ROBBER BARONS

Question 1

Andrew Carnegie

Answer 1

Sold iron and was using profit from selling iron to invest in iron work.
Famous for using the Bessemer process, to make better and cheaper steel from iron.
Used vertical integration through having full control of making steel in Pennsylvania. This helped him make iron cheaper and make bigger profits.

Question 2

Cornelius Vanderbilt

Answer 2

The Cornelius consolidation of the railroads enabled him to cut operations costs. He established track gauge (double tracks), replaced iron rails with steel. Improved services and reduced rates.
Cornelius was ruthless and corrupted legislatures in order to own his was in business.
His son William Vanderbilt was also ruthless he manipulated the capital, treated his workers poorly and crushed strikes with force

Question 3

Jhon D Rockefeller

Answer 3

Practiced vertical integration, ruthlessly brought out his competitive and was very secretive about his associates. He would price-slash, blackmail and spying to drive out competitors. I. 1872 standard oil was set up and within 10 years became the first trust.
By 1883 he controlled 83% of all American oil production

Question 4

Jhon peri point Morgan

Answer 4

In 1871 Morgan began his own banking company called Morgan & co. Morgan used his financial advantage to force company’s to stop destructive practices