Robber Barons
- Created by: hannahi24
- Created on: 06-01-16 16:44
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- Robber Barrons or Captains of Industry
- John Rockefeller
- Gave $100 billion in charital donations
- Cornelius Vanderbilt
- Railroads & Shipping
- Controlled railway lines from Chicago and New York
- Created an interregional railroad system
- Known as the Commodore for his ruthless competitiveness
- Philanthropy
- Gave $1 million to create the Vanderbilt University, Nashville
- Railroads & Shipping
- Andrew Carnegie
- Steel
- Sold his company Carnegie Steel to JP Morgan
- Had a horizontal monopoly to keep costs low
- Sold his company Carnegie Steel to JP Morgan
- Poor treatment of workers
- During Homstead labour strike 300 armed guards killed 10 strikers
- Corruption
- Wasn't arrested for deaths
- Union leaders were arrested for the riot
- Philanthropy
- Gave away $350 million
- Opened more that 2,500 libraries
- Opened theatres and hospitals
- Steel
- JP Morgan
- Banking
- Helped rebuild the American economy after the Wall Street Crash
- Steel
- United State Steel Corporation became the world's biggest supplier
- Due to his use of monopolies
- United State Steel Corporation became the world's biggest supplier
- Railroads
- Banking
- In the 1890s the US had the most productive economy in the world
- Happened because of capitalism and a laissez-faire approach from the Government
- Laissez-faire government shouldn't intervene in economic affairs.
- Happened because of capitalism and a laissez-faire approach from the Government
- Requirements of economic expansion
- Source of raw materials to produce goods
- Market to sell goods
- Labour force for production
- Infrastructure to transport goods from production to the market
- Room to expand
- A Government that doesn't get involved
- John Rockefeller
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