Captain Of Industry In The 19th Century

In the United States history, the 19th century represented a decisive period in the construction of its economic and social identity. This century is known as the century of the industrial revolution (1776-1861). Indeed, this is during this period that have developed the First major industries of the country. Through these industries was born major businesspeople that by more or less orthodox methods have constituted colossal fortunes. For multiples reasons, some historians consider these big business leaders like the captain of industry, while others argue that they were robber barons.
Some historians referred to the powerful industrialists of the 19th century as the captain of industry. By the term captain, they views these men as industrious

leaders and viewed ingenious who used their business skills to develop the American economy. Among these captain of industry is John D. Rockefeller. At age 16 he got his first job as an assistant bookkeeper. Despite his young age, he was not fulfilled as an employee and has decided to work on his own. Thus, by the age of 20, he started working as a commission merchant in grains, meats, and other goods. Although the company realized good results, he took the risk to invest in the oil field. So, in 1963 he established his first refinery at a short distance of Pittsburg, Pennsylvania (capital of oil production at that time). Altruistic, visionary and strategist, Rockefeller created Standard Oil in 1870, and within a Decade, he took control of almost all the oil field in the USA. By 1882, Standard became the first American Monopoly and was an inspiration for other in big business. Rockefeller retired at the age of 56 and devoted himself to philanthropy. He is considered one of the pioneers of the current economic power of the United States.
However, other historians referred to the powerful industrialists as robber barons. By the expression "robber barons," the historians highlighted the wrong practices of these businesspeople that nothing could stop on their way of achieving great wealth. For instance, Jason Gould known as Jay Gould is considered as one of the most unscrupulous business leader of the late 19th century. The owner of almost 16,000 miles railways, financier and speculator, Jay is recognized as a corrupter and a fraudster. In fact, in 1868, he issued fraudulent stock with his partners Drew and Fisk to keep Cornelius Vanderbilt from taking control of their railroad. To legalize that stock's sale, Jay paid lavish bribes to New York State legislators. Through his fraudulent speculations on gold, Jay Gould caused the panic of "Black Friday" (September 24, 1869). This fear led to the bankruptcy of several investors. These unscrupulous practices and moral devoid extended until the management of its workers. Hence, his famous assertion: "I can hire one-half of the working class to kill the other half." He was accused of forcing horrible working conditions and exploiting his workers.
Overall, powerful industrialists of the late 19th century were by their envy of wealth. To achieve their objectives, some have used their entrepreneurial genius and flaws of laissez-faire in that time, while others chose corruption, fraud and exploitation of their workers. The artists are known as the captain of industry while the fraudsters are referred to as robber barons.