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Economical Power
John D. Rockefeller
- The Oil Baron
- Founder of the Standard Oil Company
- Used horizontal integration (allying with competitors to monopolize a given market) to effectively buy out his competition
- Created America's first monopolies
Andrew Carnegie
- The Steel King
- Philanthropist who wrote the article "The Gospel of Wealth" inspiring people who wished to lean philanthropic lives
- Founded the Carnegie Steel Company
- Used vertical integration (controlling every step of industrial production process in order to increase efficiency and limit competition) to maintain market dominance
- Richest man alive
J. P. Morgan
- The Bankers' Banker
- Was threatened into buying Carnegie's company
- Eliminated banking competition by using interlocking directorates ( having executives or directors from one company serve on the Board of Directors of another company).
- Cornelius Vanderbilt
- Steamboat and railroad tycoon
- Laid thousands of miles of railroad track
- Established standard gauge for railroads
- Bought out and combined many of the rail companies in the East, and offered railway services at lower rates
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In the picture to the right, Rockefeller is examining the White House and Treasury in his hand; in the background, the State Capitol building is made to look as a giant oil refinery. The cartoon’s main idea is that the oil business had become extremely widespread in late 19th century America, and it had grown so large that the government was unable to control it. Rockefeller is portrayed as a man that has become so powerful that he has belittled the power of the federal government.
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This picture shows the Senate being watched over by giants, representing industry trusts, while the "People's Entrance" on the balcony, is closed. Its saying that the people don't matter because big business owners that had the power and money to control the senate
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