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Robber Barons
The robber barons of the early industrial age, and one modern day baron have been accused of creating monopolies over several different areas. The four barons focused upon are Cornelius Vanderbilt, Andrew Carnegie, Rockefeller, and Bill Gates. They have all created monopolies over their respected industry. These monopolies eliminated all opposition and left consumers with only one choice.
First off is Cornelius Vanderbilt, he built his business with the New York railways. He built the New York Central System by the 1850’s, he also produced the largest steamboat fleet in the United States at that time. He created the New York Central from three smaller railroads which he purchased, the expanded from New York City to Buffalo. Eventually his railroads connected all the way through to Chicago in under four years of being in the business. Not only did he run a very large rail system but also became the first to use several different techniques. One was the Westinghouse Air Brakes, which would allow for faster and more reliable brakes as well as being able to ravel at higher speeds. Another idea pioneered was the four track system which would allow for two freight tracks, one for each direction, and two more tracks for passenger cars. The tactics he used were legal, the only thing he did was purchase smaller lines to help expand his railroads. These were not unethical moves just ways to help his business.
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Robert Fulton, Edward K. Collins and Samuel Cunard are a few political entrepreneurs, that Folsom tells about. All three of these men worked in the steamboat industry and received federal aid to run their businesses. Also, they all had high prices for passenger fair and mail postage. Unfortunately, Cornelius Vanderbilt, a market entrepreneur, defeated Fulton, Collins and Cunard.
Hill a market engineer was known best for being the builder of the Great Northern railroad. He was the onl y entrepreneur in the ninetiinth century who did not get any goverment funds to build his rail roads. His philosophy guided him to succeed and flourish through all the depression and fierce competion, receiving no tax payers dollars. He build the most efficient railroad lines, building the line straight as possible, taking in consideration the best elevations and useing the highest quality bessemer rails. Because he took no Federal aid he formed private contracts with Indian reservations in North Dakota and Montana. Doing this let him cut fuel costs alot and made rail repairs very low. He also Promoted exports, by giving land to immigrant along the line and showed them how to farm. He did experiments on what could be grown and how to produce it in the best way and the best quality. Doing this he was able to export wheat from the farms and also increase the population of the region. Then another thing that made him strive was he only expanded as profits allowed. He moved way slower than the other railroad companys, but when he was done his finances were well in order and sound. He was able to buy out St. Paul and Pacific Rail, also he invested 6 million dollars into 2 steamships and began exporting products from america to china, India, and Japan. this increased Us exports to japan from 7.7 million dollars to 51.7 million dollars in nine years. Also supplying
John D. Rockefeller as a Robber Baron A "robber baron" was someone who employed any means necessary to enrich themselves at the expense of their competitors. Did John D. Rockefeller fall into that category or was he one of the "captains of industry", whose shrewd and innovative leadership brought order out of industrial chaos and generated great fortunes that enriched the public welfare through the workings of various philanthropic agencies that these leaders established? In the early 1860s Rockefeller was the founder of the Standard Oil Company, who came to epitomize both the success and excess of corporate capitalism. His company was based in northwestern Pennsylvania. A major question historians have disagreed on has been whether or not John D. Rockefeller was a so-called "robber baron".
During the nineteenth and twentieth century monopolizing corporations reigned over territories, natural resources, and material goods. They dominated banks, railroads, factories, mills, steel, and politics. With companies and industrial giants like Andrew Carnegies’ Steel Company, John D. Rockefeller’s Standard Oil Company and J.P. Morgan in which he reigned over banks and financing. Carnegie and Rockefeller both used vertical integration meaning they owned everything from the natural resources (mines/oil rigs), transportation of those goods (railroads), making of those goods (factories/mills), and the selling of those goods (stores). This ultimately led to monopolizing of corporations. Although provided vast amount of jobs and goods, also provided ba...
