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Natural ResourcesNatural Resources
America had tons of natural resources
Natural resources were used to generate huge profits by new American businesses
Laissez – Faire CapitalismLaissez – Faire CapitalismGov’t should not interfere with private businesses
Businesses took advantage of people and abused workers’ rights
Businesses did “anything to turn a larger profit”
Special Business ConsiderationsSpecial Business ConsiderationsGov’t granted special privileges to business owners
Gave free land to railroad owners by stealing it from rightful owners
ImmigrationImmigrationImmigrants increased the labor supply
Businesses paid immigrants as little as possible in order to generate huge profits
MonopolyMonopolyOne business owner controls the whole market of a product
Drives other competitors out of business to raise their prices
TrustsTrustsOne company controls the making of a product
Allows company to control the price of the product
CorporationCorporationLarge companies made up of smaller businesses
Limited LiabilityAllowed people to invest money with little risk
Robber barronsRobber barronsWealthy business owners who lied, cheated, and stole fortunes from average Americans
Captains of IndustryCaptains of IndustrySmart businessmen who earned their money through legal business practices
Gave millions of dollars to charity
Andrew CarnegieAndrew CarnegieScottish Immigrant
Created US Steelfirst corporation worth $1 billion dollars
Andrew CarnegieAndrew CarnegieBelieved in Social Darwinismpeople can whatever they want to make money
Andrew CarnegieAndrew CarnegieGave 80% of his money back to the public
Workers protested working conditions in his factories
J. P. MorganJ. P. MorganBanking tycoon who made millions off of investments and investment companies
John D RockefellerJohn D RockefellerCreated the Standard Oil Company in 1870 (trust)
Able to control the price of oil in America by owning all aspects of oil production
John D RockefellerJohn D RockefellerGave $500 million dollars to various charities
Cornelius VanderbiltCornelius VanderbiltMade a fortune in the railroad business
Introduced the use of steel rails and a standard gauge (distance between rails).