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Turn of the Century

Share our Annotated Bibliography”Collect the Annotated BibliographyStart “Turn of the Century”Movie

Agenda

http://www.youtube.com/watch?v=g5cS5IOMANk

America: The Story of US

Big Industry and the Robber Barons

PROJECT SHARE:3 Important Facts about your TOPIC.Why is your TOPIC important to

Reconstruction?

Corporation- a business owned by many investors.

Monopoly- company that controls all or nearly all business in a particular industry.

Trust (Corporate)- a group of corporations run by a single board of directors.

Vocabulary

Set up a new page of Cornell Notes

We will look at 3 aspects of each man:

1. Their wealth2. How they got there

3. Their legacy

The Robber Barons

What are Cornell Notes?

What is real wealth?What kinds of jobs do the richest, most famous people that you know of have?

Musicians?

Musicians?Athletes?

Musicians?Athletes?T.V.?

3 of the Wealthiest Men of All TimeJohn D. Rockefeller (1)

Andrew Carnegie (2)

Cornelius Vanderbilt (4)

Source: Business Insider

3 of the Wealthiest Men of All TimeJohn D. Rockefeller (1)

Andrew Carnegie (2)

Cornelius Vanderbilt (4)

Source: Business Insider

ALL LIVED AT THE TURN

OF THE 20TH

CENTURY IN

AMERICA

Carnegie’s WealthCarnegie sold U.S. Steel for $495 million in 1901.

Worth anywhere from $75 billion to $298 billion in today's terms

6 TIMES THE W

EALTH OF

WARREN BUFFET

OVER 100TIMES

TOM BRADY’S $

Carnegie’s Homes

NY MansionCastle in Scotland

Vanderbilt’s Money and PowerAt the peak of his

power, he owned almost half of the railroads in the eastern United States.

wealth would be worth approximately $170 to $185 billion today.

Vanderbilt’s Money and PowerAt the peak of his

power, he owned almost half of the railroads in the eastern United States.

wealth would be worth approximately $170 to $185 billion today.

MORE THAN 3X

WARREN BUFFET!!!

Biltmore Estate, Asheville, NC

Built between 1889 and 1895

by his grandson

250 rooms with 35 bedrooms and 43 bathrooms

…and a bowling alley

ESTIMATED M

VALUE:

$125 MIL

At the Top of the List:John D.

RockefellerThe wealthiest American in history.

His wealth today would be anywhere from $392 billion to $664 billion!

THAT IS OVER

31,000 TIMES

TOM BRADY’S SALARY

MORE THAN 10 TIMES

THE NET WORTH

OF 2012’S RICHEST

MAN ALIVE

Carnegie: How he got there• Born in Scotland to a

poor weaver family. • Moved to the U.S. in

1848 and started working at 13 years old

Ran a telegraph company by the time he was 30.

Carnegie: How he got there• Born in Scotland to a

poor weaver family. • Moved to the U.S. in

1848 and started working at 13 years old

Ran a telegraph company by the time he was 30.

Eventually created the largest steel business in the world.

Carnegie and Vertical Integration

Vertical Integration: 1 company owns every part of the process of making a product.

Carnegie owned:Mines for coal, iron

Steel millsTransport ships

Vanderbilt: How he got there

Born on Staten Island, NY

Began working on his father’s ferry at age 11

Owned his own ferry at age 16

Vanderbilt: How he go there

Born on Staten Island, NY

Began working on his father’s ferry at age 11

Owned his own ferry at age 16

Eventually bought steam ships then built the largest railroad business in America

Rockefeller: How he got thereOpened his own

business at 19 years old.

Known for ethics of hard work and “honesty”

Developed crude oil business after Civil War

Rockefeller: How he got there

In 13 years, he took over 90% of the world’s oil industry.

Bought out all competitors by “offering” to buy them or run them into the ground.

Eventually, Standard Oil was the only company selling oil in the U.S.

Rockefeller and Horizontal IntegrationHorizontal Integration: 1 company creates all of the product.

This forces all consumers to buy from 1 company.

Which vocab word sounds familiar to this?

Rockefeller and Horizontal IntegrationHorizontal Integration: 1 company creates all of the product.

This forces all consumers to buy from 1 company.

Which vocab word sounds familiar to this?

MONOPOLY

The Rockefeller MonopolyThe Supreme Court

found Rockefeller guilty of having a monopoly in 1904.

Forced Standard Oil to break up in 34 different oil companies.

Some of which are still around today: ExxonMobil, Chevron, Amoco, BP, Pennzoil

The “Barons’ Legacy”Along with

competing for wealth and lavish lifestyles, the “Barons” also competed in charity.

Many of the nation’s universities, foundations, and public buildings were contributed.

Carnegie: Giving BackGave about $460

million of his $490 million away.

1,000 libraries across the U.S. that were opened with money from Carnegie.

Donated $10 million to a college in Pittsburgh (Renamed: Carnegie Mellon U.)

Carnegie’s DeathCarnegie died in 1919 and gave his remaining $30 million to charity, leaving basically nothing to his friends and family.

Did he do the right thing with all of his money?

Vanderbilt: Not Quite as Generous

When Vanderbilt died, he divided up his wealth between his 8 kids.

One of his grandkids, George Washington Vanderbilt II, built the Biltmore Estate.

Rockefeller: Big Money, Big Giver

Donated 10% of the money he earned to his Baptist church.

Founded the University of Chicago and Rockefeller University with gifts of more than $80 million.

Rockefeller: Big Money, Big Giver

He donated millions to finding cures for diseases.

Responsible for eradicating hookworm and yellow fever in the U.S.

In total, he donated around $550 million.

Robber Barons Ticket out the doorThese are 3 of the 4 richest men in history.

They were each exceptional, but many say “the times make the man”.

What about this time in U.S. history allowed or aided these men in building so much wealth and power?

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