...- Burton W Folsom JR, professor of History and Management at Hillsdale College in Michigan, describe in his book “The Myth of the Robber Barons” the role of key entrepreneurs in the economic growth of the United States between 1850 and 1910. Portraying large businessmen behind America’s greatness. - In the Chapter 4 is told the life of Charles Schwab, grandson of immigrants in a modest family and who could not fail. It is from Loretto Pennsylvania that the story debuts and take a turn as Charles Schwab decide to leave his hometown, at the age of 17, to Carnegie’s mill. This is where he will quickly advance in the organization to become “Carnegie’s problem solver” and in 1897, at his 35 years old, becoming President of Carnegie steel and manage...
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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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...“The Men Who Built America” “The Men Who Built America” was based off of three men, Rockefeller, Vanderbilt, and Carnegie, each played a very important role in making America what it is today. Rockefeller made a monopoly off of standard oil. Vanderbilt made a monopoly of the railroad system in America while Carnegie made a monopoly from steel. The men had many accomplishments throughout their lives. John D. Rockefeller was born on July 8, 1839 and was an American industrialist and philanthropist. He founded Standard Oil which dominated the oil industry and became the first great U.S. business trust. Standard Oil began as an Ohio partnership formed by John D. Rockefeller, his brother William Rockefeller, Henry Flagler, Jabez Bostwick, chemistSamuel Andrews, and a silent partner, Stephen V. Harkness. Adjusting for inflation, he is often regarded as the richest person in history. Rockefeller spent the last 40 years of his life in retirement. His fortune was mainly used to create the modern systematic approach of targeted philanthropy. He was able to do this through the creation of foundations that had a major effect on medicine, education, and scientific research. When he died on May 23, 1937 he left his son John D. Rockefeller Jr. was entrusted with the supervisions of the foundations. Cornelius Vanderbilt was born on May 27, 1794 and was also an American industrialist and philanthropist. Vanderbilt made his fortune in the shipping and railroads industry. He was also the...
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...Robber Barons Nikki Jakus – 5th In 1859, Frederick Douglass delivered a lecture in which h explained America's success as the effect of men's drive to conquer each new frontier they were faced with, whether it was the mysterious West, or the struggle for land and resources. They used theses invisible walls as motivation to fuel their drives in building a new nation from nothing. Thus the American Dream was born. These men, those who, born with none of the advantages/privileges of others yet managed to become great successes through their own hard work and determination, became known as Self Made Men. Rugged, independent, and driven: they became pioneers of their time. They lead the way in progress and innovation during the Gilded age. One of history's best know examples of a Self Made Man is Andrew Carnegie, the Steel king . Born in Scotland to hand loom weavers, his family immigrated to America when the mechanization of the cotton industry put them out of work. They settled down in Allegheny, PA where Carnegie worked as an errand boy in a textile mill to support his financially struggling family. He soon gained a job in a telegraph office where he proved himself dedicated when he memorized addresses and names. When his father died he was left the sole supporter of his family at age 20. With little education, Carnegie taught himself at the library and night school. While in the telegraph industry, he proposed new ideas that increased profit in Railways and communication...
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...The men who allegedly built America had many privileges that are not allowed today because of many things that they did. Men like Andrew Carnegie, J.P. Morgan, Cornelius Vanderbilt, John D. Rockefeller, and Henry Ford did many things as a group that were unethical and unlawful, while creating ideas that did helped to further the business world, but the laws that were made to cover these laws and unethical things that they did been tightened down so much. Andrew Carnegie- Born on Nov. 25 in dunfermline, Scotland. He grew up poor and got a job at the age of 13 in a factory earning $1.20 a week. Andrew Carnegie’s mother lived with him until 1886 when she passed away. The following year he married Louise Whitfield(History.com). Andrew and Louise had one child, a daughter named Margaret. As a young teenager he took a job working for Thomas Scott at one of the biggest railroad companies. Carnegie’s first major accomplishment was designing a bridge that crossed the Mississippi River that connected east and west for major trade and rail travel. (Bio.com) In order to build this bridge Carnegie had to find a way to buy cheaper steel to not end up bankrupt. Carnegie solved this problem by producing his own steel in a new more effective way. Carnegie co-founded his first steel factory in Pittsburgh in the 1870’s(history.com). Carnegie had the only factory in the United States and being able to underbid other companies Carnegie decided to buy other factories and begin his empire. By 1889...
