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Was Jp Morgan A Robber Baron Or A Captain Of Industry

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A robber baron is described as a person, most likely a businessman, who handled their power to progress industrial monopolies, obtaining power from politics, and finally gaining wealth in the process. Whereas, a captain of industry is recognized as a business leader who contributed positively to their own country. Many questions asked, an important one is, “Are Cornelius Vanderbilt, J.P. Morgan, Andrew Carnegie, and John D. Rockefeller, robber barons or captains of industry?” During the nineteenth century, there were many methods in which the following business men used. For an example, monopoly, a hand in politics, or other unusual business practices. In result of this happening, it indeed changed the life of Americans, made unions emerge, …show more content…

"J.P. Morgan (1837-1913)." Ed. Richard Balkin. Almanacs of American Life: Victorian America. New York: Facts on File, Inc., 1996. 247. Print.) during the late nineteenth and early twentieth centuries. Instead of going down into history as a robber baron, J.P. Morgan is known as a captain of industry for using his character as a financial genius for the greater good. In the wake of the Panic of 1893, U.S. gold reserves majorly depleted, resulting in a temporary stock market crash. He played a role in “helping to reorganize large government deposits and he helped to preserve the solvency of several major banks and corporations” (Aeysha. "JP Morgan Robber Baron or Captain of Industry." History. N.p., 27 Nov. 2007. Web. 12 Apr. 17.). After Morgan cited an 1862 statute that gave the Secretary of the Treasury the ability to successfully pull of a transaction, without the Congress’ approval, the trembling economy started to stabilize in early 1895. Furthermore, Morgan had a conspicuous establishment, J. Pierpont Morgan & Company, which was founded by the means of being a philanthropist. After finishing his education in 1857, J.P. Morgan was in New Orleans for business when coincidently, he came upon a captain’s ship with a countless amount of coffee and no buyer. Instead of moving along and not showing interest, “Morgan used his company’s funds to purchase the coffee, and then sold it to local merchants for a profit” (J.P. Morgan." The Biography.com. Ed. Biography.com Editors. The Biography.com website. A&E Television Networks, 9 Jan. 2017. Web. 14 Apr. 2017.). With the company becoming “one of the leading baking houses of the world” (Shifflett, Crandall. "J.P. Morgan (1837-1913)." Ed. Richard Balkin. Almanacs of American Life: Victorian America. New York: Facts on File, Inc., 1996. 247. Print.), John

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A. Morgan spent attending school in his early life.” “In 1895 he moved to cleveland, later when he was a grown up he became a sewing machine mechanic.” He repaired sewing machines, “Then he opened a shop in 1907.” Later he sold his sewing shop and bought several others through the years. After he opened many sewing machine shops, “He became an independent businessman.”

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In the 18th and 19th centuries, the captains of industry, more popularly known as robber barons, controlled big businesses, but through unethical, cut-throat ways. Robber barons were the wealthy citizens who owned successful businesses which used tactics that kept them on top, and there competitors below them. These tactics included, trusts, pools, and holding companies, which were all forms of monopolies. There were many individuals who qualified as a robber baron, but three of the most well known are Andrew Carnegie, John Davidson Rockefeller, and John Pierpont Morgan.

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Was John D. Rockefeller a robber baron? I’d say so. Through ruthless business tactics and exploitation of workers, he made a fortune in his lifetime. In this paper, I’m going to be talking about said business tactics and exploitation. If you believe Rockefeller was just a good business man who donated to the poor, I hope your view will be changed by the end.

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During the late 1800s there was a time period called the “Gilded Age”. The Gilded Age is a time period the economy was struggling along with the people of the era. Andrew Carnegie, John D. Rockefeller, and Thomas Edison were some examples of successful business owners and Robber Barons of that time. Robber Barons were the people who stole money from the public along with natural resources such as soil, land, etc. These men were supposed to be great leaders, but instead they enforce horrible working conditions.

