...Who were the “Robber Barons?” How did they work to concentrate wealth and reform capitalism? How could they be called “Robber Barons” by many, and “Captains of Industry,” by a few? In what ways were they both? Throughout history there have been very important men who have had a big impact on our industries. Without these men we would not have some of the greatest industries we have today. Men like Cornelius Vanderbilt, John Rockefeller, J.P. Morgan and Andrew Carnegie. These men were some of the richest men in their times, they each were very successful business men. Cornelius Vanderbilt made his fortune off of steam ships and railroads. John Rockefeller controlled the oil companies. J.P. Morgan was a successful banker and investor whose company J.P. Morgan & co is still around today. Andrew Carnegie took over the steel industry making him one of the richest men in the world when he died. (Zinn Ch 10 & 11) All these men were successful and could be called Captains of Industry but at the same time were also known as Robber Barons. In this essay I will be giving a brief history of each of those men and in what industry he made his fortune. I will also explain how each one had different aspects of their life that made people think of them as Robber Barons. Finally I will talk about how they can be considered to be both Robber Barons and Captains of Industry. The dictionary has two definitions for a Robber Baron. The first is “an American capitalist of the latter part...
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...“The Men Who Built America” “The Men Who Built America” was based off of three men, Rockefeller, Vanderbilt, and Carnegie, each played a very important role in making America what it is today. Rockefeller made a monopoly off of standard oil. Vanderbilt made a monopoly of the railroad system in America while Carnegie made a monopoly from steel. The men had many accomplishments throughout their lives. John D. Rockefeller was born on July 8, 1839 and was an American industrialist and philanthropist. He founded Standard Oil which dominated the oil industry and became the first great U.S. business trust. Standard Oil began as an Ohio partnership formed by John D. Rockefeller, his brother William Rockefeller, Henry Flagler, Jabez Bostwick, chemistSamuel Andrews, and a silent partner, Stephen V. Harkness. Adjusting for inflation, he is often regarded as the richest person in history. Rockefeller spent the last 40 years of his life in retirement. His fortune was mainly used to create the modern systematic approach of targeted philanthropy. He was able to do this through the creation of foundations that had a major effect on medicine, education, and scientific research. When he died on May 23, 1937 he left his son John D. Rockefeller Jr. was entrusted with the supervisions of the foundations. Cornelius Vanderbilt was born on May 27, 1794 and was also an American industrialist and philanthropist. Vanderbilt made his fortune in the shipping and railroads industry. He was also the...
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...Robber Barons Nikki Jakus – 5th In 1859, Frederick Douglass delivered a lecture in which h explained America's success as the effect of men's drive to conquer each new frontier they were faced with, whether it was the mysterious West, or the struggle for land and resources. They used theses invisible walls as motivation to fuel their drives in building a new nation from nothing. Thus the American Dream was born. These men, those who, born with none of the advantages/privileges of others yet managed to become great successes through their own hard work and determination, became known as Self Made Men. Rugged, independent, and driven: they became pioneers of their time. They lead the way in progress and innovation during the Gilded age. One of history's best know examples of a Self Made Man is Andrew Carnegie, the Steel king . Born in Scotland to hand loom weavers, his family immigrated to America when the mechanization of the cotton industry put them out of work. They settled down in Allegheny, PA where Carnegie worked as an errand boy in a textile mill to support his financially struggling family. He soon gained a job in a telegraph office where he proved himself dedicated when he memorized addresses and names. When his father died he was left the sole supporter of his family at age 20. With little education, Carnegie taught himself at the library and night school. While in the telegraph industry, he proposed new ideas that increased profit in Railways and communication...
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...over the south, this inspired people to begin investing and building, along with influencing stocks and bonds. The people who did this were known as “robber barons”, which was a derogatory term to describe their greed. The rest of the economy was slowly realizing that these “robber barons” had much more power in the economy than many governments. In 1970 when the economy began its downfall into a depression, hundreds of thousands of people found themselves suddenly without a job. This led people to wonder if the robber barons would organize any types of charity to help out those less fortunate. Since these were the people who controlled all of the money, only time would tell if they would help out. Andrew Carnegie was the first robber baron to start donating, mostly to universities and libraries. Carnegie was not born wealthy, but slowly started off working as a messenger boy. He made such a strong impression that he was soon promoted to secretary, earning $35 a week. His superintendent at the railroad took a strong liking to him, often giving investment tips. He made good investments, which paid off big time. He learned how to produce steel and started a few plants, making more money than he had ever dreamed of. Carnegie’s goal was to earn $50,000 a year and anything else more, he could give away. Eventually another robber baron bought him company out, but this still left Carnegie with more money than he knew what to do with. The first great spending of his fortune was creating...
