Robber barons was a term applied to a businessman in the 19th century who
engaged in unethical and monopolistic practices, wielded widespread political influence, and
amassed enormous wealth. A robber baron was more interested in acquiring wealth than the
safety of his employees, the amount of work hours performed in a week, or the amount of wage
being paid for a day’s work. Most of the robber barons made their money by monopolies. The
monopolies were created by the Robber Barons themselves and by whatever means possible they
made every effort to keep their stronghold in their business as long as possible.
Andrew Carnegie was known for being the most contradictory of the robber barons. He
supported workers’ rights,
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but destroyed unions. When he acquired the largest fortune in the United States, he tried to give it away. When Andrew turned 13 he immediately had to go to work to support his family after his dad passed away. His career progressed from a bobbin boy in a textile factory and several other jobs until finally advancing through the office ranks of the Pennsylvania Railroad company.
The 20 year old Carnegie was let in on the trading tips, which
helped him make profitable investments and this is how he was able to build his capital. He
eventually became the second richest man ever in America and the fourth wealthiest man in the
recorded history of the world.
John D. Rockefeller was best known for being the most notorious of the robber barons in
the late 19th century by exerting tight control over the American oil industry. After his humble
beginning at age 16 he began his first job as a produce clerk. At age 19 he formed a company
that distributed and shipped grain, meat, and other goods. He began to shift his concentration to
oil production, and his focused eye for detail proved very effective at finding profitable
ways to refine and transport oil. By the end of the Civil War he had bought out his partners, and
was busily borrowing money and expanding his business. Later, Rockefeller would create the
Standard Oil Company, which refined 90 percent of the oil produced in America by 1880.
Marshall Field was known to be one of the greatest retailers of all time. He was
an American entrepreneur and the founder of Marshall Field and Company, the Chicago based department stores. He was born on a farm in Conway, Franklin County, Massachusetts. At the age of seventeen, he moved to Pittsfield, Berkshire County, Massachusetts, where he first worked in a dry goods store. He left Massachusetts at the age of eighteen for new opportunities in the rapidly expanding West. At age 21 he obtained employment at leading dry goods merchant. He quickly rose through the ranks of Cooley, Farwell and Co. to become junior partner in 1862. As he wealth increased, Field became an important figure in Chicago. His business was renowned for its then-exceptional level of quality and customer service. Field was one of the great American self-made millionaires of the 19th century. The term “Robber Barons” grew from the overwhelming power these industrial giants wielded over many aspects of society and the resentment those suffering under their yoke felt. The Robber Barons benefited from the generally favorable light many high-profile chief executives enjoyed during the early twenty-first century. The resurgence of the biography as America's favorite source of historical information also helped soften the sharp edges of many Robber Barons. In recent years, most of the Robber Barons have been the subject of big general history biographies that have been predominantly favorable.
Robber Barons are known as ruthless capitalist or industrialist of the late 19th century, known to have gain wealthyness by exploiting natural resources, corrupting legislators, or other unethical means. The Myth of the Robber Barons is a book about the entrepreneurs Cornelius Vanderbilt, James J. Hill, Andrew Mellon, Johne D. Rockefeller, the Scranton family, and Charles Schwab. Many in todays sociaty would argure that these men were all robber barons, but this book gives us a hole new look in the history of these men and there lives and all they did for the rise in the U.S economic power.
"The Myth of The Robber Barons" by Burton W. Folsom, JR. tells a unique story about entrepreneurs in early America. The book portrays big businessmen as being behind America's greatness.
The Gilded Age refers to a period in which things were fraudulent and deceitful; the surface was clinquant while underneath that lustrous coat laid corruption. During the Gilded Age companies recruited to corrupt methods to further increase profits, leading to an increase in power, rapid economic prosperity, and domination of industries, leading to monopolistic corporations. As a result, antitrust laws to regulate business began to emerge in the late 19th and early 20th century known as the Progressive Era. Among these companies was Standard Oil, which was founded in 1870 by John D. Rockefeller; in 1880, Standard Oil was responsible for refining 90 percent of America’s oil and between 1880-1910, dominating the oil industry (Marshall). The lack of intervention from the government and regulations impeding monopolistic practices allowed Standard Oil to
Fifth Edition Vol 2, New York: Longman, 1999. Hidey, Ralph W. and Muriel E. "History of Standard Oil Company (New Jersey), Vol. 1" Pioneering in Big Business" " Taking Sides Clashing Views on Controversial Issues in American History" eds.
