BIG BUSINESS PART 2

Andrew Carnegie-Scottish immigrant-started Carnegie Steel Co. which later became U.S. Steel-started the Vertical Combination-used Bessemer process for making steel cheaply-wrote The Gospel of Wealth -Unequal distribution of wealth is good -Rich should contribute to society to help poor-real example of “rags to riches”-philanthropist

Gospel of Wealthby Andrew Carnegie• philanthropy  is the responsibility of the 

new upper class of self-made rich. • Carnegie proposed that the best way of dealing with the new

phenomenon of wealth inequality was for the wealthy to redistribute their surplus means in a responsible and thoughtful manner.

• This approach was contrasted with traditional bequest (patrimony), where wealth is handed down to heirs, and other forms of bequest e.g. where wealth is willed to the state for public purposes.

• Carnegie argued that surplus wealth is put to best use (i.e. produces the greatest net benefit to society) when it is administered carefully by the wealthy.

• Carnegie also argues against wasteful use of money in the form of extravagance, irresponsible spending, or self-indulgence.

• As a result, the wealthy should administer their riches responsibly and not in a way that encourages "the slothful, the drunkard, the unworthy."

This cartoon shows how rich Andrew Carnegie was from his steel industry in America. The picture portrays him in a Scottish outfit throwing money out into various piles of money. The piles of money are labeled for different sections of Scotland, which shows that Andrew Carnegie was willingly giving money away to his homeland because he had so much money to spend.

William Vanderbilt-”The public be damned!”-Doubled the family’s fortune in the R.R. industry

The Vanderbilts

Cornelius Vanderbilt -fortune in steam ships -bought railroads -philanthropy included Vanderbilt University in Nashville

“The Modern Colossus of Railroads”– This political cartoon was illustrated by Joseph Keppler in 1879, which features the railroad “giants”, William Vanderbilt, Jay Gould, and Cyrus W. Fields. Vanderbilt, a wealthy railroad tycoon, was viewed as a tyrannous man of excessive corporate power, which is clearly shown in this cartoon. The reigns held by the railroad magnates attach not only to the trains, but also to the tracks and the railroad station, which conveys their power and control over railroad operations. The three powerful leaders formed a railroad trust out of their Union Pacific, New York Central, and Lake Shore & Dependence lines.

we see Vanderbilt the monopolist, his foot pushing down the American Eagle, and two lapdogs chained by his side, their collars reading Congress and Legislature. A few of William’s choice quotes are framed behind him, on the wall. But, his new quote will eclipse them all. Vanderbilt would never be forgiven for the comment, it becoming part of the majority of cartoons about him from this point forward. 

The Bosses of our Senate

this 1889 political cartoon attracts attention to the gross power of industrial lobbies over the Senate. Emphasized in "The Bosses of the Senate", industrialists were learning to win their monetary games through the submissive hands of government, specifically the Senate.. From this, the monopolists benefited, but the wider public was left behind. Senators, shown here as small but happy, were inclined to play puppets for the fat money sacks of business-backed trusts both because big business provided the overwhelming majority of government tax revenue and industry financed many senator's political assurances.

The Bosses of our Senate

this 1889 political cartoon attracts attention to the gross power of industrial lobbies over the Senate. Emphasized in "The Bosses of the Senate", industrialists were learning to win their monetary games through the submissive hands of government, specifically the Senate.. From this, the monopolists benefited, but the wider public was left behind. Senators, shown here as small but happy, were inclined to play puppets for the fat money sacks of business-backed trusts both because big business provided the overwhelming majority of government tax revenue and industry financed many senator's political assurances.

Effect of technology on daily life• Electricity• Indoor plumbing• Communication• Transportation• New products and technologies improved middle-class

quality of life• Still there was the gap of enormous wealth of a few

compared to the poverty of the many workers and farmers.

Robber Barons or Captains of Industry• Robber Barons- One of the American industrial or

financial magnates of the late 19th century who became wealthy by unethical means, such as questionable stock-market operations and exploitation of labor.

• Captains of Industry- was a business leader whose means of amassing a personal fortune contributes positively to the country in some way.

• In reality the debate over robber barons and captains of industry mirrors views of industrialism itself. Just as their were both positives and negatives to industrialism there were positives and negatives to the leaders of industrialism.