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A Brief Review Of Alyssa Ramirez The Myth Of The Robber Barons

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Alyssa Ramirez “The Myth of the Robber Barons,” written by Burton W. Folsom Jr., is a work of non-fiction literature that challenges mainstream perceptions of the industrialists that heavily influence aspects of 19th-century culture and economy. During this period, the term “robber baron” was often used to describe industrialists who were consistently driven to accumulate their fortunes and, as a result, frequently exploited the lower-income working class in ways that were quickly perceived as unethical to many. For instance, some industrialists were known to pay their workers meager wages, leading to poor living conditions and a lack of basic necessities. Others would use their wealth and influence to manipulate government policies in their …show more content…

In addition to the significant impacts Rockefeller had already left on the oil industry, he sought to gear his philanthropic efforts toward the future through education. Hoping to inspire more research to be made across the country’s youth, especially in the field of medical research, Rockefeller provided the necessary funding needed to kick-start the launch of the University of Chicago. This new addition to academia has led many Americans to further their education and pursue careers they may not have otherwise. While Rockefeller’s influence focused on the oil industry, Andrew Mellon had a similar impact on the steel industry. Through vertical integration and various technological advancements, Mellon contributed to the widespread availability of steel. Before Mellon’s impact fully hit the steel industry, steel was a relatively tricky resource to acquire. Steel production saw limited output because it could only be produced in small batches, which resulted in it only being allocated to necessary materials such as tools and weaponry. However, through vertical integration, Mellon was able to change this …show more content…

While the first railroad was created 20 years prior to Vanderbilt’s efforts, Vanderbilt first entered the steamboat industry. Railroads, which posed a threat to commerce surrounding the Erie Canal, brought Vanderbilt to realize how vital the railroads could be due to their effectiveness and ability to travel for prolonged periods. With those advantages in mind, Vanderbilt decided to enter the railroad industry by investing in and obtaining railroad companies of his own, intending to expand the railroads into more efficient systems. Although Vanderbilt owned various railroads in locations such as New York and Harlem, his most prominent step forward occurred when he gained control of the New York Central Railroad in 1867, allowing him to establish himself as a dominant figure in the railroad industry and expand his power throughout the United States to further the development of the American transportation

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America’s Gilded Age was a period of sudden economic growth and it concentrated mainly on industrialization, it lasted from 1870-1890s. The Gilded Age was when immense wealth was accumulated by a few people, such as Andrew Carnegie who dominated the steel industry and John D. Rockefeller who dominated the oil industry. These two industrial leaders were known as “robber barons” especially Rockefeller because he drove out smaller businesses and he bought out all of his oil company competitions, this type of business method he undertook is known as horizontal expansion. Carnegie on the other took a different approach, he established a steel company that was “vertically integrated, meaning he controlled more than one stage of the supply chain.

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Cornelius Vanderbilt: Captain of Industry When America began its journey into industry, the country immediately flourished. Inundated with immigrants, factories were easily staffed; jobs were given out to any individual who wanted one. However, some of these large industrial companies flourished more than others. Cornelius Vanderbilt, for example, became one of the richest men in the country. Many Americans believe that business owners like Vanderbilt should be given the name “Robber Barons” because of their great accomplishments; however, in contrast, others like to deem them as America’s “Captains of Industry”.

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In 1868, Vanderbilt decided that he had to buy the New York & Erie Railroad in order to end competition in New York City railroads. He was unsuccessful in doing this, but he had more luck securing railroads that traveled all the way to Chicago. He bought Lake Shore & Michigan Southern and the Northern Indiana Railroads. By 1873, Vanderbilt had control over a system of railroads running from New York to Chicago.

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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.

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In the 19th century, individuals became incredibly wealthy due to the rapid expansion of railroads throughout the United States. These railroad tycoons amassed fortunes by investing in and controlling the transportation industry. The development of railroads allowed for faster and more efficient transportation of goods and people, ultimately leading to the growth of cities and industries across the country. There is no denying the significant impact these individuals had on American history and the economy. Cornelius Vanderbilt, also known as the "Commodore," was a prominent figure in American business during the 19th century.

