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Gilded Age Corporate Monopolies & Trusts

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Gilded Age. Corporate Monopolies & Trusts. Preview. What IS a corporation? Some of you are saying this…. Corporation. People buy parts of a company and are not personally responsible if something goes wrong. Bill Gates owns 330 million Ballmer owns 630 million. - PowerPoint PPT Presentation

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Gilded Age

Gilded AgeCorporate Monopolies & Trusts

PreviewWhat IS a corporation?Some of you are saying this

CorporationPeople buy parts of a company and are not personally responsible if something goes wrong.

As of July 22, 2014 there were 8,239,848,789 Microsoft sharesBill Gates owns 330 million

Ballmer owns 630 millionWhoever has the most stocks, get the most votes on decisions and the most money paid out in dividends.CorporationIn the eyes of the law, the corporation is a person so no one person is responsible A group gets together to make decisions. Its called a shareholders meeting.

Ever wonder whats really so important about his place?

Its where these are bought and sold

Does this cartoonist think corporations are good or bad?

Who are the 3 people at his heel?

What is the relationship between government and corporation in this cartoon?PreviewHow many corporations can you list in 30 seconds?

Heres 50A little vocabularyMonopoly: Mono = one (company) poly = many (parts)So One company/person with total control of an industryCorporate Trust: a large business usually used their size to stop competition used unethical/abusive methodsPhilanthropy: donation of money or property (or both)Labor Union group of workers that cooperate for better conditionsSocial Darwinism survival of the fittest this was used to justify the difference between the rich and the poorIndustrialist person who is in charge of an industrial company

PreviewHow many major corporation founders can you name?

Sam Walton

Steve Jobs

Phil KnightRichard & James Cabela

HenryFordOkTime start with the dead guysWere going to look at 4 major corporation founders of the Gilded Age

Keep in mind Laissez Faire the government stayed out of business and not everybody played niceGilded Age Powerful MenAndrew CarnegieJohn D. RockefellerCornelius VanderbiltJ.P. Morgan1) Andrew Carnegie - SteelBuilt a steel mill in PittsburghWith profits, he bought more mills, mines, and shipsControlling every aspect of the business, he could sell cheaper than his competition

1) Andrew Carnegie - SteelPaid low wagesExpected 12 hour shiftsCrushed attempts to start labor unions

1) Andrew Carnegie - SteelMassive growth required steel for building skyscrapers, bridges, etc

1) Andrew Carnegie - SteelRuthless in business, he was a philanthropist in his later yearsGave away $350 million to build libraries and benefit universities

The long-term effect of what he started1) Andrew Carnegie - SteelWrote an essay Gospel of WealthWealthy have a responsibility to philanthropyPoverty in capitalist society can be eliminated through charity of the richHelp people help themselves

(Definition of gospel good news)

2) John D. Rockefeller - Oil

Started by selling fruits and vegetableUsed his profits to build an oil refinery1859 Edwin Drake creates first successful oil drilling well in Pennsylvania Access to underground oil & industrialization created a need for oil beyond just lamps

Show: John D Rockefeller Fueling America2) John D. Rockefeller - Oil1870 Standard Oil Company1879 company controls 90% of oil refining in US1882 company becomes a trust with Rockefeller controlling largest proportion of shares

2) John D. Rockefeller - OilStandard Oil becomes a monopoly

He forces railroads to give him secret rates and charge his competitors more

2) John D. Rockefeller - Oil

Recognize any of these?In 1892 the government forced Standard Oil to break-up2) John D. Rockefeller - Oil

Another example of ruthless businessman that gave away million

Helped found University of Chicago and The Rockefeller Foundation3) Cornelius Vanderbilt - Railroad

Started a ferry business at 16Used profits to build fleet of steamshipsSold his ships and bought railroad stockOwned several rail linesDidnt share the belief that he had a duty to share his wealth with the public3) Cornelius Vanderbilt - Railroad

As business booms, they need a way to transport goods4) J.P. Morgan - BankingSon of a bankerStarted his own bankBecame so powerful, even the government came to himHeavily involved in creating railroad and steel monopolies by making it difficult for competitors

Yep, the little dude was intended to look like Morgan4) J.P. Morgan - Banking

4) J.P. Morgan - Banking

4) J.P. Morgan - Banking

Good or Bad?Were these entrepreneurs good or bad?

If you think they were good, you would refer to them as:Captains of Industry they rocked it, advanced industry, helped the economy

If you think they were bad, you would refer to them as:Robber Barons they made their money off the backs of the people, they were ruthless in dealing with other businesses, they manipulated the government