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Although many citizens viewed capitalists as “Captains of Industry,” they can also, just as easily, be seen as “Robber Barons.” Even though railroads were beneficial to society, they were not without corruption, as shown by the Credit Mobilier scandal. This was a railroad company that paid itself huge sums of money for small railroad construction. In fact, it received twenty-three million dollars in profit. Moreover, the railroad industry could be seen as completely insincere and dishonest because of its monopoles.

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Robber barons, specifically Andrew Carnegie, an industrialist and John D. Rockefeller, a philanthropist, were the chosen, elite members of society according to the doctrine of Social Darwinism. Darwinism is when evolution occurs and the strongest organisms of an ecosystem survive and reproduce to outnumber the weaker, less fit organisms of an ecosystem. Similarly Social Darwinism follows the same concept, but in a capitalist sense of thought. Those who were able to exploit the Gilded Age’s laissez faire economy to their own benefit, like the robber barons Andrew Carnegie of Carnegie Steel and J. D. Rockefeller of Standard Oil, were the fittest members of society because they were able to survive in the grueling and ruthless free economy. By usurping all of the fresh yet unfit immigrants that were flowing into the States due to the rise of urbanization, these two men integrated these easily-manipulated people into their factories to augment their profits.

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After the Civil War, the Second Industrial Revolution was established due to America’s rapid growth for industry and economics. Capitalists during the industrial period of 1875-1900’s were either accused of being a robber baron or a captain of industry. Some capitalists leaders who were accused of being a robber baron or captain of industry included J.P. Morgan, Andrew Carnegie, Andrew W. Mellon, and John D. Rockefeller. A robber baron is a business leader who gets rich through cruel and scandalous business practices. The captains of industry is a business leader who wants to better the companies in a way that it would be positively contributing to the country.

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The actions of these four businessmen in the late 1800s had overall a negative effect on society. These men were known as Robber Barons. A Robber Baron is someone who acquired a fortune in the 19th century by ruthless means. Examples of Robber Barons include JP Morgan, John Rockefeller, and Andrew Carnegie. These men gave horrible working conditions to their employees.

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“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

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During J. P. Morgan’s time, Morgan himself was in a position to loan the Federal government huge sums of money. In essence he indirectly controlled the federal government and influenced their policies to serve his interests. He considered it a form of nationalism by doing so, even though he was rewarded handsomely in the form of interest paid back on the loan. The amount of wealth amassed by the top 1% of the population began to unnerve the American public and politicians alike. The rich got richer while the rest remained stagnant or became poorer.

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Was Cornelius Vanderbilt a Robber Baron or Captain of Industry? A cruel businessman or an industrious leader? Henry J. Raymond believed that Vanderbilt was “a monopolist that crushed other competitors”(T.J Stiles). While he is also deemed one of America’s leading businessmen, and is also credited for helping shape the United States. His fortunes were made unfairly in some cases but his million dollar contribution to the Navy was very generous.

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The Captains of Industry were certainly one of the most important factors in the development of United States in the period directly after the Civil War. While there is some merit to the argument that the industrial leaders were Robber Barons that did more harm than good, their contributions to American society clearly outweigh those negatives. The Captains of Industry quite literally revolutionized the American way of life that gave the U.S. the highest standard of living in the world prior to the outbreak of World War I. This was made possible due to the emergence of corporations in areas such as finance, steel, oil, and railroads. When these men combined with other factors, such as the mechanization of agriculture, immigration, migration,

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John D. Rockefeller gave away $540 million dollars before his death at the age of 97. With this money he created two, of the world's greatest research companies and helped pull the American South out of poverty. Without Rockefeller’s gracious donations to our country through education, medical, and donations to help our country, he most definitely was a Captain of Industry which helped our country get to where we are today. Captain of Industry is a fancy term of saying that this person has helped our country thrive and get to where we are today. John D. Rockefeller is a prime example of a great leader and a captain of industry, without him we would not have the successful oil business we have today.

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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.

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