The most successful businessmen during the industrial revolution believed that who they set themselves up with determined whether or not they would be successful. This statement is true because a successful person needs to make partnerships and deals to grow a company or business. Although some of these men are very accomplished, they make bad decision.
Andrew Carnegie had a partnership with Henry Frick, because Carnegie needed someone that could intimidate people. Henry Frick was successful raising Carnegies profit, but he ruined Andrews reputation in the process. Henry Frick did things a dirty way, he pushed his factory workers to the breaking point, and he didn't care at all about the work conditions. When Frick started to make lots of money, he opened a club for the wealthy on top of the South Fork Dam. Frick was racking in the cash and his partnership with Carnegie was the best thing for Frick. After the club was built, he lowered the dam and caused it to break and flood the town of Johnstown killing over 2,000 people. The
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public blamed carnegie, who was on vacation in Scotland. Later, the factory workers in homestead went on strike, so Frick called the pinkertons, a private police force, to open fire on the workers. Nine people died and the blame went on Carnegie again, hurting his reputation once more. At this point, Frick is doing more harm than contributing in a positive way to the Carnegie Steel Company, and he his fired. Overall, Henry Frick hurt Carnegie more than he helped. A businessman named John D.
Rockefeller had a struggling oil company that was going bankrupt. Cornelius Vanderbilt saw an opportunity to get a good deal with Rockefeller. The deal was that John D. Rockefeller would pay Vanderbilt, who owned all of the railroads at the time, to transport crude oil from the ground to Rockefeller’s refineries. Then, Rockefeller would refine the crude oil into kerosene, put it in a can, and ship the cans across the country on Vanderbilts trains. Rockefeller However, John D. Rockefeller overshot on this deal, as he did not have the amount of oil he said he had. So, he went to work getting investors for his kerosene. Rockefeller got his investors and started to make tons of money. This deal was successful for both of them, as Rockefeller’s business took off, and Vanderbilt was being paid by Rockefeller. The deal was more successful for Rockefeller because this was the turning point in his upcoming oil
empire. J.P Morgan was a very successful businessman in the second industrial revolution. Morgan conducted a deal with an incredibly skilled inventor named Thomas Edison. Thomas Edison had his own small company called Edison Electric where he made his inventions. Edison was on the verge of something revolutionary, using electricity to power things. J.P Morgan saw the opportunity to invest in this upcoming product. After the deal was completed, Morgan’s house was the first house to be lit by electricity. Fast forward a couple of weeks and J.P Morgan has now bought out more than fifty percent of the stock in Edison's company. Morgan now has more power than Edison, and he renames the company General Electric. This partnership was successful for both because Edison was able to make more inventions with the money J.P Morgan invested, and Morgan now owned what would be one of the most successful businesses ever, General Electric. In the end, the deal was more beneficial to J.P Morgan as he was able to create a very profitable company in General Electric. In conclusion, the men who made america proved that the people who they set themselves up with decided whether or not they would be very successful. Partnerships proved beneficial for John D. Rockefeller, Cornelius Vanderbilt, J.P Morgan, Thomas Edison and Henry Frick, but Andrew Carnegie’s partnership hurt Carnegie.
Andrew Carnegie and John D. Rockefeller were two of the richest men in American history. They relied on steel and oil to begin their journey as moneymaking businessmen. Without these two important materials, the growth of railroads, bridge construction, and even the production of gasoline was not possible. There are many similarities and differences between Carnegie and Rockefeller and how they became the successful men they are known as today.
Many people consider Rockefeller a robber of industry because of his forcible ways of gaining his monopolies. Rockefeller was fond of buying out small and large competitors. If the competitors refused to sell they often found Rockefeller cutting the prices of his Standard Oil or in the worst cases, their factories mysteriously blowing up. Rockefeller was obsessed with controlling the oil market and used many of undesirable tactics to flush his competitors out of the market. Rockefeller was also a master of the rebate game. He was one of the most dominant controllers of the railroads. He was so good at the rebate that at some times he skillfully commanded the rail road to pay rebates to his standard oil company on the traffic of other competitors. He was able to do this because his oil traffic was so high that he could make or break a section of a railroad a railroad company by simply not running...
