Big Businessin the early 20th century

Big Businessin the early 20th century

Rockefeller, Rockefeller, Vanderbilt, Carnegie Vanderbilt, Carnegie and J.P Morganand J.P Morgan

Rockefeller, Rockefeller, Vanderbilt, Carnegie Vanderbilt, Carnegie and J.P Morganand J.P Morgan

Cornelius Vanderbilt

Cornelius Vanderbilt

Cornelius Vanderbilt

• Railroad baron - 1870’s

•Bought up RR lines

•Forced smaller RR owners to sell to him

•Owned most lines between NY and Chicago

Cornelius Vanderbilt

• What advantages did he create for his business?

•Was it legal?

•What is is called when one companyowns, runs all of the parts of anindustry

John D. Rockefeller

John D. Rockefeller

John D. Rockefeller

John D. Rockefeller

• oil baron - 1880’s & 90’s

•Bought up oil refineries

•Realized U.S. would become dependent on oil

•Largest, most powerful oil company - Standard Oil

John D. Rockefeller

• What are some of the oil companies today?

•What would happen if there were only one company?

•What do we call it when prices increase,value of money decreases

Andrew Carnegie

Andrew CarnegieAndrew Carnegie

Andrew Carnegie

• steel baron - 1890’s

•Bought up iron mines, steel mills, RR and steamship lines, warehouses

•Vertical integration - controlling all phases of an industry - from raw material to finished product

Andrew Carnegie

• What is the advantage of vertical integration?

J. P. Morgan

J. P. Morgan

J. P. Morgan

• banking baron - 1890’s

• Controlled banks, corporations

• Would buy up shares in struggling companies and then take over

• By 1890’s owned most of the steel, rail companies

PHILANTHROPY Have you ever heard of any present-day

institutions which have the name

• Vanderbilt?• Carnegie?• Rockefeller?• Morgan?