...Robber barons is a term to describe the wealthy businessmen in the 1900’s. There were two types of robber barons. One type is the group that is more vicious plunderers and destroyers. A prime example of someone that was that type of robber baron was Jay Gould. Jay Gould was a man that was seen to have hunger in his eyes and was always looking to make a killing in industries, such as railroads without caring about the economic or political stability. The other type of robber barons weren’t any less vicious but instead of destroying it they acquired the fortunes and built large enterprises that they would oversee. An example of this robber baron would be Andrew Carnegie and John D. Rockefeller. Both type of robber barons destroyed and manipulated the economies beyond repair but at least the second type contributed to the success of America and were also called the modern day Robin Hoods....
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...Crystal Martin Summary of The Gospel of Andrew Carnegie After the Civil War, the United States’ economy found itself drastically changing. Many people believe that because of the North’s victory 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...
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...such as lumber, gold, and silver due to the fact that it improved transportation. Railroad development dramatically grew, as trains were needed to move goods from the west to the east. This was Cornelius Vanderbilt’s area of expertise. John D Rockefeller was the founder of the Standard Oil Company, whereas Andrew Carnegie built a Steel Empire from the ground up. However all of these so-called, “geniuses” were robber barons, because they ridiculously rich through their ruthless business deals. The Gilded Age was exactly what the name means; having a pleasing or showy appearance that in all reality conceals something of little worth. Although everything seemed glitzy and glamorous on the outside that was not how it truly was. In 1890, 11 million of the nation’s 12 million families earned less the $1200 a year. From this, the average annual income was only $380, which was well below the poverty line. Many Americans and new immigrants crowded into urban areas, causing them to be teeming with crime and filth. Andrew Carnegie was the creator of the Steel Empire and is considered a Robber Baron because he rose to the top in a very unfair way. The other Robber Barons of this time were also unfair, but what they did was not as severe as to the degree of Carnegie. For example, Rockefeller used his wartime profits to finance his investment in Samuel Andrew’s oil refinery, which eventually led to him creating the Standard Oil Company that then led to his huge fortune. What...
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...and workers would put him more in the category of a Robber Baron. In our text the is a nice with up help us understand what kind of man John Rockefeller was, “[Rockefeller’s company] killed its rivals, in brief, by getting the great trunk lines to refuse to give them transportation. Vanderbilt is reported to have said that there was but one man—Rockefeller—who could dictate to him”—H. D. Lloyd, The Atlantic, 1881 But I have to admit people change throughout their life, and Rockefeller did something that was quite astounding. He gave $500 million dollars to charity upon his death. I find that very impressive for a man with his reputation. “He was the first American to ever be worth over...
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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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...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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...Josh Jensen Mr Myer US History – 3rd Per. November 5th, 2015 Captains of Industry When you think of our history’s men of success, you think of people like John D. Rockefeller and Cornelius Vanderbilt. These men were widely successful in their businesses, and as a result accumulated huge amounts of profits for themselves. But it has been debated throughout history whether or not they are considered “Robber Barons” or “Captains of Industry”. What this is essentially asking is whether or not they stole gave back or stole more from society in the 1850’s. I believe that the leading industrialists of the 19th and early 20th centuries were “Captains of Industry” because they gave back to the community, and provided jobs. First, let’s talk about...
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...J.P. Morgan John Pierpont Morgan is one of the most famous financiers in business history. Plenty of controversy has surrounded Morgan on whether his business strategies were for better or for worse. A robber baron is considered, “an American capitalist of the latter part of the 19th century who became wealthy through exploitation”. Morgan was just that. J.P. Morgan was a robber baron not only because he possessed a lot of power that wasn’t meant to be his, but he also revealed the fragility of the financial system. J.P. Morgan was born into wealth. At the age of 20, Morgan followed in his father’s footsteps into the world of business and banking. He began working in a London branch of the banking firm Peabody, Morgan & Co. This firm was formed by a partnership between his father Junius Spencer Morgan and George Peabody. Morgan was heavily involved in reorganizing several financially troubled railroad companies. Gradually, he gained control of portions of these railroads’ stock. Morgan bought Andrew Carnegie’s steel company and gained power over 2/3 of the steel industry and created a monopoly out of it. Morgan was the main force behind many businesses and controlled most of the American industries. When his bank was founded it was under the partnership with Anthony Drexel. The bank which was originally named Drexel, Morgan & Co., was later changed to J.P. Morgan & Co. His bank was the first national bank before the Federal Reserve existed. This bank was the site...
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...During the late 1800’s, a group of innovative businessmen would change America’s standing in the world forever. Some of these men were Andrew Carnegie, John D. Rockefeller, J.P. Morgan and many more who contributed to industrial and economic change in the United States. They were not remembered as heroes by everyone. Some believe that their monopolizing ideas and ways of crushing their competition made them out to be “Robber Barons” rather than ¨Captains of Industry¨. They received a bad name because their success and the money they made, was at the expense of the working class. They revolutionized the American industrial system and boosted America’s place as a national manufacturing power, while also monopolizing businesses and hurting the working class. Where you find wealth, you'll find that the land contains monopolies. The Captains of Industry made money and revolutionized the American industrial system, boosted America’s place as a national manufacturing power, increased the standard of living in America by creating many jobs, and generously gave away their own money to various charities and organizations. There are multiple reasons why these big businessmen should be remembered as “Captains of Industry”. One example is their generosity towards the...
