Monopolies

• Immigrants provide a huge source of cheap

labor

• Major advances in technology lead to rapid

industrialization

• Laissez-faire government policies mean no

regulations on industry

• Monopoly – company that
dominates 1 industry

• Some wealth business leaders become known as “robber barons”

Robber Barons

• Use exploitative practices &

government influence

• Pay extremely low wages

• Squash competition

• Create monopolies &

raise prices

​On your own . . .

The Original Titans of Industry

Andrew Carnegie’s Mansion

Carnegie’s Dining room in Skibo Castle

Andrew Carnegie

• Scottish immigrant

• Founded Carnegie

Steel Company

• Philanthropist who

gave away millions
of $$$

The Biltmore

Estate

Ashville, NC

Built by
Vanderbilt
family in the
late 1800’s.

Cornelius Vanderbilt

• Controlled shipping

& railroads

• Used vertical

integration to control
every part of the
shipping industries

JP Morgan

▪ Banker & Financier

▪ Bought Carnegie Steel

to form US Steel

▪ Bailed out the US

government

▪ Created GE

JP Morgan’s New York City Residence

JP Morgan’s Private Island Home

John D. Rockefeller’s Estate “Kykuit”

John D. Rockefeller

▪ Founded Standard Oil

▪ Became the richest

man in history

▪ Created an oil

monopoly first through
horizontal
integration and then
vertical integration

While not as wealthy as Bill Gates or Warren Buffet, Rockefeller accounted as a larger percentage of the national GDP

​

​A comparison of wealthy men