...John D. Rockefeller was the leading controller of the oil industry in the “Turn of the Century”, who started and ran a company, called the Standard Oil Company. He was known as a generous, and philanthropic business person, but it was because of his perseverance and ability to work hard that oil tycoon John D. Rockefeller was a successful businessman. Rockefeller himself said, “I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature.” Even as a teenager, Rockefeller was interested and involved in the world of business. At age 16, he was employed at Hewitt & Tuttle, and though he began his work with a salary of only $3.57 every week, his...
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...to provide what they could to the family income, which Sam did buy delivering newspapers. Sam Walton delivered newspapers from the time he was 5 until he graduated college. The four major influences in his life were, his mother whom educated them and stressed education to their children in-order for them to succeed. His dad whom taught young Sam Walton about the value of a dollar. And the two most important influences in Sam’s life were L.S. Robson Sam’s father-n-law whom was a successful businessman himself taught Sam how to set up businesses within a family organization using different types of business entities such as partnerships and enterprises having their children be the board members and executives within the partnerships, which pays off huge in the later years as far as the success of Wal-Mart. The last influential person whom shaped Sam Walton into the shrewd businessman with the don’t quit attitude was a gentlemen by the name of John Dunham whom was the owner of the rival store in the small town of Newport, Arkansas where young Sam bought his first Department store for 7,000 called Ben Franklin variety store. Sam Walton has made Wal-Mart into the number one retail store in America not because of one or two attributes as a businessman, but through his life long experiences in dealing with people and learning from everyone he has ever come in contact with. “The first department store Sam ever bought into was how he came up...
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...Background: John D. Rockefeller, Sr. is remembered as one of the foremost capitalists in American history. Rockefeller was rare in that he had two qualities that are almost never found in one person. He was the entrepreneurial salesmen who started a company, and an arduous bookkeeper who grew and extended the company. Recalling some of the great names from the turn of this century - Andrew Carnegie, J.P. Morgan, William Hearst and Henry Ford - the name Rockefeller is always required to complete the roll call. Rockefeller, in his lifetime, was both the most admired and most hated businessman in America. Considered one of the Great Robber Barons, the name Rockefeller has changed from very negative connotations at the turn of this century to a mostly positive one by the end of it. The John D.Rockefeller, Sr. story is really the story of the American oil industry. From an unused commodity in the early 1800's to the major global economic industry it is today, the story of oil is the story of Standard Oil and a man named Rockefeller and it continues till today. Rockefeller dropped out of high school at age 15 and went to a 2 year business college. At this college he learned the skill of double entry accounting. He was a meticulous and adept bookkeeper. After graduation Rockefeller began looking for his first job. He had little interest in thinking small. He made a list of the biggest businesses in Pennsylvania and started going door to door. He’d walk into the business and up...
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...such unimaginably wealthy men such as Andrew Carnegie, Philip Danforth Armour, Jay Gould, and John D. Rockefeller, all powerful leaders of a new national business community.” Out of Many Volume Two. Edition Four. Page 567 The wealth and power of the United States can be accounted for through some of the bigger names of the late 1800’s and 1900’s. Big businesses came from big names during this time. While the more popular view is to see big businesses as negative, these figures saw business as a chance to grow and took advantage of this and the wealth that came along with it. Andrew Carnegie, known for his roll in dominating the steel industry. Philip Danforth Armour, known for adding to the industrialization of the meat-packing industry. Jay Gould, who was an american railroad finance is one of the less liked wealthy men in the book. John D. Rockefeller is a perfect example of wealth from horizontal integration through gaining the majority of the oil supply. One of the more popular names is Andrew Carnegie. Known as the “captain of industry” and “the richest man in the world,” started from nothing and worked his way up in life. He began his life as a poor immigrant from Scotland and eventually grew from being a messenger, to the secretary for the superintendent of the Pennsylvania Railroad’s. His employment under the superintendent allowed him to learn how business works and eventually step into the roll of superintendent himself. Being smart with his new earned...
