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The myth of robber barons review essay
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There were two different types of men during the industrial age: the “industrial statesmen” and the “robber barons”. Industrial statesmen were a group of men whose businesses have immensely and positively affected the United States. A group of people who cruelly ruled over their workers and most of the time lived above the law were called "robber barons". John D. Rockefeller, Andrew Carnegie, and J.P Morgan were some industrialists that were both labeled as "industrial statesmen” and “robber
barons”
The late 19th century and early 20th century was the age of big businesses. It bore a class of entrepreneurs known as robber barons. These entrepreneurs carry a perception in the eyes of most historical commentators that they committed veiled larceny acts to enrich themselves to the detriment of the customers, often seeking the aid of politicians to support their crony capitalist endeavors. Such portrayal by the historians lives us with the picture of greedy and exploitative capitalists. However, there are cases where this ‘robber baron’ string of entrepreneurs did indeed exploit their customers financial gain. Jay Cooke, famously known as the ‘financier of the Civil War’, was an example of this string of entrepreneurs and their reaches within the United States government.
"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.
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".
Robber Barons and the Gilded Age Did the Robber Barons and the Gilded Age of the 1890’s and early 20th Century have a negative impact on 21st Century Corporate America today? 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.
The time of the Industrial Revolution allowed little room for smaller companies to make a name because the big businesses had monopolies over certain areas of industry. Therefore, for a person to make a name for himself, he had to do so with ambition, money, reputation, and inner strength. By reason of an owner not possessing these qualities, then by the rigors of business owning he would be mentally crushed by the amount of work that falls upon the owner's shoulders. In addition, even though labor came cheaply to t...
characterizes the capitalists who shaped post-Civil War industrial America and it is valid that they would be properly distinguished as corrupt “robber barons”.
By the turn of the nineteenth century, American industry experienced a dramatic upturn in popularity. However, though this industrialization was crucial for America's economic development, it also inevitably led to social turmoil. Corruption was rampant among government figures, and they bribed people with money, jobs, or favors to win their votes. Referred to as the Gilded Age, this era was indeed gilded, masking a plethora of social issues behind a thin veil of economic success. The most notable problems stemmed from the justification of what was called laissez-faire economics, in which the poor were believed to be poor exclusively based on their own shortcomings. The abundance of disposable factory workers faced awful hours and were treated
Industrial development of the late 18th century (around 1865-1900) is often characterized by it’s affluent, aggressive and monopolistic industrial leaders of the likes of men such as Andrew Carnegie, William H. Vanderbilt, and John D. Rockefeller. Due to their ruthless strategies, utilization of trusts, and exploitation of cheap labor in order to garner nearly unbreakable monopolies and massive sums of wealth, these men are often labelled as “robber barons”. At the same time, they are also often referred to as “industrial statements” for their organization, and catalyst of, industrial development; not to forget their generous contributions to the betterment of American society. Therefore, whether or not their aforementioned advances in industry were undertaken for their own personal benefits, one cannot ignore their positive effects on America. Thus, one can conclude that not only were the captains of industry both “robber barons” and “industrial statements”, but that that these two labels, in fact, go hand-in-hand.
The post-Civil War years between 1865 and 1900 were a time of immense social change and economic growth in the United States. This time period, commonly referred to as “The Gilded Age,” saw an end to Reconstruction, rapid industrialization, and new wealth. Despite these achievements, however, the era between Reconstruction and the beginning of the twentieth century was plagued by political stalemate, a decline of human values, increased materialism, and widespread corruption.
The late 19th century and early 20th century, dubbed the Gilded Age by writer Mark Twain, was a time of great growth and change in every aspect of the United States, and even more so for big business. It was this age that gave birth to many of the important modern business practices we take for granted today, and those in charge of business at the time were considered revolutionaries, whether it was for the good of the people or the good of themselves.
The captain of industries were businessmen who also benefitted society through their accumulation of wealth, using methods such as increased productivity, the expansion of markets, offering up new jobs to the working class, and other acts of generosity. All of the notable industrialists dubbed “robber barons” were also named “captain of industries” as well. Therefore, there have been many debates as to whether the term “robber barons” really did justice to the industrialists, when taking into account of their effects on America’s economy, and not just the negative aspects. While the robber barons did harm specific groups of people in order to meet their selfish goals, as well as execute ruthless tactics to surpass their competitors, they have also created an economic boom in which they created larger manufacturing companies, created many employment opportunities for the working class. Even though robber barons went to extreme measures and harmed others in their pursuit of wealth, they have also, and built a stable and prosperous
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.
Andrew Carnegie was known as the "Captain of the Steel Industry". He was a Scottish immigrant who made his money in steel.
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...
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.