Who are these men?Rutherford HayesJames GarfieldChester Arthur

Grover ClevelandBenjamin Harrison

Robber Barons:Business Leaders of

1870 - 1910

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Andrew Carnegie

Rags to Riches (richest man alive)

Became wealthy quickly, and invested in steel industry

Lucky in that he lived in an area full of coal, and iron ore a raw material needed for steel

Andrew Carnegie Expanded Steel

Business by buying out competition when steel prices dropped

Vertical Integration - owned each business step up to finished product (coal mines, iron mines, trains, factories)

John D. Rockefeller A bit lucky to be in oil

industry as cars and machines begin to use this as fuel and lubricant

Created Standard Oil - biggest oil company in the US

Used Vertical Integration to succeed

John D. Rockefeller Used Horizontal

Integration - Owned 90% of oil business

Monopoly = Horizontal Integration

Trust - All companies in an industry work together to cut costs to drive out competition, then raise prices

Cornelius Vanderbilt Borrowed $100 to

start first business at 16 and bought a sailboat

Made millions during Gold Rush shipping goods and people to California

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Cornelius Vanderbilt Sees RRs are wave of

future Bought up RR and

created the New York-Penn RR

Sold tickets at below cost to drive competitors out of business, then raised prices to be able to afford to continue this

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J.P. Morgan A banker whose

company owned both General Electric and U.S. Steel at the same time

Bought Carnegie Steel and changed name to U.S. Steel

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J.P. Morgan Used trusts to cut costs

and rive out competition Had a skin issue on

nose he refused to get fixed. Dared people to stare at him knowing he could ruin their lives.

JPMorgan Chase Bank still in business

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Darwinism Charles Darwin

published Origin of Species in 1859

Darwin’s theory is that the strongest and/or best adapted animals survive and the weak die out

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Social Darwinism Industrialists began

to put forth idea of “Social Darwinism”

Social Darwinism - weak companies die out and stronger, smarter, better run businesses survive.