True, Andrew Carnegie and John D Rockefeller may have been the most influential businessmen of the 19th century, but was the way they conducted business proper? To fully answer this question, we must look at the following: First understand how Andrew Carnegie and John D. Rockefeller changed the market of their industries. Second, look at the similarities and differences in how both men achieved domination. Third and lastly, Look at how both men treated their workers and customers in order achieve the most possible profit for their company.
The Industrial Revolution began in England during the late 1700s, and by the end of its era, had created an enormous amount of both positive and negative effects on the world in social, economic, and even political ways. The revolution began to spread across the world, raising the standard of life for the populations in both Europe and North America throughout the 1800s. However, even with all of its obvious benefits, its downsides are nonnegotiable, forcing workers into horrendous living and working conditions, all inside of unkempt cities. While some might argue that Industrialization had primarily positive consequences for society because of the railroad system, it was actually a negative thing for society. Industrialization’s
The factory whistle blows right in the middle of your favorite dream. You wake up in a startle as you glance at the clock. 5:30 am. You rush to get out of bed, seeing that you have to get to work in 30 minutes. You splash some water on your face, brush your teeth, put on some fine factory clothes, pull your hair back, grab an apple and run as fast as a gazelle. The Industrial Revolution had both positive and negatives on the lives of adults and children during that time period.
Andrew Carnegie, the “King of Steel”, the benevolent employer, the giant of industry, was among the greatest influences of the second industrial revolution. It is sometimes questioned whether Carnegie was the ruthless, sneaky steel tyrant some made him out to be, or the generous, benevolent education benefactor he appeared to be. I believe him to be a combination of both, but more so the great giant of industry.
Captains of industry were businessmen from the Gilded Age like Carnegie, Rockefeller, Morgan, and Vanderbilt. Industrialists financially benefited the U.S. economy by contributing the most money, which was made from their thriving companies. Also, they set an example of charity and a way of life for others to follow and improved the welfare of the community. Furthermore, they resorted to unscrupulous tactic not only to maximize their profits, but for America’s economic benefit as well.
The Industrial Revolution was an era between 1780 and 1850 where new inventions and machinery flourished, replacing human labor with machines in the production and manufacturing of goods. The Cottage Industry helped give rise to the Industrial Revolution with its inventions such as the flying shuttle, spinning jenny, water frame, and spinning mule, all of which were mainly operated by women. This opened new opportunities for women in the working industry but this also introduced working class injustices, gender exploitation, and standard-of-living issues. Women 's experiences in factories reflected the profound social changes of the revolution and continuities with traditional working-class ways of life through their poor working conditions, demoralization, and little reward for their hard work.
The impact of the Industrial Revolution was a positive experience for some, but it was a great difficulty for others. Because of the demands for reform and protection for workers arose, government and unions began to take place. That was how the evils of the Industrial Revolution addressed in England in the eighteenth and nineteenth centuries.
The production of oil and steel in the late 19th century, gave the United States its start into becoming an industrial power. Andrew Carnegie was responsible for the steel industry, while John D. Rockefeller started the standard oil company. They each conquered the industry they were in and took over their completion. Carnegie and Rockefeller climbed their way to the top and by the end of their run were two of the richest men in the world. Yet, they came from two different backgrounds and were successful in different ways, both men are still considered some of the best businessmen America has ever seen.
