• The Industrial Revolution gave us "Captains of Industry" Business leaders whose means of amassing a personal wealth both contributed positively and negatively to the country
• They provided jobs, increased productivity, and the acts of philanthropy. However, they also eliminated competition and exploited workers in order to become the richest man in the world
  • Cornelius Vanderbilt - Railroads
  • J.P. Morgan - Banking/Investor
  • Andrew Carnegie - Steel
  • John D. Rockefeller - Oil
• America's capitalist economy (free trade and free enterprise) gave rise to the "Captains of Industry." Capitalism allows some people to be rich and benefit from the economy, but also leaves some people out
• Laissez Faire ("hands off") economics was key to people like Andrew Carnegie becoming the wealthiest man in America. The lack of government regulation allowed monopolies or trusts (no competition) during this time period
• Some people who were in poverty and were left out of the economic success of the Industrial Revolution advocated for Socialism, rather than Capitalism, to eliminate the gap between the rich and the poor.