During the Progressive Era (1880-1920) in the United States, influential businesses such as Standard Oil, Carnegie Steel, Ford Motor Company, and J.P. Morgan and Co. dominated the economy while growing it exponentially. The economy profited from these major businesses which became more powerful over the course of a 40-year period. These big businesses provided jobs for Americans and immigrants after Reconstruction and created new advancements in technology. Big business leaders contributed to charities and the fine arts (education) through their corporate philanthropy. Prominent businesses helped the American Society prosper during the Progressive Era as it increased revenues and profits, created jobs, innovated technology, and made critical …show more content…
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 …show more content…
Leaders such as Carnegie, Rockefeller, Morgan, and Ford were all philanthropic and gave away their money to those in need. For instance, Andrew Carnegie had given a total of over $350 million in his lifetime and had centered his philanthropy on education and the quest for world peace. Carnegie built libraries mainly because he wanted to promote self-education and that he wanted everyone to have the access to books. He founded Carnegie University. He had always thought that “The rich have a moral obligation to give away their fortunes.” John D. Rockefeller donated over $550 million in his lifetime. Rockefeller built the University of Chicago and then founded Rockefeller University. The Rockefeller Foundation was his last charitable foundation and he had such an abundant amount of money that the foundation is still working “to promote the well-being of mankind throughout the world.” J.P. Morgan was an equally giving philanthropist after he retired from banking. He had become the president of the Metropolitan Museum of Art while he was also a trustee (lead donor, vice president, treasurer, and finance committee chairman). His love for the natural sciences gave way to the American Museum of Natural History. Morgan was also a part of the Episcopal Church which he had devoted a great deal of time to. Henry Ford
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,
Henry Ford and Walter Reuther are two of the biggest names in the world of automobile industries and organized labor. They were both activists in their own way. Also, they were completely different from each other, one could even argue that they were opposites. Their ideas were contradicting, but still both of them had positive effects on society.
During the Progressive Era, pressure from labor, suffrage, and conservation movements profoundly changed the course of American history. Many of the reformers' ideas clashed with the male-dominated, capitalist economic structure present at the turn of the century. Some of the intended reforms opposed the current system, but the level of social unrest necessitated change. Businessmen and activists alike initiated the reforms during the Progressive Era. Government, due to the intention of calming the common man and quieting the seemingly more and more vocal middle class, supported them. In the final analysis, from the year 1900 to 1920, Progressive Era reformers were successful in bringing about reform to the United States.
...600 -$700 annually. In the same fashion as Carnegie, Rockefeller gave most of his money to profit other. It has been said that he gave a third of his fortune to charities, organizations, and universities; another third was for him, and the final third he left to his descendants.
In the late nineteenth century known as the Gilded Age (or the Reconstruction period) and the early twentieth century known as the Progressive era, the nation went through great economic growth and social change. Beginning from the 1870s, there was rapid growth in innovations and big businesses. This could be because there was population growth and when there is population growth, there is a high demand of products and other necessities in order to strive in society. Many immigrants from Europe, mostly from the eastern and southern Europe, and Asia moved to American cities. Additionally, farmers from rural America desired to increase economically in society and since corporations ruled and political problems occurred, they decided to move into the cities. Afterwards, the 1900s started with the dominance of progressivism which many Americans tried to improve and solve the problems that were caused or had arisen because of the industrialization of the Gilded Age. It was basically the time when progressives fought for legislations like regulation of big businesses, end of the political corruption, and protection of the rights of the people: the poor, immigrants, workers, and consumers. Thus, between the periods 1870 to 1920, big businesses had arisen and taken control of the political and economic systems through corruption and innovations. In response, American citizens reacted negatively and formed labor unions and political systems to diminish the power that large corporations had in America.
