...2015 Robber Barons of the Industrial Age A “robber baron” is someone who makes money for themselves in an unfair fashion; for instance, by paying employees very low wages or selling a product at a lower price than it costs to produce. This is what John D. Rockefeller did to gain control over the oil industry. Andrew Carnegie - the leader of the steel industry- and Rockefeller are two examples of robber barons who wanted to make large profits and put other companies out of business for their own power and success. One of the robber barons of the Industrial Age was Andrew Carnegie. Carnegie is known for his use of vertical integration, where he bought out suppliers in order to gain control over materials and systems of transportation. Not only did he buy out his suppliers, but he also bought out competing steel companies. To draw valuable people to his company, Carnegie offered his workers stock in the company. His workers faced...
Words: 499 - Pages: 2
...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....
Words: 559 - Pages: 3
...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...
Words: 2027 - Pages: 9
...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...
Words: 2205 - Pages: 9
...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 Rockefeller did differently though was...
Words: 629 - Pages: 3
...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...
Words: 266 - Pages: 2
...Billy Rudnik Silverman U.S. History 1 5/14/16 Late 19th Century Tycoons Assignment Several nineteenth-century industrialists are debated as both "captains of industry" and "robber barons". These include people such as J.P. Morgan, Andrew Carnegie, Andrew W. Mellon, and John D. Rockefeller. The term “Robber Baron”combines the concept of a criminal robber with an illegitimate aristocrat baron and means becoming wealthy by unethical means. For example. Rockefeller’s Standard Oil Company of Ohio controlled 90 percent of the refining business. Rockefeller reaped huge profits by paying his employees extremely low wages and driving his competitors out of business by selling his oil at a lower price than it cost to produce it. Then, when...
Words: 316 - Pages: 2
...think the way Rockefeller lived and treated his people 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...
Words: 487 - Pages: 2
...Were the Nineteenth-Century Entrepreneurs “Robber Barons”? Throughout the nineteenth century, the United States had just experienced a transformation that has revolutionized the world of business. The industrial revolution has brought in many new innovations such as, the railroad, a new method of effective and efficient transportation, and machinery which would increase the manufacturing process ten-fold. As new and effective manufacturing methods have been brought to light, the value of manufactured goods increased twelve-fold, while the invested capital in industrial pursuits multiplied twenty two times. (History of the United States pg. 270) The industrial revolution has not only brought economic prosperity in the United States, it has also jump-started the nation’s industrial growth. Throughout history, many of the big businessmen such as J.P. Morgan, John D. Rockefeller, and Andrew Carnegie, who control most of the big business during the period of the nineteenth century, are looked at in two different interpretations: Robber Barons or Entrepreneurial Statesman. Howard Zinn, a civil rights protestor and peace activist with a PhD from Columbia University, has written the paper, “Robber Barons and Rebels”, which supports the argument that the big businessmen are in fact Robber Barons. Zinn believed that the entrepreneurs of big business adopted business practices that encouraged monopolies and used the powers of government to control the masses from rebellion. Grover...
Words: 795 - Pages: 4
...The American industrialists changed the faces of American corporations. They aided the United States in becoming economically successful, motivated other businesses to strive more, and provided jobs to lower classes. American industrialists such as Andrew Carnegie, John D. Rockefeller, and J.P. Morgan were more captains of industry rather than robber barons. American industrialists were captains of industry, or industrialists who benefitted society, because they have made the United States more economically successful. For example, during a decline in silver prices, investors were encouraged to trade their silver dollars for gold dollars. The bars of gold stored by the United States Treasury fell to a dangerously low level, and President Grover...
Words: 532 - Pages: 3
...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...
Words: 1092 - Pages: 5
...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...
Words: 532 - Pages: 3
...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...
Words: 1093 - Pages: 5
...With the help of the Homestead Act in 1862, people started moving out west. Andrew Carnegie and John D. Rockefeller were two of the main people to profit off of this industrialization and movement out west. Rockefeller found oil and Carnegie began making steel. These two built massive empires by creating monopolies. They bought up all the other businesses so everyone was forced to buy from them. People like Carnegie and Rockefeller were known as “robber barons” (people who made monopolies and controlled so much of the economy that they were basically stealing from people). Of course, building railroads, mining coal, building lumber mills, and digging up oil took a toll on the environment. To combat this problem, the government built Yellowstone National Park. All of this brought America from rural agrarian society, or farming, to urban industrial...
Words: 464 - Pages: 2
...Industrial America gave birth to corporate America with companies of steel, oil and railroad companies. Businesses such as Carnegie Steel owned by Andrew Carnegie became the world’s largest corporation, which was later bought out and changed the name to value at one billion dollars. Success stories of America being of “opportunity” gave a romanticized view of this young country, inviting immigrants from all over Europe to come to America. Their dreams of a better life full of prosperity were soon turned into a nightmare. In order to maintain and grow in the industrial age, employers used cost effective practices that was dangerous to the laborers, such as limited raises and zero job security. Andrew Carnegie, Jay Gould and John D. Rockefeller...
Words: 478 - Pages: 2
