The Second Industrial Revolution and Big Business

Robber Baron

Ruthless businessmen exploiting competition and workers.

Captain of Industry

Innovative leaders contributing to economic growth.

Cornelius Vanderbilt

Railroad magnate, built Grand Central Station.

Standard Time Zone

Established in 1883 for railroad scheduling.

Vertical Integration

Controlling all production stages of an industry.

Horizontal Integration

Buying out competitors to eliminate competition.

John D. Rockefeller

Founder of Standard Oil, controlled oil industry.

Trust

Companies collaborate to control prices collectively.

Monopoly

Single entity dominates an entire industry.

Bessemer Process

Efficient method for mass-producing steel.

Andrew Carnegie

Steel tycoon, utilized Bessemer Process for success.

J.P. Morgan

Investment banker, acquired Carnegie Steel, formed U.S. Steel.

James B. Duke

Monopolized cigarette industry with American Tobacco Company.

Charitable Giving: Rockefeller

Donated half his fortune, founded Rockefeller Foundation.

Charitable Giving: Carnegie

Gave wealth to libraries and education, not poor.

Steel Industry

Preferred material due to strength and versatility.

Railroads' Economic Impact

Facilitated faster, cheaper goods transportation across regions.

Oil Industry

Evolved from whale oil to petroleum products.

Kerosene

Popular lighting source by late 1800s.

Grand Central Station

Iconic train station built by Vanderbilt.

Economic Powerhouse

U.S. economy strengthened by industrial leaders.

Social Darwinism

Belief in survival of the fittest in business.

Charitable Philosophy

Wealth should benefit society, not just individuals.

Cleveland Refinery

Key location for oil refining in the U.S.

Railroad Expansion

Linked economies of East, North, and Midwest.

Steel Demand

Railroads increased need for steel production.

American Dream

Aspiration for wealth and success through hard work.

Civil War Investments

Vanderbilt invested in railroads during the Civil War.