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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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...During the life of the United States, there have lived countless men that have changed the world one event at a time. During an incredible time for trade, growth and development, the United States faced a new benchmark for success and growth within the country - this was the Second Industrial Revolution. Andrew Carnegie, John D. Rockefeller, and Alexander Graham Bell revolutionized the United States individually with their self propelled contributions; they represented the epitome of individual prosperity and national growth. Andrew Carnegie’s fortune under current inflation rates would equate to nearly 12 times as much as Bill Gates’ worth. Carnegie was born poor, and moved to the United States as a Scottish immigrant looking for a better future and life. Ultimately, not only did he find a better life, but nearly infinite success during the second revolution. For Carnegie, he founded one of the most expansive and lucrative industries in this time, and even today, a steel company. Humbly, Carnegie started work as a factory worker, however over time, he was able to climb the ranks, eventually earning enough to found the Pittsburgh Steel Company. This company alone, settled Carnegie with a substantial fortune, however given his entrepreneurial mindset, he pushed forward and was able to thrive with philanthropy. Carnegie's influence during this time really shines when he is noted for combining many smaller steel companies, and his own to form U.S. Steel. This company was responsible...
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...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 be developed and used to the best of our ability for the good of mankind. Having been endowed with the gift...
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...non-profit agencies. “Let’s help!” But why, do we want to help? Why do we want to create these organizations? A school assignment? A tax benefit? Are we helping because there is some self-gratification that allows us to sleep at night? Or are we helping to settle our stomachs growling with guilt? Is it because we want to learn how we fit in this puzzle of life and grade ourselves compared to others? To get out of the house because our children are adults now and moved out? Perhaps our spouses are no longer around? Maybe, just maybe, these non-profit groups were born from a maternal instinct of culture full of their beliefs and values partnered with the paternal works of satisfying our own selfish ways. Those partners give birth to non-profit agencies using the umbrella of humanitarian to cover up the roots of its existence. Going back to the time of the American industrialization, many of the Government’s public organizations, such as churches and libraries, ran on public donations. In “Historical Perspectives On Nonprofit Organizations In The United States”, Peter Dobkin Hall quoted Rockefeller’s assistant, John W. Gates, “your future is rolling up, rolling up like an avalanche”. What Gates was saying to his employer, was that the Rockefellers’ fortune was increasing and pilin`g up as high as a mountain. As with an avalanche, the weight of the fortune gets heavy and it will soon fall down and crush you, and your children, and...
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...The Progressive Era, beginning in 1890 and ending in 1920, is a term used to describe society’s reactions to the rapid change occurring from industrialization in the United States. After the Civil War, the American standard of living grew and new industrial life came about. This meant that landowning and farming life lessened and more people began to work in factories. Work became more impersonal and Americans had no way to get out of the wage system. This unfamiliar system that developed became known as capitalism. Socially, capitalism focuses on the rights of individuals and rather than shadowing a specific structure within a society, people are expected to look out for themselves: self-interest. People are required to work for money; therefore, there is a large distinction between the rich and the poor. Economically, capitalism can be defined as “laissez faire” or free trade and focuses on the big companies owned by individuals and includes private sectors operating in a market. Politically, capitalism means no government intervention and denotes everyman for himself. A democracy is defined as a public sector and is a form of government in which people make choices. The idea of democracy associates with the principle of equality within a society and is an objective America attempts to maintain. During this progressive era of difficulty, America’s “democracy,” was not exercising its egalitarian ideals to its fullest capabilities, which was a direct result of the unfamiliar capitalist...