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...The men who allegedly built America had many privileges that are not allowed today because of many things that they did. Men like Andrew Carnegie, J.P. Morgan, Cornelius Vanderbilt, John D. Rockefeller, and Henry Ford did many things as a group that were unethical and unlawful, while creating ideas that did helped to further the business world, but the laws that were made to cover these laws and unethical things that they did been tightened down so much. Andrew Carnegie- Born on Nov. 25 in dunfermline, Scotland. He grew up poor and got a job at the age of 13 in a factory earning $1.20 a week. Andrew Carnegie’s mother lived with him until 1886 when she passed away. The following year he married Louise Whitfield(History.com). Andrew and Louise had one child, a daughter named Margaret. As a young teenager he took a job working for Thomas Scott at one of the biggest railroad companies. Carnegie’s first major accomplishment was designing a bridge that crossed the Mississippi River that connected east and west for major trade and rail travel. (Bio.com) In order to build this bridge Carnegie had to find a way to buy cheaper steel to not end up bankrupt. Carnegie solved this problem by producing his own steel in a new more effective way. Carnegie co-founded his first steel factory in Pittsburgh in the 1870’s(history.com). Carnegie had the only factory in the United States and being able to underbid other companies Carnegie decided to buy other factories and begin his empire. By 1889...
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...Taking Sides: Were the Nineteenth-Century Big Businessmen “Robber Barons”? In the nineteenth-century, the United States experienced rapid industrial revolution and economic growth. Leading the way throughout the economic growth were big business owners. Scholars have disagreed on whether or not these big businessmen were robber barons. Howard Zinn believes that they were robber barons and that they encouraged monopolies and used government influence and power to further their success. John S. Gordon argues that businessmen such as Rockefeller and Carnegie affected the industry in a positive way that helped improve the lifestyle of average Americans. Howard Zinn supported his view that the nineteenth-century big businessmen were robber barons by explaining how some of the multimillionaires accumulated their fortune. Zinn immediately dispels the myth that these rich men started from poverty, and states that a study showed that 90% of these men were born into middle or upper class families.. Robber barons undercut their opponents forcing them to sell out to the bigger corporation allowing these men to keep their prices high. Zinn focuses a majority of his writing on how these big businessmen used the government to prevent rebellion against robber barons. Gordon explains that the consumer products Rockefeller and Carnegie developed improved the life of average Americans. He speaks a lot on the improved production of steel and the impact on the industry that resulted. Gordon...
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...America was built on industry. But, who were the entrepreneurs that actually brought up this industry? In the early years, there were two terms known widely: a robber baron, and a captain of industry. A robber baron is defined as “an unscrupulous plutocrat, especially an American capitalist who acquired a fortune in the late nineteenth century by ruthless means.” However, a captain of industry is defined as “a business leader whose means of amassing a personal fortune contributed positively to the country in some way.” Andrew Carnegie is a name known widely, and still to this day. But, there are conspiracies: was he a robber baron, or captain of industry? Andrew Carnegie was born on November 25th, 1825 in Dunfermline, UK. He was born into a...
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...What are some arguments in favor of the Robber Barons (or captains of industry)? Just as professor Burton mentioned, the Robber Barons were not one sided, in that they were only good or bad. The truth is that they were complex individuals that did do good and bad things. In addition, one argument in favor of Robber Barons consists of the philanthropy that these individuals practiced. Consequently, in many cases their intentions may be maleficent, however, if the donations that these individuals made to society helped, then they can be labeled as beneficial. For example, Daniel Drew built several churches; helped found Drew Theological Seminary and Drew Seminary for Young Ladies. These institutions helped society in a positive fashion. Additionally,...
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...- Burton W Folsom JR, professor of History and Management at Hillsdale College in Michigan, describe in his book “The Myth of the Robber Barons” the role of key entrepreneurs in the economic growth of the United States between 1850 and 1910. Portraying large businessmen behind America’s greatness. - In the Chapter 4 is told the life of Charles Schwab, grandson of immigrants in a modest family and who could not fail. It is from Loretto Pennsylvania that the story debuts and take a turn as Charles Schwab decide to leave his hometown, at the age of 17, to Carnegie’s mill. This is where he will quickly advance in the organization to become “Carnegie’s problem solver” and in 1897, at his 35 years old, becoming President of Carnegie steel and manage...
