In the economic rise of the steel industry, brand new entrepreneurs worked even harder to achieve the American dream. The dream was to get rich. Many people tried, and many people failed trying to become the next American hero. This journey did not come without consequences though. Andrew Carnegie was the main man in the steel industry, the top dog.
The Gilded Age was one of the most important eras of the American country that pave the way for new social and economical changes of the country. There were many industrialist that emerged throughout this time. John D. Rockefeller was an industrialist and the founder of his own Standard Oil Company. Rockefeller used horizontal integration, which meant that he bought out all of his competition which allowed him to raise and lower his prices at any rate he desired. This caused his income to skyrocket and he made a fortune.
Railroads had a major impact on advancing the American economy, transforming America into a modern society, and improving an antiquated transportation system. The building of railroads created rapid economic growth in America. Railroad companies employed more than one million workers to build and maintain railroads. At the same time, coal, timber, and steel industries employed thousands of workers to provide the supplies necessary to build railroads (Chapter 12 Industrialization). In turn, railroad companies spent large sums of money purchasing railroad supplies.
The late nineteenth century was a pivotal moment in American history. During this time, the Industrial Revolution transformed the nation, railroads had dissipated all throughout the country, and economic classes began to form, separating the wealthy from the poor. One of the wealthiest men of this generation was Andrew Carnegie, a Scottish immigrant who fled to America to make millions off the railroad, oil and even steel businesses. Carnegie is considered one of the richest men in history, and even with all that wealth he decided to give back to the community. As a matter of fact, Carnegie donated most of his funds to charities, universities and libraries in his last few years.
A case study of a very successful company was done by Arthur Sharplin on The Lincoln Electric Company (LEC). The company which is located in Ohio, USA is one of the best managed manufacturing companies in the world. It is also the world's largest manufacturer of welding machines and electrodes with 2,400 workers in two U.S. factories near Cleveland and approximately 600 in three factories located in other countries (excluding the more than 200 field’s sales force). Each year since the death of its active head, James Lincoln, in 1965, it has seen higher profits and bonuses. Employees have high morale and productivity thanks to the organizational culture within the company.
From the time of its formation in 1912, National Steel Car has designed and developed freight cars that satisfy and surpass the growing requirements and standards of its clients and the railroad market. The keystones of this remarkable company -in its CEO, Gregory J Aziz, own words- are its people and its focus on innovation. They are enormously full of pride of what they have accomplished all together as a team in the company. Since Greg James Aziz was appointed as National Steel Car’s CEO and President, the company is more lively, dynamic, vibrant, diverse, pioneering and value-driven than ever in the past and all this has helped it to achieve its current position as one of the railroad car world leading
The second theme of the “GE under Jack Welch: Narrative, Performative and The Business Model”, describes that during the 1990’s era, General Electric and its CEO Jack Welch were highly successful even under the economy crash. Fortune declared the company as the most admired company and Welch as the most widely admired and imitated CEO of his time. During the year 2002, the earnings and stock prices increased continuously and the P/E ratio was much higher than the other stock. These achievements are generally associated with leadership of Welch, the finance control and key performance initiatives as its internal culture which define every achievement of General Electric. However some critics disagree with this.
The period between 1865 to 1900, also known as the Gilded Age, was an era of rapid industrialization, immigration, and capitalization in America. After the civil war, previously used factories remained and flourished as manufacturing started to replace farming; which was possible due to vast immigration from Southern and Eastern part of Europe. With an available cheap labor source, businesses rose to great heights, and competition thrived. While companies thrived, working laborers and citizens suffered. Because industrial statesman expanded wealth and created opportunities, but also exploited workers, disrupted competition, and manipulated factors of production, it is justified to characterize the industrial leaders of the Gilded age as both “robber barons” and “industrial statement”.
As a result the company was able to purchase new assets and expand the business. 3.2 Quick facts about American Express: American express started as an express mail business in 1850, but since then it has become one of the most powerful lenders and investment companies in the world. As per the purchase volume it is the largest card issuer company in the world. Millions of transactions are handled daily by the company. • It turned up to be the largest small business lender in the world.
The Gilded Age, the period of the history of the United States from the Reconstruction to the early 20th century, witnessed the development of industrialization, urbanization, the construction of great transcontinental railroads, innovations in science and technology, and the rise of big business. There were many capable leaders who were building a better future. Vanderbilt stopped at nothing to connect the nation via railroads. Rockefeller used his trademark ruthlessness to establish his oil empire. Cities were expending to the sky, this was built on the strength of Andrew Carnegie’s steel.