegie use to take control of their industries? • Based on the cartoon, who is controlling government? Table of Contents: Pg. 130 Political Cartoon 12/12/13 Pg. 131 Rise of Big Business 12/12/13
Robberbaron • Businessman who became wealthy through dishonest methods
The Gilded Age • Wealth of a few masked the real problems • Corrupt politics • 1890: average income for 11 million of 12 million families in was $380, below poverty line • Authors name industrialization “Gilded Age” • gild= cover in gold leaf • Gold disguises an object of lesser value
Corporation How did it help businesses grow? What is it?
John D. Rockefeller • Put competitors out of business by creating monopoly on the oil industry • Got other oil companies to form one BIG one: Standard Oil Trust • The trust controlled 95% of the oil industry • Once in control, Rockefeller raised the price of oil • With no one else to buy oil from, people had no choice but to pay Standard Oil’s high prices
John D. Rockefeller • Throughout his life he donated over $500 million to universities and charities
Andrew Carnegie • Andrew Carnegie tried to beat his competition by creating a better, cheaper product • Carnegie sought to control all the processes that led to the manufacture of steel • He bought iron mines and ships and railroads that carried the iron ore to his mills • Throughout his life he donated over $350 million to universities and charities • sold to JP Morgan, the nation’s top banker, for $480 million