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...Taking Sides: Were the Nineteenth-Century Big Businessmen “Robber Barons”? In the nineteenth-century, the United States experienced rapid industrial revolution and economic growth. Leading the way throughout the economic growth were big business owners. Scholars have disagreed on whether or not these big businessmen were robber barons. Howard Zinn believes that they were robber barons and that they encouraged monopolies and used government influence and power to further their success. John S. Gordon argues that businessmen such as Rockefeller and Carnegie affected the industry in a positive way that helped improve the lifestyle of average Americans. Howard Zinn supported his view that the nineteenth-century big businessmen were robber barons by explaining how some of the multimillionaires accumulated their fortune. Zinn immediately dispels the myth that these rich men started from poverty, and states that a study showed that 90% of these men were born into middle or upper class families.. Robber barons undercut their opponents forcing them to sell out to the bigger corporation allowing these men to keep their prices high. Zinn focuses a majority of his writing on how these big businessmen used the government to prevent rebellion against robber barons. Gordon explains that the consumer products Rockefeller and Carnegie developed improved the life of average Americans. He speaks a lot on the improved production of steel and the impact on the industry that resulted. Gordon...
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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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...What are some arguments in favor of the Robber Barons (or captains of industry)? Just as professor Burton mentioned, the Robber Barons were not one sided, in that they were only good or bad. The truth is that they were complex individuals that did do good and bad things. In addition, one argument in favor of Robber Barons consists of the philanthropy that these individuals practiced. Consequently, in many cases their intentions may be maleficent, however, if the donations that these individuals made to society helped, then they can be labeled as beneficial. For example, Daniel Drew built several churches; helped found Drew Theological Seminary and Drew Seminary for Young Ladies. These institutions helped society in a positive fashion. Additionally,...
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...The famous robber barons of the late eighteenth century, early nineteenth century were ruthless businessmen. Our group researched some of these famous barons. We researched Vanderbilt, Morgan, Carnegie, Rockefeller, and Duke. After researching each one the team decided which having a museum created in their memory and honor should honor one. Cornelius Vanderbilt was crude and ungenerous man that always got his revenge. Although he played a large role in the industrial revolution and created many jobs, by the end of his life he had only give away $1 million dollars to Nashville’s Vanderbilt University. During the Civil War he also donated his largest and fastest steamship, named the Vanderbilt and built for around $1 million, to the Union Navy. The vessel was used to chase down Confederate raiders. Andrew Carnegie was picked over Mr. Vanderbilt because Carnegie made more contribution to society and organizations. We did not pick J.P. Morgan because all he seemed to be involved with was banking which appeared to be boring to us. We did not find much personal information about Morgan and while he did give, he did not give much. The only interesting information we could find about Rockefeller is that he owned the Standard Oil Company after J.P. Morgan. Other than that, there weren’t many ideas created that...
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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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...A robber baron is an American capitalist in the 19th century who acquired a fortune by ruthless and sometimes corrupt means. These wealthy businessmen were often owners or associates of monopolies. Even though robber barons were considered evil, the did contribute a lot to the American economy. Robber barons were good for our country because they rose the standard of living, helped with industrialization, and gave some of their money back to society. At that time, there were many big businesses that need a lot of people to work for them. Both Americans and European immigrants worked for the robber barons. There was a multitude of opportunities waiting for them, especially immigrants since they were constantly being sought after and hired...
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... Entrepreneurs exploited the American Civil War, garnering wealth and success in a time of strife and hardship. War profiteering, still a common practice among corporations, allowed businessmen to benefit from tragedy. Circumstances created by the war similarly led the ambitious on a path to affluence. Among these companies exist many household names, having achieved recognition in this time period. The Civil War served as a key factor in the progression and eventual worldwide popularity of many modern businesses. During the Civil War, and even in conflicts today, businesses use war profiteering to energize and develop their brands’ recognition. Taking advantage of wartime to sell products to opposing factions allowed companies and corporations to secure small fortunes. Gail Borden, a surveyor and inventor, used this tactic to provide meat-biscuits to the U.S. Army. In this endeavor, he failed, leading him to “experiment with condensing a number of products, including milk, coffee, tea, and cider” (Gardner “Gail Borden”). Finally, in 1853 he created condensed milk, and three years later, he acquired a patent to sell the product. After founding Borden’s Incorporated in 1857, he sold his invented commodity to the Union Army, hoping that war profiteering would result in his prosperity. Condensed milk became an instant triumph, and veterans from both sides returned to their homes with Borden’s on their mind. A byproduct of the condensing process -- a sticky substance -- became a staple...
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...At the end of the Civil War in 1865, America found itself in a state of economic chaos. Within the following decade, capitalists introduced industrialization and helped shape a financially damned nation into industrial America. Historians used the terms “captains of industry” or “robber barons” to depict capitalists during America’s industrial movements between 1875 and 1900. While both names were used, these capitalists were deserving of their title as “robber baron” as most of them gained their wealth and power by ruthless means — at the endless toil of the poor, working class of people. Capitalists abused their workers with the provision of poor working conditions and low wages, even at times of inflation, to maximize their profits. Consequently,...
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...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...
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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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