6.27.07 ROBBER BARRONS - Robber barons used"predatory...

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6/27/07 Robber barons- used “predatory practices” to acquire wealth; exploiting employees -no minimum wage - unsafe conditions - Ford paid employees $5 a day (more than any other industrial company) after he mechanized his assembly line b/c they had to do repetitive jobs; everyone else was paying $2.50 or less - buying trusts and controlling companies considered predatory practice - monopoly considered predatory practice - robber barons also bought power (legislative offices) Andrew Carnegie - born in Scotland - father was a weaver (occupation being industrialized) - moved to Pittsburgh at around age 12 - only went to school for 3 years (in Scotland) - first job was a bobbin boy at a cotton mill - then he was a messenger for a telegraph company (very ambitious) - in a very short time he became the top telegraph messenger in the company - next job was a Railroad private secretary and telegraph operator - 1855 invested $500 in Adam’s Express (sleeping cars) - supporting family with his earnings at a very young age and sets aside money to invest in businesses that he sees opportunity for growth - invests in bridge work business - managed Keystone Bridge co. which made bridges out of steel instead of wood - in 1901 he sold his steel company to JP Morgan for $480 million (his share was $250 million) (then retired)
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This note was uploaded on 04/18/2008 for the course AMH 2020 taught by Professor Michelleadams during the Summer '06 term at University of Central Florida.

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6.27.07 ROBBER BARRONS - Robber barons used"predatory...

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