The Progressive Era was a period in which the federal government increased its legislation and its grasp of the nation. There were three distinct pieces of federal legislation that seem to stick out, The Meat Inspection Act The Federal Reserve Act,, and The Hepburn Act. All of this legislation gave the government an extremely large amount of power to regulate business and industry as well as the people of the United States of America.
ownership participations. This was enough to make them millionaires in their own right. He also gave back by funding over 2,500 libraries throughout America. Carnegie managed to give away 90 percent of his wealth before he died. He was able to make sure that the people around him were happy financially so that they could all work happily and achieve success together.
Reformers known as Progressives attempted to undo the problems caused by industrialization. The Progressive movement sought to end the influence of large corporations, provide more rights and benefits to workers, and end the control possessed by party leaders. At the national level, Progressivism centered on defeating the power of large businesses. The Progressive Era was a period in American history in which improving working conditions, exposing corruption, improving the way of life, expanding democracy, and making reforms were the objectives at hand. With the emergence of the Progressive Era, two important figures gradually emerged as well.
In the late nineteenth century and early twentieth century, economics, business, and industry began to change in America and all around the world. Many would credit the Industrial Revolution as a whole to describe the changes that were made in so many different industries in America; however, these changes can be largely credited to only a few different individuals. Many different people made impacts on American economics and society, although much of this change can be credited to three individuals who stood out among the many. John Pierpont (J.P.) Morgan can be credited with financially supporting many different industries, as he was the top banker of his time. Thomas Edison is given credit for many electrical inventions that changed the way people live their everyday lives. Henry Ford was a great industrial innovator who
John Rockefeller was an American entrepreneur who amassed a fortune in the petroleum business. He was the head man behind the advancement of the Standard Oil Company, which developed to command the oil business and turned into one of the first huge trusts in the United States, subsequently causing much discussion and restriction in regards to its business practices and manifestation of association.
By founding his Standard Oil Company, he became the richest American of all time and one of the country’s first business tycoons. He was self made and not born wealthy, he used his financial success to donate over $500 million to philanthropic causes. Among his achievements, he funded the Rockefeller Sanitation Commission, the University of Chicago, and the Rockefeller Institute for Medical Research. His charity and generosity might give him the label of Captain of Industry. However, his control over the oil industry was tight and monopolistic. He was often accused of unfair business and was censured by reformers and journalists. His philanthropic achievements in contrast to his industrial practices keep us from classifying Rockefeller as a baron or
John D. Rockefeller, born on July 8, 1839, has had a huge impact on the course of American history, his reputation spanning 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.
Because the Great Depression occurred during Hoover's term as president, in the public's mind, Hoover started his presidency as a liberal and ended it as a conservative. With the end of the Progressive Age in 1910, big business flourished because Harding, Coolidge, and Hoover kept government from intervening in the economy. Compared to the public purpose policies of Teddy Roosevelt, the laissez-faire policies of these presidents seemed extremely liberal. The invention of the production line which spurred on the Second Industrial Revolution, allowed businessmen such as Henry Ford to prosper, while automobiles and electrical appliances became available to the masses. America's success and optimism caused people to support the liberal policies of the 1920's.
Cities grew in the late 1800s and early 1900s. As specialized industries like steel and meat packing improved, jobs also increased in the cities. These factories work lured former farmers, immigrants, and American workers moved into the cities. These people lived in tenements and ghettos and were unable to earn an authentic living due to unreasonable wage cut. Progressivism is an umbrella label for a wide range of economic, political, social, and moral reforms. The early twentieth century acted as the Progressive Era, when Americans find solutions to resolve problems that were engendered by industrialization. Predicated on the documents, Progressive Era were effective because of child labor, working conditions, and women's suffrage.
During both the Progressive Era and New Deal Era many American citizens faced low pay. To deal with this, workers from both eras fought unfair labor practices by creating unions and strikes. During the Progressive Era employers soon realized better paid workers are better able to afford the products they were selling. Henry Ford was one of the first employers to realize this, in result he raised the pay of worker to an average of $5 per day. This resulted in Ford’s annual input increasing from 34,000 cars to 730,000 cars from 1910 to