J.P Morgan
List one reason J.P Morgan is considered a robber baron
-Exploited his financial influence for personal gain.
-Used his power to manipulate the stock market.
In the 19th century, Cornelius Vanderbilt was known as the "most prominent" _____________?
Industrialist
How does Carnegie's journey showcase the "American Dream"?
[He went from] poverty to immense wealth
What is one thing he did that would classify him as a robber baron?
-bribery and coercion
-cost-cutting and maximizing profits led to poor employee relations
Define: Industrialization
The process of building factories and using machines to make goods faster. In the late 1800s, tha U.S. beecame more industrial, espcially in cities.
What Industries was he involved with?
Banking/Finance
What Industries was he involved with?
Railroads and Shipping
Carnegie's company "revolutionized steel production", what were the two affects of this?
1. Made it more efficient
2. Made it more cost-effective
What is the name of the company that JD Rockefeller co-founded, and ultimately ended up dominating the oil industry in the United States?
The Standard Oil Company
What is a group of wokers who join together to fight for better pay, safer working conditions, and fair treatment?
Labor Union
How did he help with the 1907 financial crisis?
He used his own resoucres and influence to prevent widespread economic collapse, orginzing bailout packages and eunsuring stabitlity of the banks and businessess.
How did he help the transportation industry?
He reduced travel time and costs making it easier to travel.
True or False: Carnegie was only a good contributor and Samaritan in steel production. He believed his wealth shouldn't be shared amongst communities?
False; while yes, Carnegie was an amazing contributor in steel production, he also shared his wealth. He donated vast sums of money to fund libraries, schools, universities, and scientific research.
Rockefeller was accused of unethical practices, provide at least one example why?
1. Involved in bribery and coercion [to maintain his monopoly]
2. Used aggressive tactics and business maneuvers
3. Communities called for anti-trust regulations to curb his power
What is the differnce between Captian of Industry and Robber Baron?
Captian of Industry: A business leader who helps the economy grow by bulding big companies, creating jobs, and donating money to help others.
Robber Baron: A powerful businessperson who got rich in unfair or greedy ways, such as paying workers low wages or crushing smaller businesses.
What does J.P stand for?
John Pierpont
What was he notorious for?
Undercutting competitors prices and using aggressive tactics, including bribery and manipulation.
Essential infrastructure; such as railroads and bridges, driving economic growth and urbanization, are all effects of what?
1. Carnegie's innovations in steel production
2. Carnegie made steel more accessible
What is "pioneered vertical integration"?
A strategy where a company controls all aspects of production, from extracting raw material to distribution. This allowed companies to cut costs, undersell competitors and amass enormous profits.
What is the difference between Urban and Rural?
Urban: Realted to cities
Rural: Realted to country side
List one reason J.P Morgan was considered a Captain of Industry.
-Used his own money for bailouts
What service did he start at age 16.
A ferry service
An argument that the wealthy had an obligation to use their wealth for the greater good of society, what is this?
Although, Rockefeller was known as a robber baron, his "philanthropic efforts" later in life were praised, why?
1. Donated large sums of money to various causes, including education and scientific research
2. Rockefeller Foundation: Last impact on public health, education and scientific research globally
How many immigrants moved to the U.S. during the glided age?
11 to 12 millon.