Robber Baron OR Captain of Industry_.pdf - Is he a Robber...

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Is he a Robber Baron OR Captain of Industry?What is a Robber Baron?What is a Captain of Industry?During the Industrial Revolution, the termRobberBaron, was used to describe a person who made,what some considered, excessive amounts of moneyin business. It was an insulting term used for aperson who was thought to have used unfairbusiness practices and showed little empathy for thecommon factory worker. If this industrialistused his political and corporate influence for his ownselfish ends, he could be described as a robberbaron.The men that used ingenious business methods tocreate monopolies and vast wealth were alsoknown asCaptains of Industrybecause theyexhibited leadership in their field and commandedthe respect of the business world. Oftentimes theseCaptains of Industry gave back their communitiesby participating inphilanthropy. Men likeCarnegie, were often known for their largecontributions for projects of public benefit likelibraries.Today you are going to read primary and secondary source documents about four of America’smain industrialists: Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnage, and JPMorgan. For each source you will need to decide if each man is Robber Baron or a Captain ofIndustry, and use evidence from the document to support your choice.CorneliusVanderbiltSourceRBCIWhy1CIHelped develop Grand Central StationAllowed businesses to easily ship goods EastWest2RBDrove competitors out of business by slashing prices.3CIDonated $$ to Colleges/Universities - Contributed toL.I. mansions built during the “Gilded Age”.Rockefeller4CIBuilt oil refinery and purified oil allowing people to useoil in everyday items5RBDrove oil competitors out of business by slashing prices.• Forced railroads to give him Secret Rebates6RBMonopoly of oil, controlling 90%-95% of oil refineries.(Standard Oil Trust) • Could increase pricesAndrew Carnigie7CIIncreased production of steel (mass production)through Bessemer Process.8RBMonopoly of the Steel industry. Could increase prices(corrupt)
9RBVertically Integrated – controlled all steps of theindustry to drive out competition.JPM10CICreated U.S. Steel by buying out Carnegie • Rescuedeconomy by investing in troubled businesses (likeCarnegies) • Donated $$$ to libraries/ schools/medicalinstitutions / museums.Is he a Robber Baron OR Captain of Industry?Now that you are done reviewing these four men, please check if you think that they are a Robber Baron or a Captainof Industry?Robber BaronPhilanthropistRobber BaronRobber BaronOf these four, who do you think was the worst Robber Baron? Why?a.Cargagie because he supported workers' rights, but destroyed unions; and when he acquired the largestfortune in US history, he tried to give it away. Andrew was born in Scotland in 1835. After steam powermakes his textile worker father redundant, the family emigrates.

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Term
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John D Rockefeller, Robber baron, Rockefeller family

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