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When it comes to the terms “Robber Barons” or “Captains of Industry” an automatic focus brings and individual to three key historical figures including Cornelius Vanderbilt, John D. Rockefeller, and Andrew Carnegie. Whether or not an individual agrees with the given terms jointly or feels stronger about one way or the other, there is plenty of information to support either side or both sides simultaneously. I feel that as time has gone on from the 19th century to present day the roles have changed from “Robber Barons” to “Captains of Industry” with the continued progression of everyday living. The “Robber Barons” began with Vanderbilt, an aggressive, rude, competitive steamboat owner/operator turned railroad owner. He was known in the steamboat

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He does this because he knows that the completion of the railroad will forever transform America. In the end, Vanderbilt’s decision to invest heavily in railroads paid off. The railroads allowed cheap and efficient transportation from one corner of America to another and became the big supplier of transportation in the oil industry, with over 50,000 miles of railroad tracks. Very soon, he became the richest man in America with a net worth of over $68 million, which today is $75 billion. Vanderbilt owned the only rail bridge into New York City, which was America’s busiest port.

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The late 19th century was full of growth, production, and business. People were craving power and seemed to achieve this through any means necessary. Consequently, a new business elite formed consisting of the richest men alive. The way in which these individuals acquired all their profits is something very contradictory even over one-hundred years later. Some historians characterize these businessmen as “robber barons” who used extreme methods to control and concentrate wealth and power, and being supported by multiple sources, this statement is justified but only to some extent.

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Soon after that the commodore took control of many railroads. In 1867 he also got the central railroad and he connected that with all the other railroads he had already owned and that was called the New York Central Railroad. Once he did that about five years later they estimated that he made about 25 million in those 5 years. His son William henry Vanderbilt inspired him to make the

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These men trying to create and build these monopolies, corner markets, and increase profits the men never cared too much about who they hurt or what the effect of what their actions were. All they ever cared about is the money and the goods coming their way. For example, in the article “Captain of Industry or Robber Barons?” it states “workers were treated badly by the capitalists and their management organizations.

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His work, The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy, allows readers to see a more picture perfect outlook on what the lives of these men entitled. Morris’s book was published in 2005, which allows readers to get a perspective from a long period of time and closer to reality rather than other historians writing on this era. The last author that allows readers to view the Robber Barons in a different manor is James Nuechterlein in his journal article Gifts of the “Robber Barons.” Nuechterlein wrote this article in 2007 allowing readers to view the men through historical resources that he uncovered. His stance shows a more balanced approach to the Robber Barons rather than saying one or the other was a better man than the other.

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The autobiography “Andrew Carnegie and The Rise Of Big Business,” written by Harold C. Liveway, tells the life story of a poor thirteen

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He used his boat to ferry passengers and goods between Staten Island and Manhattan… Selling his ferry business, Vanderbilt went to work for Thomas Gibbons in 1817, running a steam ship line between New York and New Jersey. Over 12 years, Vanderbilt became an expert in the operation and design of steam ships. He 1829, he resigned to launch his own business… He sold his interest in steamers and turned to Wall Street, the financial heart of the nation in New York. In a short period of time, he quietly bought up a number of railroads to form the New York Central and Hudson River line, one of the largest businesses America had ever seen.

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Document 4 shows that Carnegie was able to cut costs by more than $20 per ton. The natural question that arises is this: how was he able to get costs so low? Document 5 suggests that the practice of vertical integration was essential to profits, as it enable Carnegie to own a monopoly on the entire industry of steel production, all the way from the iron ore mines to the ships that transported materials to the steel mill itself. Although ingenious, this strategy usually results in market monopolies, which can end up being harmful to both competitors and the consumer. In addition to the tactic of vertical integration shown in Document 5, Documents 6 and 7 reveal the extreme exploitation of workers that Carnegie used to increase his profits.

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1406 Words | 6 Pages

History should remember the entrepreneurs of the 1800’s and 1900’s as Captains of Industries or Robber Barons. These entrepreneurs

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