share our annotated bibliography” collect the annotated bibliography start “turn of the...
TRANSCRIPT
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?
What is real wealth?What kinds of jobs do the richest, most famous people that you know of have?
Musicians?
What is real wealth?What kinds of jobs do the richest, most famous people that you know of have?
Musicians?Athletes?
What is real wealth?What kinds of jobs do the richest, most famous people that you know of have?
Musicians?Athletes?T.V.?
3 of the Wealthiest Men of All TimeJohn D. Rockefeller (1)
Andrew Carnegie (2)
Cornelius Vanderbilt (4)
Source: Business Insider
1
2
4
3 of the Wealthiest Men of All TimeJohn D. Rockefeller (1)
Andrew Carnegie (2)
Cornelius Vanderbilt (4)
Source: Business Insider
1
2
4
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
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
Carnegie’s WealthCarnegie sold U.S. Steel for $495 million in 1901.
Worth anywhere from $75 billion to $298 billion in today's terms
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
Biltmore Estate, Asheville, NC
Built between 1889 and 1895
by his grandson
Biltmore Estate, Asheville, NC
Built between 1889 and 1895
250 rooms with 35 bedrooms and 43 bathrooms
Biltmore Estate, Asheville, NC
Built between 1889 and 1895
250 rooms with 35 bedrooms and 43 bathrooms
…and a bowling alley
Biltmore Estate, Asheville, NC
Built between 1889 and 1895
250 rooms with 35 bedrooms and 43 bathrooms
…and a bowling alley
ESTIMATED M
ARKET
VALUE:
$125 MIL
LION
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!
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
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!
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?