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...Captains of Industry? Or Robber Barons? [pic] Overview: The thirty years plus, following the end of the Civil War, is often referred to as the “Gilded Age”. This was a term coined by Mark Twain, the most renowned American writer of the period. It refers to a superficial period of intense economic growth. During this time, businessmen created large business organizations known as trusts. The ingenuity of these entrepreneurs earned the titles of “Captains of Industry”. Yet, their ruthlessness in building wealth at the expense of their competitors, workers and consumers often earned them the title “Robber Baron”. This DBQ (Document Based Questions) asks you to decide whether these businessmen were “Captains of Industry” or “Robber Barons”. Background Essay During the post-Civil War period, an era commonly referred to as the Gilded Age, the economy of the United States grew at a fantastic rate. With the exception of a recession during the mid-1870s, and another during the mid-1890s, the economic growth was in unprecedented in United States history. Manufacturing output increased by 180 percent. Railroads, an important catalyst of growth, increased in miles by 113 percent. Steel production grew to over 10,000,000 tons per year by 1900. Every aspect of the American economy expanded from traditional activities to new enterprises brought about by the huge influx of cutting-edge technological inventions. The gross national product almost doubled during the period and the per...
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...Andrew Carnegie was born November 25, 1835. He was born in Dunfermline, United Kingdom. He was a Scottish-American industrialist who became a very wealthy owning an American steel industry in the late 1800s. Before accomplishing that he worked many different railroad jobs. He got his first job when he was only 13 years old, making 1.20 per week. Then around 1889 he became owner of Carnegie Steel Corporation, which was the largest of its kind in the world. After becoming the richest man in world he retired to pursue being more of a philanthropic person. He founded the Carnegie Institution, teachers with a $10 million donation and he also wanted to give money to support education and reading. While working for the railroad, Carnegie began making investments. He made many wise choices and found that his investments, especially those in oil, brought in substantial returns. In 1865 He left the railroad industry to focus on his other business interests. By the next decade, most of Carnegie's time was dedicated to the steel industry. His business, which became known as the Carnegie Steel Company, revolutionized steel production in the United States. Carnegie built plants around the country, using technology and methods that made manufacturing steel easier, faster and more productive....
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...had grown up in poverty were becoming rich and the social classes of many were changing. Capitalism was born as businessman rushed into ways of growing their companies. With different perspectives, Historians truly view the leaders of the business in different forms. For one, some believe the leaders to be “robber barons;” in other words, it means that the leader had built their fortune by stealing from the public and driving competition into ruin. Nevertheless, some believed the leaders to be “captains of industry,” implying they were fair to the nation and in raising productivity, expanding markets, and establishing public structures. One of these leaders was John D. Rockefeller, a man who became one of the richest men in America in the oil business. As the leader of the Standard Oil Company, Rockefeller had much to give to the public and charities to benefit humanity as his goal. Another one of these leaders in Andrew Carnegie, a man who expanded the real of the steel business and also gave muc to the public. Much of Carnegie’s share to public eye went to education and public structures. Nevertheless, behind these nice images, they remain to be addressed as “Robber Barons” by...
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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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...Assignment 1.2 Arthur T. Plyler Jr. Dr. Black, Ph.D. Contemporary U.S. History August 10, 2014 Abstract In the short span of 55 years between 1865 and 1920 the Industrial Revolution brought vast expansion of big business and a change to the American people. Lad by Henry Ford’s assembly line industrial powers such as Carnegie, Huntington, and Rockefeller emerged and built their empires. Birthed from these industrial empires we witnessed the growth of legislation and laws that where susceptible to manipulation by the development of corrupt politics. With the surge in technology, growth of super powers, environmental issues, government legislation, or corrupt business practices or corrupt government the industrial revolution exploded in a time where change was needed to draw the American eye away from the deadly Civil War, which so many where still attached to, and focus on the theoretical idea “a better way of life”. The Industrial Revolution was sold to the American people with the false since that if you work hard you will acquire wealth. This lie to the populace was met with a flood of American and immigrant workers that swarmed to the workforce for low wages and unhealthy work environments. Imbedding this idea into the American workforce the Industrial Revolution spawned business power houses like Carnegie, Huntington, Ford, and Rockefeller. The Industrial Revolution also bestowed on us the corrupt business and political practices that shaped the laws and regulations...
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...No one is flawless. Making mistakes is the nature of being human. What really matters is whether we decide to learn from our mistakes or not. Even for a powerful country like America, the lesson here is still true. As we have known, America, one of the most powerful and influent countries over the world, experienced a long historical journey before it had climb to the position. However, during the heroic history, they also stumbled into some mistakes that made America faced with the humiliation. As Herbert Croly, a political philosopher stated “American history contains much matter for pride and congratulation, and much matter for regret and humiliation”. And I think this statement is totally right but not enough. To begin with, one of the highlights of US’s economy is, basically, that they know how to grab the enrichment opportunity at a right time, in right place. This expressed clearly throughout the wars. America somehow used the smart tactics that could help them remain their economic benefits. In World War I, at the beginning, America chose to follow “neutrality policy”, when they have no reason to attend in a battle that was not their. However, there were many reasons that forced US to join into the war that they undesired. In 1915, the Lusitania's sinking with the death of innocent Americans was seen that the main external reason that affected strongly US’s decision to enter the war. Undeniably, the “act of aggression” of Germany, when they tried to ignite the fight...
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