Rockefeller was America’s first billionaire, and he was the true epitome of capitalism. Rockefeller was your typical rags-to-riches businessman, and at the turn of the twentieth century, while everyone else in the working class was earning ten dollars max every week, Rockefeller was earning millions. There has been much discussion as to whether Rockefeller’s success was due to being a “robber baron”, or as a “captain of industry”. By definition, a robber baron was an industrialist who exploited others in order to achieve personal wealth, however, Rockefeller’s effect on the economy and the lives of American citizens has been one of much impact, and deserves recognition. He introduced un-seen techniques that greatly modified the oil industry. During the mid-nineteenth century, there was a high demand for kerosene. In the refining process from transforming crude oil to kerosene, many wastes were produced. While others deemed the waste useless, Rockefeller turned it into income by selling them. He turned those wastes into objects that would be useful elsewhere, and in return, he amassed a large amount of wealth. He sold so much “waste” that railroad companies were desperate to be a part of his company. However, Rockefeller demanded rebates, or discounted rates, from the railroad companies, when they asked to be involved with his business. By doing so, Rockefeller was able to lower the price of oil to his customers, and pay low wages to his workers. Using these methods,
People like Andrew Carnegie, John D. Rockefeller, and J.P. Morgan are men who possessed the intellect, the foresight, and most importantly the work ethic to become powerful industrialists. These men displayed their work ethic to the country by being ruthless and tireless. They started something so important that a hundred years later it is still making a huge contribution to our country (Maury Klein pg. 32). What they started was the industrial revolution. Today our country is the most powerful in the world because of our great wealth. This wealth comes from the strength of our industry. “If thou does not sow, thou does not reap”(Hofstadter Recon.-Present Day pg.79). Carnegie, Rockefeller, and Morgan are the epitome of this statement.
The fact that they brought jobs into the country with the factories and that we were becoming more technologically advanced without the help of Europe was something the Captains of Industry were admired for. The need for good all across the country helped railroad companies grow, and further connect parts of the country together therefore uniting it as a whole. The strong economic growth established a new middle class and a wage maturity of 20%. The population increased, as people flooded into cities for jobs. The businessmen were shown in a positive light as helping to grow the United States’ economy. Men like Andrew Carnegie also knew that it was important to help those less wealthy than himself. Many Captains of Industry were noted for helping to establish universities and libraries along with other public institutions that benefitted the middle and lower class. Carnegie fro example made it a mission “to produce the most beneficial result for the community… doing for them better than they would or could for themselves” in his article “Wealth” written in 1889 (Document C). He believed that they shouldn't simply give the poor money, but provide them with the opportunity to gain it themselves. When Carnegie retired he donated over $350 million to help establish libraries, schools, universities and to act as a pension fund for his former employees. Men like Carnegie helped the American people to prosper as a county. James J. Hill donated seed, grain, and cattle to farmers that were affected by drought and economical depression. The men paved the way for others to be able to establish themselves, and ave them the resources to do so without directly handing it to them. They allowed for new technologies to further come about that further industrialized
During John D. Rockefeller’s financial career in The Gilded Age, he used many cutthroat practices to ensure that local competitors would not challenge and he would have control over the market of oil with his Standard Oil Company. In order to make sure he controlled the oil market, he used what was known as horizontal integration. This name became the label for the process of eliminating any potential competition from the market that one wishes to succeed in. In order to establish a virtual monopoly over the oil market, Rockefeller used clever strategies to do so. John Rockefeller used “his firm's superi...
He considered himself a Scottish Immigrant and also made a huge impact on the business aspect during the Gilded Age. Andrew built the world’s largest most up to date steel mill. After this huge creation, he became the best-known manufacturer during the late 1800’s. He was one to pioneer new strategies to seize markets and consolidate power. During his business career, he used a strategy called vertical integration, which did exactly that. Vertical integration was a tactic that would bring stability to the steel empire. Carnegie integrated by buying out all the companies needed to produce his steel. Carnegie eventually sold his company to the most famous banker, J.P. Morgan, making Carnegie a fortune and one of the richest men. In the book the author states, “from competition to consolidation”, and I believe that Andrew Carnegie was king of this. He truly used his marketing strategies to shrink his competition while consolidating the factory types.