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PERSPECTIVE

PERSPECTIVE. Entrepreneurs of the Gilded Age. Focus Question. Who are some of the role models to people in society today? What makes someone a role model?. Objectives. After today’s lesson, you will: Debate the idea of entrepreneurs as “Robber Barons” or “Captains of Industry”

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PERSPECTIVE

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  1. PERSPECTIVE Entrepreneurs of the Gilded Age

  2. Focus Question • Who are some of the role models to people in society today? What makes someone a role model?

  3. Objectives After today’s lesson, you will: • Debate the idea of entrepreneurs as “Robber Barons” or “Captains of Industry” • Discuss the ideas of “Social Darwinism” and “Laissez-Faire”

  4. The Monopoly in Society • Many were uneasy with the scale of trusts • Schools of thought developed • Laissez-Faire: • Social Darwinism: • Social Gospel:

  5. Social Darwinism • Promoted by Herbert Spencer • “Survival of the Fittest” • Justification of ruthless tactics • Justified the depths of poverty • Justified autocratic approaches • Provided justification for accumulated wealth

  6. Robber Barons v. Captains of Industry • Abuses within the system led many to criticize entrepreneurs • Lack of competition • Exploited workforce • Corruption of Government • Others praised entrepreneurs • Built the wealth of the nation • Developed a multitude of new products • Success stories

  7. Which Were They? ROBBER BARONS • Exploited Workers • Drained Natural Resources • Controlled Government • Devastated Competition • Ruled Autocratically CAPTAINS OF INDUSTRY • Created wealth • Created Jobs • Made the U.S. a world power • Developed a bevy of new products and industrial procedures • Philanthropists

  8. The Gospel of Wealth • Some grew uncomfortable with the situation • Andrew Carnegie promoted the Gospel of Wealth • Riches were justified if the wealthy used his wealth for the community “The Man Who Dies Rich Dies Disgraced.”

  9. Reforms proposed • Many saw the government as a tool to prevent monopolies • Sherman Antitrust Act • Forbade “combinations in restraint of trade” • Did not define trusts • Rarely used against any monopoly. • Ineffective

  10. Summary: • Describe two things you believe others should have learned from this class this week.

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