The Men Who Built America

Historical Context

• America transitioned into a powerful nation post-Civil War.
• Key figures: Vanderbilt (railroads), Rockefeller (oil), Carnegie (steel), Morgan (electricity).
• Rapid growth in 35 years with significant societal impacts.

Economic Disparity and Social Unrest

• Huge wealth gap: Top industrialists vs. the average American.
• Poor working conditions, especially in steel factories.
• Rising discontent among the working class.

1896 Presidential Election

• William Jennings Bryan vs. William McKinley.
• Bryan: Advocate for the poor, anti-monopoly, anti-gold standard.
• Titans (Rockefeller, Morgan, Carnegie) back McKinley financially.
• McKinley wins, continuing favorable policies for big businesses.

Business Rivalries and Deals

• Rockefeller vs. Carnegie: Steel industry competition.
• Rockefeller acquires iron ore, undercuts Carnegie's prices.
• Carnegie eventually buys peace with Rockefeller by purchasing his iron ore output.
• J.P. Morgan's ambitions to consolidate steel industry.

The Formation of U.S. Steel

• J.P. Morgan negotiates with Carnegie to buy Carnegie Steel for $480 million.
• Creates U.S. Steel, the first billion-dollar corporation.

Political Challenges

• Emergence of Theodore Roosevelt as a trust-busting politician.
• Roosevelt, initially sidelined as Vice President, becomes President after McKinley's assassination.
• Roosevelt challenges monopolies, starting with Morgan's railroad.
• Wins against Morgan, setting precedent for anti-trust actions.

Legacy and Impact

• Rockefeller, Morgan, and Carnegie remain influential but face increasing government regulation.
• Their actions and the era of monopolies contribute to shaping modern American capitalism.
• Roosevelt's presidency marks a shift towards greater governmental intervention in business.