In a time of booming industry and affluent innovators, an era known as the Gilded Age came to be. From this age arose successful businessmen who would soon become captains of industry. Some of these businessmen included Cornelius Vanderbilt, Andrew Carnegie, and John D. Rockefeller. In their success, these men acquired large monopolies which upset many lower-class citizens. It seemed to them that as each monopoly grew, the rich got richer and the poor got poorer. Frustrated, low-paid workers started giving these industrialists more and more negative names—one of the more popular names being “robber barons.” However, while some view these men as greedy, unethical monopolists, in the long run they are captains of industry who shaped America into …show more content…
Rockefeller was just at the start of his infamous oil monopoly. At the age of 23 Rockefeller teamed up with an inventor named Samuel Adams to find a cheap way to purify crude oil (McGill). Together the two of them produced kerosene, a cheaper fuel used to light lanterns, homes, and businesses. This man meant business, and it was only the beginning. In 1870 Rockefeller organized the Standard Oil Company, and in only eight years he obtained ownership of 90 percent of the nation’s oil refineries. In 1882 the Standard Oil Trust was created. “The first of its kind in the United States, the trust was devised so shareholders of various companies would hand over their shares to a board of trustees, receiving certificates of trust in place of the shares. Many powerful companies in the United States followed Rockefeller's example and established trusts” (McGill). However, in 1890 congress passed the Shermin Anti-Trust Act and the Standard Oil Trust was abolished. Oddly enough, it was in his days of retirement that Rockefeller became a billionaire; this was due to the increased need of oil in motor vehicles and the dividends from his many small …show more content…
At the age of 13 Carnegie moved from Scotland to the United States, and got a job working in a factory that same year. In 1853 he was hired by the Pennsylvania Railroad where he worked as an assistant for Thomas Scott. Scott taught Carnegie all about the railroads, the stock market, and how to become a successful businessman. While working for the railroad Carnegie began making investments in oil and received a good amount of money because of it. In 1865 he left the railroad company to focus on his interest in steel. He and Scott would remain close friends, and Scott even assisted Carnegie in his plans to build a bridge across the Mississippi River. Many had attempted this task and failed, but Carnegie was determined to succeed. He Started the Keystone Bridge Company, and made plans to build the bridge with iron and steel rather than wood. The bridge was a success, and Carnegie went on to produce more and more steel; he called his business the Carnegie Steel Company. By 1889 Carnegie had a monopoly of steel. Many believe that at the time of his retirement in 1901, Andrew Carnegie was the richest man in the world. Throughout his life Carnegie had been generous in his donations, but at the time of his retirement he devoted all his time to his philanthropies. Some of his major charitable contributions included the Carnegie Trust for the Universities of Scotland, the Carnegie Dunfermline Trust,
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.
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,
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.
What is a robber baron? Webster’s New Dictionary defines it as an American capitalist of the late 19th century who became wealthy through exploitation (As of natural resources, governmental influence, or low wage scales) or a person who satisfies himself by depriving another. In America we had a lot of these kind of people. For this report I am going to tell you about the ones that I found most interesting to me. I would first like to tell you about Cornelius Vanderbilt.
Andrew Carnegie and John D. Rockefeller: Captains of industry, or robber barons? 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 dominance.
Based on the Gilded Age, literally meaning a layer of gold is displayed on the outside and once you look deeper past through the top layer of gold, you can identify that the robber barons are the culprit of the corruption in the government who monopolized the corporate America. Although, there is a great transition from the agricultural economy towards the rapid growth of the urban and industrial society, the robber barons created a lot of problems for much of the working class poor in America. The robber barons use the power they obtain through their wealth for their own advantage and try to repress any form of the spread of democracy and the regulation in the marketplace, its work safety, the labor laws, and the certain amount of work hours which followed thereafter witnessing of the homestead strikes that touched on the major issues of the American nation. Both Carnegie and John D. Rockefeller dominated giant corporations, but they dictated much of the employees and greatly tried to divide out the employees from desperately trying to organize the reforms that would essentially stop the robber barons from taking advantage of them. The robber barons insisted that if you cannot work the day you are supposed to other than the Fourth of July, some other person will be a willing participant to come and take your job.
The Gilded Age marked a period of industrial growth in America. Mark Twain termed the period of 1865 to 1896 as the “Gilded Age” to {indicate} the widespread corruption lying underneath the glittering surface of the era. Known as either “captains of industry” or “robber barons,” several prominent figures shaped this time period; these capitalists gained great wealth and success with their industries. Corrupt and greedy are two words associated with the term “robber barons,” which referred to the capitalists who acquired their great wealth in less than admirable and ethical ways. On the other hand, many referred to the capitalists as the “captains of industry” that were celebrated as admirable philanthropists; their way of acquiring extreme
———. “Robber Barons or Captains of the Industry.” History Now. Accessed December 7, 2011. Last modified June 2010. http://www.gilderlehrman.org.
With this recognition, he resigned and started the Keystone Bridge Company in 1865. He built a steel-rail mill, and bought out a small steel company. By 1888, he had a large plant. Later on he sold his Carnegie Steel Company to J. P. Morgan's U.S.
However, the reason Rockefeller controlled 90% is because of a company that basically appeared from nowhere and had some actual competition for Standard Oil and actually surprised Rockefeller. The company was known as the Tidewater Pipe-line Company, it started by building a pipeline from north Pennsylvania to Williamsport. Rockefeller tried to acquire the company but in the end it ended up as Standard only competition with Tidewater controlling 10% of the oil refining market. This was however of not a large concern to Standard as they were developing products besides oil from Vaseline to candy.
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.
Numerous families living in small town America lost their income because of Standard Oil and forced hardship upon many. The legacy of John D. Rockefeller shall always live on as he has permanently shaped how this country looks. He has funded huge advancements in the fields of education and medicine along with starting the events to end lassiez-faire economics. The petroleum industry changed greatly during his career thanks to his research and completely new business methods were thought up of by him, some still in practice today.
characterizes the capitalists who shaped post-Civil War industrial America and it is valid that they would be properly distinguished as corrupt “robber barons”.
Carnegie's first job was a telegraph messenger boy, and later upgraded to work for the Pennsylvania Railroad Company as a telegraph operator. His persevering work allowed him to quickly advance through the company, and he became the superintendent of the Pittsburgh Division. He continued making investments and made good profits throughout the civil war, and finally left Pennsylvania Railroad and started his own iron companies, eventually Keystone Bridge Works and Union Ironworks.
“You cannot push anyone up a ladder unless he is willing to climb a little himself.” This was Andrew Carnegie’s theory that gave him his rise to power in the late 1800’s as well as his immense wealth. Although a native of Scotland, Carnegie moved to America at age 12 on borrowed money with his mother, father, and younger brother. Throughout his life, he constantly worked hard to provide for his impoverished family, saving money little by little to pay back the money they owed for their voyage to America. At first, Carnegie had a difficult time making enough money, but slowly sought out more and more opportunities for advancement in his career in America.