The United States experienced unparalleled growth during the period of time following the Civil War, known as the Gilded Age, with city expansion supported by new and growing industries, railroad expansion, technological inventions, GNP increases, skyscrapers being built, and more. While many view the industrialists of the Gilded Age as Captains of Industry for the way they grew America economically and lifestyles-wise, they were really Robber Barons because of the fraudulent, corrupt actions they took to hurt both their consumers and their laborers. While the Gilded Age industrialists were truly Robber Barons, the way in which they contributed to and improved America's overall lifestyle exhibited that they were also characteristic of Captains …show more content…
One of the greatest threats to the country was the establishment of monopolies in certain industries, and industrialists like John Rockefeller, founder of Standard Oil Company, worked with the specific goal in mind to create a monopoly. For example, with Standard Oil Company, Rockefeller colluded with the railroad industry to have them raise the price of rail shipping for his competitors and in turn give the extra money the railroad companies made to Rockefeller and his company. Therefore, Rockefeller monopolized his industry by having railroads hike their prices for his competitors' shipping which thus increased the price of oil, and at the same time, Rockefeller was able to lower his price with the rail revenue he received, therefore putting all of his competitors out of business and establishing a monopoly. Once a monopoly is established, the company can set the price and has no need to innovate with the absence of competitors, thus harming the country as a whole. While corruption occurred between industrialists, there were also acts of corruption between industrialists and the government itself. For example, gold industrialists Jay Gould and Jim Fisk greatly increased their revenues by stopping the United States Treasury from releasing gold into circulation. As a result, their gold, because there was less gold around, was valued highly and enabled them to make a lot of money off of their corrupt tactics. This not only occurred with Gould and Fisk, but occurred with many industrialists, who, because they funded much of the government, could use the government to do what they wanted, as if the government was their puppet. Additionally, the industrialists acted unfaithfully towards their own workers, the people who struggled to survive daily. In Pullman towns, George
The purposeful and forceful creation of a monopoly by John D. Rockefeller essentially eliminated the idea of a meritocracy in the oil industry. Standard Oil success was due to its size and resources, destroying small and potentially better
In the stage following the Civil War, Industrialization had many leaders. These leaders helped boom the growth of the economy and the industry in the United States. As historians have looked closer at the people who helped America become one of the leading industrial powers of the world, they’ve come to question the honesty of how these leaders really obtained their fortunes. The industrial and business leaders of the 1865-1900, also known as “Robber Barons, used various methods in order to build up their own wealth and power. These would use mechanisms that would go against the public population more often than not and those that would go near extremes.
Being so familiar with stocks Gould noticed fluctuation in gold prices and devised a plan. The intricate scheme would allow Gould to essentially control the gold supply in America, which would mean he could influence the entire national economy. Gould's plot could only work if while driving up the prices the federal government chose not to sell gold reserves. To sideline the Treasury Department, Gould was at it again bribing officials in the federal government, including a relative of President Ulysses S. Grant. September 24, 1869, the price of gold began to rise and a panic ensued on Wall Street.
On the other hand, he was a very questionable person who played a major role in the downfall of the Steel Oil company of the United States, being found guilty of monopolizing the business which in turn had to be shut down. While he faced criticism with how he accumulated his wealth, JD Rockefeller was a captain of industry, as his charitable efforts made an impact on so
Throughout the 19th century, industry as a whole became a major power house of society. Lust for invention and scientific thinking were encorporated into the mindsets of the American population. Sparked from thought and invention -- most notably from Thomas Edison, Alexander Graham Bell, the Wright Brothers, and Henry Ford -- industry was vital in influencing social and economic competition. As poverty increased in America -- resulting from rapid immigration and a competitive market economy -- so did wealthy individuals gain monetary stature. While some of those gaining wealth during this time period could be considered "Robber Barons", as they manipulated the law, influenced elections, and misinterpreted the truth in order to make gains,
These “ Captains of Industry “ donated to charity and helped the poor after they helped themselves. Stated by Andrew Carnegie in Wealth and Its Uses “ It will be a great mistake for the community to shoot the millionaires, for they are bees that make the most honey, and contribute most to the hive even after they have gorged themselves full. “ Carnegie is explaining that millionaires make the most honey ( money/wealth ) and contribute the most to the hive ( community ) after the millionaires are stable themselves. These businessmen also set an example on how to live and deal with wealth, also stated by Andrew Carnegie in The Gospel of Wealth “ This, then, is helf to be the duty of the man of wealth: First, to set an example of modest, unostentatious living, shunning display or extravagance “ and “ to produce the most beneficial results for the community - the man of wealth thus becoming the mere trustee and agent for his poorer brethren.” Carnegie is explaining that men of tremendous wealth need to set an example of living for the poor and produce for the whole
Although industrialists of The Gilded Age brought about a new societal sophistication, those of the lower class were not blessed by these of the social graces. The men of The Gilded Age the steelmaker Andrew Carnegie, the banker J.P. Morgan, the oilman John D. Rockefeller, and the railroad magnates Jay Gould and Cornelius Vanderbilt, contributed to the low income and poverty lives of their workers. Often labeled at robber barons, these industrialists took away the rights of their workers and helped make higher class children have an unfair advantage, especially in the sense of education, over the lower class youth. These men, distinctly different in their investments, all had one goal in mind. To earn a profit, no matter the cost.
