Wealth and Power in the Gilded Age: The Rise of Industrial Leaders
This exploration delves into the characteristics and tactics that allowed key figures of the Gilded Age, like Andrew Carnegie and John D. Rockefeller, to amass incredible wealth and wield significant political influence. The study addresses essential questions about the ethical implications of wealth accumulation, the concept of monopolies, and societal views on success and failure. Notable innovations such as the Bessemer Process and the impact of figures like J.P. Morgan and George Westinghouse are also examined, shedding light on the era of the "Robber Barons" and the cultural belief in the "American Dream."
Wealth and Power in the Gilded Age: The Rise of Industrial Leaders
E N D
Presentation Transcript
Objective 5.02 Explain how business leaders accumulated wealth and wielded political and economic power.
Essential Questions • What characteristics were vital to the success of industrial leaders of the Gilded Age? • How did captains of industry accumulate wealth and power? • Should an individual be allowed to accumulate as much wealth as possible?
Bessemer Process Process by which Iron was melted until the impurities were burnt off and steel was the end product
Andrew Carnegie Owner of US Steel
U S Steel Giant Steel Monopoly
Edwin Drake Drilled the first Oil Well in New York
John D. Rockefeller Owner of Standard Oil Company
Standard Oil Company Giant Oil Monopoly
J P Morgan Banker of the Gilded Age, Made money investing in companies like US Steel
Monopoly One company controls all of the product in a market
Trust Board of Directors of several companies come together to form a monopoly
Vanderbilt Family Father Cornelius, family made money from the railroad industry, Biltmore House
George Westinghouse Developed electric appliances for home use, alternating current
Horatio Alger American writer that wrote rags to riches stories and fulfillment of the American Dream
Gospel of Wealth God ordained for me to be wealthy, God favors those that have wealth
Social Darwinism “Survival of the Fittest”, I’m wealthy because I am better than you
Gilded Age Age of the “Robber Barons”, ridiculous wealth, political machines, immigrants, industrialization
Edwin Drake Bessemer Process Andrew Carnegie Gospel of Wealth J. P. Morgan U. S. Steel John D. Rockefeller Standard Oil Company Vanderbilt family George Westinghouse Horatio Alger Herbert Spencer Gilded Age “Captains of industry” “Robber barons” QuizChoose 5
