Industrialists of the Gilded Age

Bessemer Process

• Quick method of turning iron ore into steel• Led to more manufacturing

(factories/skyscrapers) & transportation (RRs/Trolley Cars/Subway)

Social Darwinism

• “Survival of the Fittest”• Influenced cut-throat business practices• Led to large differences in economic & social

class (few rich, many poor)

Robber Barons

• Industrialists who became wealthy through corrupt business practices

• Prevalent in the steel, oil, finances, & railroad industries

• Monopoly/Trust: Company controls an entire industry. Limits competition & controls price.

Philanthropy

• Donating some profits to charitable causes