! ! ! ! MONOPOLIES
Monopolists:
- Andrew Carnegie (Steel Industry)
- John Pierpont Morgan (Banking)
- John D. Rockefeller (Oil Industry)
- Cornelius Vanderbilt (Railroads)
- Henry Ford (Car Industry)
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DEFINITIONS:
Captain of Industry: Big business leaders who became successful by good business
skills and decisions.
Robber Barons: Big business leaders who gained wealth in unfair and unethical ways.
Philanthropists: A person(s) who donate a lot of money to charities.
Social Darwinism: Survival of the fittest. Best businesses rise to the top, weaker
businesses die out (or close down.)
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Monopolies had a negative affect on the American economy because...
1). Prices can go very high without any competition within that industry.
2). Small businessʼ shut down and canʼt open without complications, due to the
monopoly on that industry, which goes against Americaʼs Free Enterprise System.
3). Monopolists used their money and power to influence the government.
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