The New Enterpreneurs

The New Entrepreneurs

Allison Lenon and Parker Johnson

Cornelius Vanderbilt: railroad and steamboat tycoon, laid thousands of miles of trackJ.P. Morgan: extremely successful financial banker, led Wall Street for years.

John D. Rockefeller: owner of Standard Oil, pioneer of horizontal integrationAndrew Carnegie: owner of the Carnegie Steel Company, pioneered vertical integration

RockefellerCarnegie

an American capitalist of the latter part of the 19th century who became wealthy through exploitation (as of natural resources, governmental influence, or low wage scales)

Horizontal: allying with competitors to monopolize a given marketVertical: combining into one organization all phases of manufacturing from mining to marketing.

"Godliness is in league with riches"The wealthy, entrusted with society's riches, had to prove themselves morally responsible according to how rich they were

Topics

1950

VanderbiltMorgan

"Robber barons"

Gospel of Wealth

Who?

Horizontal and Vertical integration