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...K-Sean Burrell April 24, 2013 HIS 152 Were the nineteenth century entrepreneurs Robber barons or captains of industry? Captains of Industries played a major role in the economic development of the United States during the late nineteenth century. Persevering from poverty, powerful industrialists such as John Rockefeller, Andrew Carnegie, J.P. Morgan, and Cornelius Vanderbilt became the utmost wealthiest businessmen in America. Driven by one motive, wealth, these men were able to control entire sectors of the economy. Interestingly, this process created new jobs, increased the availability of goods, and monetary donations towards the welfare of the people helped establish libraries, museums and colleges. Each individual is a “captain of industry” because they positively advanced establishments leading to great success for American society. Revolutionizing the petroleum industry, John D. Rockefeller founded the Standard Oil Company in 1870 which helped businesses such as the railroad with their tariff flow. John D. Rockefeller was a genius businessman with an ambition for success. Rockefeller was able to reduce his competition by inventing new ideas such as “quantity discount”, which would charge less if the customer bought more. Rockefeller could persuade individuals to purchase his oil instead of competitors because it appeared cheaper. Quoted by John D. Rockefeller in an interview with William Hoster “I believe the power to make money is a gift of God ... to...
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...The Men who built America: a True Tale of Innovation Change is an inevitable fact of life and it also applies in the world of business in countless ways. Staying ahead of the crowd of competitors is part of innovation and the greatest business pioneers of our time were the best at adapting to the environment that surrounded them and their influence. “The Men who Built America” shows many interesting parts of the business world both good and bad. Hostile takeovers and buyouts were byproducts of the tension between competing industries and business tycoons, especially in the midst of the Industrial Revolution of early America. Many traits are represented in great business leaders but innovating may be the single best thing to be skilled at. Cornelius Vanderbilt was originally one of the first of many American pioneers and he thrived in setting new trends and finding ways to step ahead of competition. Innovation was his biggest ally in overcoming the rivals in his industry. He originally started with a shipping business that he brought up from nothing and soon used big ships to transport numerous kinds of materials to both the east and west coasts of the country. When the railroad industry was first taking off, Vanderbilt saw a path of profit and potential. The shipping business he owned was one of the greatest companies of its time but Vanderbilt had the eye to see potential into a new type of business that was faster and more efficient. It also created larger profit...
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...After the Civil War, an era known as the Gilded Age where US's economy was growing and cities was changing. Industrialist such as Carnegie and Rockefeller was crowned with the name of Captains of Industry and Robber Barons. The industrialist should be considered as Captains of Industry because they helped with the urbanization in the city, helped with US economy's growth, and donated large amount of money toward public organizations. One of the reasons why the industrialists are the Captains of Industry is because they helped with the urbanization. For example, "Workers in agriculture outnumber all other 52 to 48 percent in 1870, but by 1900 no farming labor constituted 60 percent of the workforce. In 1870 the nation had only twenty-five cities with...
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...Robber Barons played a huge role in westward expansion as well as the connection between the eastern and western parts of the United States. Names such as Cornelius Vanderbilt, James Hill, and Edward Harriman were all railroad tycoons who shaped the way America transported goods, as well as themselves. After the civil war America entered a second industrial revolution, where capitalism grew, and business tycoons took advantage of poverty and dependence from the American public. These Business tycoons, also known as Robber Barons, were able to take advantage of the way the country was and make money off it. In the late 1800s, wealthy industrialists controlled much of America’s wealth. Many of these "Robber Barons" took advantage of post-Civil...
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...Josephson's and Brand's historical interpretations of business leaders who rose to prominence between 1865 and 1900 greatly differed. Josephson described these men as aggressive and lawless sometimes, and he said that nearly all of them did not act with morals. Josephson even referred to these business leaders as robber barons which are "attributed to any successful businessman or woman whose practices are considered unethical or unscrupulous." Staff, Investopedia. “Robber Barons.” Investopedia, 7 Apr. 2005, www.investopedia.com/terms/r/robberbarons.asp. In contrast, Brands described these men as innovative and creative, and he even called them captains of industry. So, he had a more positive view of them than that of Josephson's. One...
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...A captain of industry or a robber baron? Many big business owners were considered to be one or the other. I believe that big business owners were different in their ways and there is not one definition that defines them all. Many big business owners were captains of industry but there were many that were robber barons. Andrew Carnegie, for example, was a captain of industry. Carnegie was an immigrant from England that lived his life off the “pennies in his pocket.” Carnegie decided to invest heavily in steel after seeing a new method of making steel called the Bessemer process which he picked up in England and brought with him to America. Carnegie began to form the Carnegie Steel Company. Carnegie was defined as a captain of industry because...
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