ipl-logo

How Did Robber Barons Become A Captain Of Industry

1125 Words5 Pages

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

Show More
Related
354 Words | 2 Pages

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.

Read More
594 Words | 3 Pages

After the Civil War America entered an era known as the Gilded Age where the economy began to grow in production of raw materials and railroads plus population increased tremendously. The industry of America grew large and big businessmen like Andrew Carnegie and John D. Rockefeller became very wealthy and rich. Soon after the rise in popularity of the businessmen in Industry people began labeling the businessmen as either “ Robber Barons “ or “ Captains of Industry “. Robber Barons were considered entrepreneurs who would stop at little expense to achieve a lot of wealth. They would be cruel to their workers and force horrible working conditions while paying little to the workers.

Read More
484 Words | 2 Pages

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.

Read More
762 Words | 4 Pages

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.

Read More
1018 Words | 5 Pages

The Gilded Age, a period from approximately 1869 to 1900, was, in many respects a golden age of advancement for America. The economy boomed, wages rose, and incredible new technologies were created. At the forefront of this progress stood industrial leaders. Their investment capitals helped bolster innovation and their companies improved transportation, communication, and nearly every other aspect of life. The government was partially laissez faire but also willing to step in at times, providing land grants and other incentives, spurring growth.

Read More
925 Words | 4 Pages

“Much of the blame heaped on the captains of industry in the late 19th century is unwarranted.” (Document F). The Gilded Age was a time where the U.S. economy grew very quickly and rapidly, due to the inventive minds and entrepreneurs of that time; but it has different perspectives of opinions in history today. This era led the U.S. to its state and place in the present world, thanks to its important contributors, (who are involved in the main debate of whether they were robber barons, unethical men who yearn for money, or captains of industry, leaders who add positive ideas and methods to benefit their country.) The industrial leaders of the Gilded Age are captains of industry, worthy of some gratitude and credit for how our society’s structure

Read More
520 Words | 3 Pages

The Gilded Age served as a critical role in shaping the American economy throughout the 18th and 19th centuries. Cities became flooded with immigrants and workers which created a pool of cheap labor. Railroads expanded, connecting the nation’s major cities and generating a nationwide marketplace. During this time, much of the rapid growth that occurred was led by inventions that were created. There was also a few who used this change to their advantage and created business empires.

Read More
575 Words | 3 Pages

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.

Read More
972 Words | 4 Pages

What once used to be a small, combusting country, now surprised the rest of the world as it became the number one industrial nation in the world. These Captains of industry helped build an empire that would lead to world power status. In the article titled “The Gilded Age” the author, from UShistory.org, explores the impacts that these leaders had on the country as a whole. Not only did these men provide and produce some of the most technologically advanced assets of the time, but paved the way for innovation in the future. The country was now known as “the small nation once seen as a playground for European empires had now surpassed them all,” (ushistory.org).

Read More
760 Words | 4 Pages

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.

Read More
799 Words | 4 Pages

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.

Read More
365 Words | 2 Pages

Factories, transcontinental railroads lines, new and robust cities, vast agricultural marks the lands. This was the growth in America, the beginning of the gilded age. With the quick and very effective economic growth and wealth of course, brought issues in society. America’s extraordinary economic development was produced multiple job opportunities. Labor increased from 13 million to 19 billion people.

Read More
948 Words | 4 Pages

After the end of the era of reconstruction following the civil war, the gilded age began. The gilded age was characterized by it’s rapid economic growth, however it was also defined by the political corruption and social inequallity that arrose from that growth. As companies grew at an unpresedented rate, they took a central role in shaping the political landscape and economy during the gilded age. The growth of big businesses during the gilded age changed the economy to be more focussed on industry even at the expense of the working class, contributed to most of the corruption in the government, and led to many inluential protests and movements well into the progressive era.

Read More
177 Words | 1 Pages

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.

Read More
235 Words | 1 Pages

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.

Read More

More about How Did Robber Barons Become A Captain Of Industry

Open Document