Andrew Carneige
Congress rarely made laws to regulate (control)
business practices. This atmosphere of
freedom encouraged the growth of what
became known as "big business."
Entrepreneurs formed giant corporations and
monopolies. A monopoly is a company that
controls most or all business in a
particular industry. One of the giants of big
business was Andrew Carnegie. Carnegie
worked his way up in the railroad business. He
then entered the growing steel industry.
Slowly, Carnegie gained control of every step
of the steel making process. His company
owned iron mines, steel mills, railroads and
shipping lines. This is vertical integration. In
1892, he combined all of these businesses into
the giant Carnegie Steel Company. It produced
more steel than all the mills in England
combined. In later years, he donated much of
his wealth to education by funding thousands
of libraries throughout the U.S. and United
Kingdom. Carnegie once said "The man who
dies rich, dies disgraced."
Captain of Industry
201
Robber Baron
Read each of the four summaries provided and complete the t-chart graphic organizer by providing evidence supporting both the individual being a "Captain of Industry" and a "Robber Baron."
