Age of Moguls

• Let’s look at some terms– Mogul

– Trust

– Monopoly

– Incorporated

– pious

Andrew Carnegie

http://www.biography.com/people/andrew-carnegie-9238756/videos/andrew-carnegie-full-episode-2071932799

Let’s watch a video

But before we start the video, you will be required to do the following:

Video on Andrew Carnegie

As you watch the video on Andrew Carnegie:

1.Write down 3 things you found interesting about Carnegie and explain why. 2.Identify what contributed to Carnegie’s success.3.Why was Carnegie a mogul?

4.Draw a picture which best represents Carnegie’s impact on the industrial revolution.

Background•Steel and Pittsburgh

-- Civil War-- Railroads (iron vs. steel)

-- All his eggs in one basket-- Carnegie Steel

-- Henry Frick-- Limited partnership

-- Secrets of his success

•Vertical Integration

Carnegie Steel

Henry Frick

Bought by United States Steel Company (1901)- Competition with

JP. Morgan (monopoly)Steel tubing

Andrew Carnegie:

Gospel of Wealth:

• Rich man’s duty

• Give it away

• Die Rich (No!)

Why did he want to sell?

Minister of his surplus of wealth (public good)

John D. Rockefeller

• Background

• Oil– Growth of refining and exporting (Kerosene)– Excelsior Refinery (1863)– Standard Oil (1870)– Monopoly- Horizontal Integration

Trust- What is it?

Sherman Anti-Trust Act of 1890http://www.history.com/topics/john-d-rockefeller/videos#john-d-rockefeller-

oil-money-and-power

-Retires(1897) Well-being of mankind

Capitalism and Moguls

Let’s see if you can make some connections!!!!!

Explain how capitalism allows/motivates the creation of Moguls