Industrialization Smartboard Notes.notebook

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December 09, 2010

Dec 5­8:34 PM

Appetizer: December 6 What are the 4 I's in American History?

Main Course: To understand the impact of Railroads in the United States.

Dec 5­8:35 PM

The 4 I's

Dec 5­10:05 PM

Industrialization - Impact of Railroads Why so Important?

Dec 6­9:14 PM

Appetizer: December 7Have your homework out. Ready to work on pg. 2 in packet.

Main Course: To meet the four major business owners during the Industrialization period.

Dec 6­9:18 PM

Robber Baron or Captain of Industry

Robber Baron-any businessman or banker who used questionable business practices to become powerful or wealthy.

Captain of Industry- business leader whose means of amassing a personal fortune contributes positively to the country in some way.

Dec 7­9:55 AM

Examples of Acts by Robber Barons: • Swallow up competition to create a monopoly• Not allow banks to give out loans to other companies • Threatening companies to lower prices

Examples of Acts by Captains of Industry: • Donating money to charity• Donating money to colleges and universities • Any act of kindness that betters the country

Industrialization Smartboard Notes.notebook

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December 09, 2010

Dec 7­10:58 PM

Robber Baron Facts• Forced competition to choose between being swallowed up by standard oil or crushed into bankruptcy. • Threatened RR companies to lower price of shipping of his oil or he would turn to another company. • Drastically reduced price of oil to eliminate competition

John Rockefeller

Dec 7­11:05 PM

John Rockefeller Captain of Industry Facts

• Since age of 14, donated 10% of $ to church• Improved medical research• Built Spellman College • Donated $80 million to Univ. of Chicago• @ death donated over $550 million

Dec 7­10:09 PM

John Rockefeller

Dec 7­11:09 PM

JP MorganRobber Baron Facts

• Influenced other bankers not to give loans to his competitors stopping them from expanding their business. • Bought out companies & created corporations• Did not like competition

Dec 7­11:12 PM

JP MorganCaptain of Industry Facts

• Art collection became a museum

Dec 7­10:16 PM

JP Morgan 

Industrialization Smartboard Notes.notebook

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December 09, 2010

Dec 7­11:14 PM

Andrew CarnegieRobber Baron Facts

• Laborers worked 16hr. days for little pay• Let a strike go on for 145 days-10 people died.

Dec 7­11:16 PM

Andrew CarnegieCaptain of Industry Facts

• Believed wealthy were responsible to make society better • Donated $1 million to building libraries • Gave $2 million to start the Carnegie Institute of Tech. in Pittsburgh• Donated millions to churches. • Provided education for A.A. through support for Tuskegeee Institute.

Dec 7­10:21 PM

Andrew Carnegie

Dec 7­11:19 PM

Cornelius VanderbiltRobber Baron Facts

• When competitors went out of bus. he would raise rates to gain $ lost • Refused to let passengers transfer to his trains forcing NY Central rail to sell • Held monopoly over shipping & passenger travel in Northeast

Dec 7­11:22 PM

Cornelius VanderbiltCaptain of Industry Facts

• Donated $1 million to Central University which became Vanderbilt University.

Dec 7­10:26 PM

Cornelius Vanderbilt

Industrialization Smartboard Notes.notebook

4

December 09, 2010

Dec 7­10:16 PM

Key Terms from Big Businessmen Readings

Bessemer Process-type of process that makes steel cheaper and stronger.

Vertical Integration-controlling an industry from raw materials to finished products.

Dec 8­10:58 PM

MONOPOLIES IN TODAYS WORLD

Dec 8­11:02 PM

EXAMPLE OF FREE ENTERPRISE

FAST FOOD

Dec 9­8:17 AM

Terms / People