As industry began to grow in America, a select group of pioneers such as Andrew Carnegie became controversial. The controversy was that they were simply rich and took from the poor. People who participated in such acts were referred to as “Robber Barons”. It is often said that Andrew Carnegie was a “Robber Baron” but he was not because in his case, he was one of the first people to bring industry to such a large scale. Without people before him, he had no guidance and therefore it was much harder to conduct business because he was essentially creating his own path.
When Cornelius Vanderbilt died he left his $100 million fortune to his son William Vanderbilt and they both had the same attitude. During the Gilded Age these big business and their owners were thought of as being Robber Barons or Captains of Industry. The poor working conditions that were provided, the corruption they led in government, and their use of child labor shows that they were Robber Barons. Children were used in labor to work a lot and most days of the week. Kids as young as 5 often worked as much as 12 to 14 hours a day for barely any pay.
There had to be a way to keep the industry growing, with the needs for education, as well as materials for farming and for the use of new inventions in technology. The captains of industry were very capable in providing for these needs. In Document C, Wealth, Andrew Carnegie describes what the man of wealth was responsible for: “To produce the most beneficial results for the community- Bringing to their service his superior wisdom, experience, and ability to administer, doing for them better than they would or could do for themselves.” The conditions of the lower class at the time gave these men a leading role for priorities, which they were successful with.
Civil War ended in 1865 and had positive and negative consequences. It paved the way for the fast development of commercialism and industrialization in all areas of the economy: industry, agriculture, trade. It saved the national unity of the country. This period was marked by strong development of economic as well as social and political spheres of the United States and Mark Twain accurately named this era the "Gilded Age". The development of the American industry led to the increase of the per capita income in the US.
Robber Barons and Captains of Industry Some might believe that the businessmen of the Gilded age are robber barons because of how some of them treated their workers and spent their money. The businessmen of the Gilded Age were captains of industry because of the impact that they made on the country. Carnegie, Rockefeller, Morgan, and Vanderbilt all have done things that can identify them as captains of industry. These businessmen gave their time and effort to help the economy grow.
The Gilded Age was a period economic growth as the United States strived to the lead in industrialization. The nation was rapidly expanding, not only its borders, but also its economy, industry and big business rising fast. Many were enthusiastic about this industrialization, and those who were fortunate, rose to the top. After the Civil War, many started to move out west, looking for land and job opportunities. Railroads, often called the first “big business," took advantage of this westward expansion.
Jessica HillisMr. GillardAP US History5 January 2007Essay 16: Gilded AgeThroughout history, certain periods of time have been given certain names based on thehappenings that occurred. Many have called the period of 1865 to 1901 the “Gilded Age”, be-cause it was “shiny and pretty” on the outside but it was “rough and ugly” underneath. The term“Gilded Age” was actually coined by Mark Twain who satired the Gilded Age with a GoldenAge.
Lastly, industrialization created unpredictability in markets which made businesses want to control the whole market themselves. In turn, this allowed for few businesses to control capital in an entire industry. During the time of Rockefeller, sometimes his oil was worth $20 for a barrel or 20 cents (46). One way to make the oil market predictable was to take out the competitors. In the case of Rockefeller, he did.