“Robber Baron” or “Captain of Industry”.ppt

“Robber Baron” or “Captain of Industry” Good or Bad??????? “Robber Baron” The term “Robber baron” was used in the late 1800s in the U. S., where it was used to describe businessmen who used ruthless business tactics to amass a huge personal fortune. A large part of their wealth came from the industries they built, many owning a large majority of their respective industry. (Monopolies) Andrew Carnegie1835-1919 1880s - Carnegie Steel was the world’s leading producer of iron, steel-rails, and coal. Railroad expansion made Carnegie rich beyond belief. “Father of “Horiz. and Vert. Integration” Sold his company in 1901 for $250 Million. (Worth $300 Billion in 2009 dollars) Gave most of his money away in his later years (philanthropist) John D. Rockefeller1839-1937 Formed the “Standard Oil Co.” in 1870. Gained control of oil production in America. Bought out competing companies. Worth $900 Million in 1901. Worth $1.3 Trillion in 2009 Dollars. Conoco, Amoco, Chevron, Exxon, and Mobil Oil companies owned by Rockefeller “Robber Baron” or “Business Genius?” Are “Robber Barons” good or bad for America? What about the “Little Man” of business? $1 out of every $50 spent in the U.S. is spent at Wal-Mart Rank Name Net Worth ($ Billion) Business 1 William Gates III 53.0 Microsoft 2 Warren Buffett 46.0 Hathaway Investments 3 Sheldon Adelson 20.5 casinos, hotels 4 Lawrence Ellison 19.5 Oracle 5 Paul Allen 16.0 Microsoft 6 Jim Walton 15.7 Wal-Mart 7 Christy Walton 15.6 Wal-Mart 8 S Robson Walton 15.6 Wal-Mart 9 Michael Dell