Robber Barons

Industrial Revolution- A period of major industrialization that took place

during the late 1700s and early 1800s. The Industrial Revolution, beginning
in Great Britain, quickly spread throughout the world. This time period saw
the mechanization of agriculture and textile manufacturing and a revolution
in power (i.e., steam ships and railroads) and had a massive effect on social,
cultural and economic conditions.

Robber Baron- An unscrupulous, American capitalist who acquired their

fortune in the late nineteenth century, by ruthless means.
Captain of Industry- A business leader whose means of amassing a
personal fortune contributed positively to the country in some way.

Rockefeller- Establish the Standard Oil Company, Gained a monopoly over

Clevelands refined oil. Used this monopoly to expand and eventually
controlled 90% of Americas refined oil. Know for his philanthropy.

Cleveland Massacre- Rockefellers first play to gain an oil monopoly. By

partnering with the South Improvement Company, Rockefeller was able
to buy out 22 companies within 3 months, virtually gaining a monopoly
of Clevelands Oil.

Andrew Carnegie- Established a steel company. By selling lower than his

competitors Carnegie was able to gain a monopoly on steel. Gave away of
$350 million by the end of his life. Many thought he was a Robber Baron
because of his lack of response to the Homestead Steel Strike.

In 1892 Carnegie informed union members that they would be

reducing wages, angering the union. Then, Carnegie said the company
would have nothing to do with the union and hired 300 armed guards
to defend the plant. Somehow the union workers got ear of this and
arrived with weapons to stop the guard. No, one knows who shot first
but by the end six steelworkers had been killed in the fight. The
Pennsylvania militia stepped in taking over the plant and non-union
workers were brought in to work.

Jay Gould- one of the most unscrupulous business men during this time
period. Took advantages of clauses and underhanded tricks to steal/gain
money from the stock markets. Most famous for his gold corner. He had
connection to political machines and many other likeminded business men.

In the late 1860s Gould devised a scheme to corner gold. This scheme
would allow Gould raise the price of gold in the stocks. In the ensuing
panic known as Black Friday Gould and his partner sold their gold at
the newly raised price walking away with 25 million dollars. Many

investigations occurred to try to reveal Gould as the orchestrator of the

Gold Corner but no one was able to find enough information for him to
be prosecuted.