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...introduced a new class of wealthy robber barons, who were laughably wealthy businessmen who monopolized industries and were notorious for dangerous working conditions and low wages. In 1900, a cartoon was published of one of the most infamous oil tycoons, John. D. Rockefeller. The cartoon Rockefeller holding the capital building, with his company, Standard Oil, taking control of the other branches of government behind him. The artist exaggerated Rockefeller’s size to highlight his power and influence and showed him holding the government as if he was in complete control and there was nothing the government could do about his monopoly. The cartoon represents a larger problem of the time, which was the influence monopolies had on the government. There was an ideology of “laissez-faire,” which directly translates from French to let it be. In this context, laissez-faire promotes allowing monopolies to do whatever they want without any regulations. However, life in industrial society from the laborer was different, and in 1883, John Morrison testified to the U.S. Committee on Labor, sharing his perspective on the negative effects of industrialization. Morrison was a former skilled laborer, meaning he honed a craft and used to make valued work but when factories became popular, his skill meant nothing, and assembly lines made him close to useless. He also shared the perspective of most factory workers as unhappy with their current conditions and constantly wishing for reform through the ballot...
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...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 that are practiced today. The Industrial Revolution saw itself spawn from three industries that led the way railroads, steel, and petroleum. The railroad was perhaps the most predictable development after the Civil War. With the expansion to the west and the rebuilding of the south the raid road structure for...
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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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...have walked this country not with a goal to finish a map like Lewis and Clark, but to strive for “The American Dream” and never settle for less than absolute success. Each man researched is from a different time period, with different circumstances surrounding them. With different presidents, different rules and regulations, even with different life expectancies. However, all men had one dream, to make America a better place. From oil pipelines to windows operating systems, these men truly did create things that changed the lives of all Americans for the better. They are the unspoken heroes. Not of war or battle, but of ingenuity, hard work and of sound mind. These are America’s Wealthy. Findings John D Rockefeller was born on July 8, 1836. He began with humble beginnings and is a perfect definition of a rags to riches dream that many Americans that try to live by. His life at home was somewhat shaky. His father was never at home very much because he was a traveling salesmen who sold elixirs. In his early teens his family moved to a suburb of Cleveland, there he took a 10 week business course that would help him later in his life as the richest man in America. His first job was with a bookkeeper at a commission firm. He excelled at keeping track of transportation cost. His first salary was $50, but he wanted more much more, he said that he wanted to make $100,000 and live for 100 years. Rockefeller opened his first oil refinery in 1870, and called it the world renowned...
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...etc. In terms of its aspects, many aspects of industrialization can be identified. Among those, innovations & technology, capitalism and labor unions were the most important and obvious aspects of this revolutionized era. * Innovations & technology Well educated people who had observed an industrial change in Western Europe were so enthusiastic about applying the same in the States. These people were mainly from north eastern part of the country, because universities were established in this part of the country earlier than any other part. Incandescent light bulb was revolutionary innovation which had a direct impact on all areas of industry. Thomas Edison was the genius behind this innovation, whose idea made it possible to work for longer hours, even after sunset in the factories. Light bulb was also a chance for regular Americans to gain cheap and reliable access to the electricity. Thomas Edison didn’t confine himself with single innovation only, carbon microphone, kinetograph – motion picture camera were some of his other inventions. He holds more than thousands of patents not just in United States but also in Europe. Since Graham Bell invented...
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...CHAPTER The Industrial Age 17 Learning Outcomes After reading this chapter, you should be able to do the following: LO 1 Describe and discuss the development of the Industrial Revolution in America after the Civil War, concentrating on the major industries and their leaders. LO 2 Explain why the late 1800s in America have sometimes been called the “Age of Innovation.” LO 3 Describe how America’s regional and local markets merged into one truly national market, and how this influenced the consumer demand for products and services. 9781133438212, HIST2, Volume 2, Kevin M. Schultz - © Cengage Learning. All rights reserved. No distribution allowed without express authorization “ The world that had consisted of small farms, artisans’ workshops, and small factories transformed into a full-scale industrial society. ” The Art Archive / Culver Pictures As the process of ensuring political, economic, and social rights of African Americans waned during the 1870s, most Americans turned their attenNo invention had more lasting impact than the incandestion to another transformacent light bulb. tion brought on by the Civil Strongly Disagree Strongly Agree War: the Industrial Revolution. 1 2 3 4 5 6 7 During the half-century between 1865 and 1915, the United States evolved from a relative economic backwater to become the most powerful economy in the world. Industrialization played a key role in the nation’s advances, and both the Civil War and a core group...
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