Robber Barons

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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
    • Andrew Carnegie
      • Steel
        • Sold his company Carnegie Steel to JP Morgan
          • Had a horizontal monopoly to keep costs low
      • 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
    • 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
      • Railroads
    • 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.
    • 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


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