Unfortunately, these monopolies allowed companies to raise prices without consequence, as there was no other source of product for consumers to buy for cheaper. The more competition, the more a company is forced to appeal to the consumer, but monopolies allowed corporations to treat consumers awfully and still receive their business. Trusts were bad for both the consumers and the workers, but without proper representation, they could do nothing. However, with petitions, citizens got the first anti-trust law passed by the not entirely corrupt Congress, called the Sherman Act of 1890. It prevented companies from trade cooperation of any kind, whether good or bad. Most corporate lawyers were able to find loopholes in the law, and it was largely ineffective. Over time, the Sherman Anti-Trust Act of 1890, and the previously passed Interstate Commerce Act of 1887, which regulated railroad rates, grew more slightly effective, but it would take more to cripple powerful
The Robber Barons, as they were called, were the kings of American Industry and American Society during the late 1800's and early 1900's. Rich beyond the average man's wildest dreams, these industrialists were often criticized for their philosophies and their ways of making money. Robber Barons can also be viewed as immoral, greedy, and corrupt, and the evidence to support such a view is not difficult to find. Bribery, illegal business practices, and cruelty to workers were not uncommon in this period, and many of the most respected industrialists were also the most feared and hated.
Rockefeller was a Robber Baron for the simple reason that he was greedy and selfish. He has treated his workers horribly and did use his money for others. He used aggressive tactics to get to where he was.
The robber barons use the power they obtain through their wealth for their own advantage and try to repress any form of the spread of democracy and the regulation in the marketplace, its work safety, the labor laws, and the certain amount of work hours
During the Gilded Age, several Americans emerged as leaders in many fields such as, railroads, oil drilling, manufacturing and banking. The characterization of these leaders as “robber barons” is, unfortunately, nearly always correct in every instance of business management at this time. Most, if not all, of these leaders had little regard for the public or laborers at all and advocated for the concentration of wealth within tight-knit groups of wealthy business owners.
Although not a natural resource, railroads were considered one of the key factors in almost every widespread industry. It allowed companies to quickly send products across the entire nation without using expensive and time-consuming caravans or wagons. Cornelius Vanderbilt was a prominent leader in the railroad industry at this time. He was already in his later years by the time the Gilded Age rolled around and didn't even get to see the uprising of some of the greatest leaders of the time. The railroad companies took advantage of their necessity by constantly overcharging customers, especially farmers. This led to one of the first labor unio...
When the topic of American economics arises, the infamous Robber Barons of the 19th Century often springs to mind. They are often glorified as "Captains of Industry" for their money making strategies and enterprising methods. Those who hold this view probably do not know the evils of the laissez-faire capitalism in which the Robber Barons believed and participated. They wanted an unrestricted system of economics so that they could amass as much money as they could to out do each other and control the power in society. They were not as glorious and generous as some people make them out to have been.
The railroad played a major role in forging the history of many countries including the United States of America. The railroad began to bring people to places that before then where only accessed by weeks of dangerous travel over harsh and deadly terrain. The industrial revolution had ushered in a completely new era. The new era was one of mass production, supply and demand, and new requirements of industry. The growth of industry had created new demands for transit, trade, and more robust supply lines. The railroad boom across the U.S. had spread and proceeded to grow the economy quickly therefore, many people began using the rail roads just as quickly. The rail market continued to grow and by the 1860’s all major cities within the United States were connected by rail.
The Transcontinental railroad could be defined as the most monumental change in America in the 19th century. The railroad played a significant role in westward expansion and on the growth and development of the American economy (Gillon p.653). However, the construction of the transcontinental railroad may not have occurred if not for the generous support of the federal government. The federal government provided land grants and financial subsidies to railroad companies to ensure the construction. The transcontinental railroad contributed to the formation of industry and the market economy in America and forever altered the American lifestyle.
"Railroads were the first big business, the first magnet for the great financial markets, and the first industry to develop a large-scale management bureaucracy. The railroads opened the western half of the nation to economic development, connected raw materials to factories and retailers, and in so doing created an interconnected national market. At the same time the railroads were themselves gigantic consumers of iron, steel, lumber, and other capital goods". (Tindall, Shi)
Transportation improved from the market revolution through many new inventions, railroads, steamboats, and canals. Pressure for improvements in transportation came at least as much from cities eager to buy as from farmers seeking to sell. The first railroad built was in 1792, it started a spread throughout the states. Cumberland which began to be built in 1811 and finished in 1852, known to be called the national road stretched over five hundred miles from Cumberland to Illinois. By 1821, there were four thousand miles of turnpike in the United States. Turnpikes were not economical to ship bulky goods by land across long distance across America, so another invention came about. Robert Fulton created steam boats in 1807; he named his first one ‘Clermont.’ These steam boats allowed quick travel upriver against the currents, they were also faster and cheaper. The steamboats became a huge innovation with the time travel of five miles per hour. It also stimulated agricultural economy of west by providing better access to markets at lower cost. While steamboats were conquering the western rivers, canals were being constructed in the northeastern states. The firs...