Carnegie, Rockefeller, Morgan, and Vanderbilt all had something in common, they were all “Robber Barons,” whose actions would eventually lead to the corruption, greed, and economic problems of Corporate America today. During the late 19th century, these men did all they could to monopolize the railroad, petroleum, banking, and steel industries, profiting massively and gaining a lot personally, but not doing a whole lot for the common wealth. Many of the schemes and techniques that are used today to rob people of what is rightfully theirs, such as pensions, stocks, and even their jobs, were invented and used often by these four men.
Both men from New York, they had wealthy fathers as mentors. Each was inspired to branch off from their inherited wealth and create their own fortunes. How they went about this
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.
Carnegie bought his own iron and coal mines (which were necessities in producing steel) because purchasing these materials from independent companies cost too much and was insufficient for Carnegie’s empire. This hurt his competitors because they still had to pay for raw materials at much higher prices. Unlike Carnegie, John D. Rockefeller integrated his oil business from top to bottom. Rockefeller’s system was considered a ‘horizontal’ integration. This meant that he followed one product through all phases of the production process, i.e. Rockefeller had control over the oil from the moment it was drilled to the moment it was sold to the consumer.
As mentioned, it is accurate to allot the title of “robber baron” to the industrial leaders of the time in that they employed various, considerably unethical, methods in order to obtain untold riches. Such a notion is quite evident in William H. Vanderbilt’s own words, that, “[t]he railroads are not run for the benefit of the ‘dear public’-that cry is all nonsense they are built by men who invest their money”. (Document A) Vanderbilt even goes so far as to say something such as, “[t]he public be damned”, so to demonstrate he does not care for the opinion and state of the public, but rather only of his own and of his fellow financiers. Such statements prove that Vanderbilt sought to further his wealth, whether or not ...
...porting the South financially after the Civil War to persuade them to join the Union.
John D. Rockefeller and other members of his family produced the fuel that powered America and Europe. In fact, 85% of the world's kerosene supply was produced in a company of Rockefeller's in Pennsylvania. J.P. Morgan, a giant in finance was equally successful by capitalizing small businesses and taking private corporations public. His genius for investing and financing was known world-wide. Because of Morgan and investors like him the American economy grew at a rate that the world had not seen before. His "Gentlemen's Agreement" brought stability to a railroad industry that was unstable because of it's incredible growth. The agreement regulated rates, settled disputes and imposed fines for companies that did not abide by the terms of their contracts. J.P. Morgan helped create a centralized banking system and paved the way for what was to become The Federal Reserve. Henry Ford a corporate giant in transportation built the Ford Motor Company and
To describe John D. Rockefeller in one word would be an extremely difficult, if not impossible thing to do. Rockefeller was known by so many things in his time and still today; a captain of industry who revolutionised the American economy with new business practices and keen management of what he controlled, a robber baron who lied and cheated his way to the top with back room dealings and taking advantage of the most disadvantaged of people. In his early life, Rockefeller grew up in Richmond, New York with his two brothers and two sisters about 20 years before the start of the Civil War as the child of Eliza Davison and William Avery Rockefeller. His father was con artist who spent most of John’s life traveling selling his various elixirs and his mother was a devout Baptist who John said shaped his life and most of his religious views for the rest of his life. Towards the end of his life, Rockefeller had built up a beyond substantial fortune but, seeing as how he was now retired from the oil industry and had no desire to invest into a new business, he decided to follow Andrew Carnegie's Gospel of Wealth by donating the bulk of his wealth to charity. John D. Rockefeller was truly a man who was almost undefinable despite the simple black and white labels that most people and historians have pinned upon him, as we examine his life it can be determined that Rockefeller was neither an evil man nor a good one but someone who lived his life in the grey.
He is a robber baron in the truest sense of the word. However most of the powerful industrialists had financial goals for themselves as well as
helped create the new economy of capitalism with his book, "The Wealth of Nations", countries
John D. Rockefeller, born on July 8, 1839, has had a huge impact on the course of American history, his reputation spans from being a ruthless businessperson to a thoughtful philanthropist (Tarbell 41). He came from a family with not much and lived the American dream, rising to success through his own wit and cunning, riding on the backs of none. His legacy is huge, amassing the greatest private wealth of any American in history. Rockefeller’s influence on our country has been both a positive and a negative one, he donated huge sums of money to various public institutions and revolutionized the petroleum industry. Along with all the positives to the country, Rockefeller also had many negative affects as well, including, by gaining his riches by means of a monopoly, often using illegal methods, by giving others a reason to frown upon capitalism, and by hurting smaller businesses.