‘The reason for the United States of America having the strongest economy in the world is because of the work of entrepreneurs.’ Certain entrepreneurs had the vision to achieve their goals and to build empires that shaped the future of the United States of America’s economy, therefore making the USA the most powerful country in the world. These men included: Cornelius Vanderbilt through his shipping and railroad empire; John D Rockefeller through his oil, kerosene and gasoline empire; Andrew Carnegie through his steel empire; JP Morgan through his General Electric company as well as his contributions in banking and lastly Henry Ford for his perfection of the assembly line and creating a car affordable for the common man. These men not only …show more content…
(Source 7) He eventually became a director in Scotts Company. Scott told Carnegie that the key to success was westward expansion. Carnegie was now challenged to build a bridge over the Mississippi river. (Source 3) At the time one in four bridges built would fail and no one had ever attempted to build a bridge this large before, but Carnegie took on the challenge. Carnegie knew that there could be no rewards without risks and he put together a team of men to design the bridge. It would be called the Eads Bridge. (Source 8) Many concepts were scrapped and the design team soon realised that Iron was not strong enough to withstand the currents of the river. (Source 3) Carnegie knew that he would have to find something stronger than iron. He looked into steel as at the time it was the strongest material ever made but he came across a problem, as it was very expensive and difficult to produce, and it was also only used for small items around that time like cutlery and jewelry. Carnegie had a vision for the future and his vision was mass produced steel. (Source 8) He invested in a new invention that had the ability to produce large steel structures, like the beams needed to build the bridge. (Source 3) The Eads Bridge was behind schedule and Carnegie was not able to pay back investors. He was forced to bring construction to a haul. The relationship between Carnegie and Eads was breaking up, as …show more content…
Morgan then funded the erection of a central power station in New York City. Soon after this Morgan’s father died in a horse and carriage crash, JP Morgan inherited all his father’s money and he now had nothing holding him back from investing in electricity. (Source 7) 30 years of unparalleled growth has made America one of the most powerful countries in the world. (Source 5) America was now the most technologically advanced country in the world, trains, oil, steel and electric light was making the USA a step ahead of all other countries. JP Morgan joined Rockefeller and Carnegie as the most powerful and influential men in America. Morgan began to get power hungry, as he did not want to be confined to just one company; he wanted to own them all. Morgan was head of the largest investment bank in the world and this gave him unrivaled power and influence with everything that had to do with money. (Source 4) Morgan at one stage used his personal funds to bail out the federal government, saving the American economy from a complete collapse. (Source 5) Morgan created a concept called ‘morganisation’, (Source 7) the idea behind it was to bring together competitive industries to maximise profits, and he began to reconstruct companies and eliminating expenses and maximising profits over everything else. This created a trend in big business and
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Working as a personal telegrapher he came up with two ideas to help make the railroads more efficient and these two ideas were the most successful ideas. In 1859, he was promoted to Pennsylvania railroad superintendent. In 1861, Carnegie started the freedom iron company. Since the railroads were getting destroyed in war and deteriorating over time the iron business allowed him to bring in a lot of money since he was the biggest iron maker. In 1865, Andrew changed paths and sold the freedom iron company to make the keystone bridge company, this was revolutionary because this is when bridges started being built with iron instead of wood.
Just like the treatment his workers endured Carnegie wasn't any nicer to his competitors. Andrew Carnegie was a phenomenal businessman. Much of his success is due to how he operated his business. He watched the costs of his business intently (Document C), always making sure that the steel was being produced at a lower price than what it was being sold for (Document D), and he watched his competitors even closer. In March 1889, when Allegheny Bessemer Steel built a mill directly across from Carnegie's mill it intimidated Carnegie.
Another man that had a tremendous effect on the american economy and structure was John D Rockefeller pioneer of horizontal integration and owner of petroleum refining giant Standard Oil he was called a robber baron because many people believed he used unethical business practices to amass his extraordinary wealth. even so Rockefeller was generally kind to his workers “Paying higher than market wages he believed it helped slash costs in the long
For instance, Zinn describes that “industry after industry-shrewd, efficient businessmen building empires, choking out competition, maintaining high prices, keeping wages low, using government subsidies” (2). The correlation between the men who built America were that they found resources where they could boost production, compete with each other, and build wealth. Their achievements came at the coast of the their factory workers who were brutally treated in order to gain efficiency and control. Furthermore, Rockefeller was an industrialist who “borrowed money in order to buy off his competitors, and with the money he gained from this investment, was able to pay off the loans and profit” (John Rockefeller). Additionally, many of the industrialists had connections to wealthy industries and because of the influence they were able to force mergers with smaller companies or gain assistance to create larger powerful corporation.
His impact was so great that it continues to influence the United States economy even to this day. Over 100 years later J.P. Morgan’s bank is still the leading bank in the United States. While John D. Rockefeller and Andrew Carnegie are the original faces of the US industrial economy, JP Morgan should be compared to these icons due to his helping consolidate railroad industry in the East, formed the United States Steel Corporation, and helped create General Electric. On top of all that, the strongest bank in the United States, and
He is a captain of industry and the internet confirms that. The United States now knows of vertical integration, the Bessemer process and the new libraries and buildings because of Andrew Carnegie. The Carnegie Music Hall is known to this day for many traditional music performances. Many people apply to Carnegie Mellon University and this would not be possible if it were not for Andrew Carnegie.
Then, he left and moved to New York. In 1872 he took a trip to England and cooperated with Henry Bessemer to build a steel mill. He became famous Homestead steel. The philanthropy of Andrew Carnegie made him a hero which set the foundation for three reasons. This was done through Carnegie’s gifts because he gave money to help many causes like education, religion, and other charities, ”The Gospel of Wealth” he believed that rich people are superior to all classes so they should use their money to help lessen or poor people and Carnegie helped his hometown.
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.
Rockefeller ultimately controlled most of the production in the United Stated during their prime. Carnegie took over the steel industry while Rockefeller had controlled the majority of the oil industry, by the end of the 19th century America ultimately dominated both aspects. Both businessmen were also very well known for their contributions to philanthropy and ushering in a new age of American economic history. Moreover, the firm J.P. Morgan was considered to be a household name within the banking industry, the firm allowed for Americans to be financially secure and invest their hard earned money in stocks and bonds. Americans increased investing meant more revenue and taxes for the United States, financial security was crucial during this time due to the unforeseen collapse of the stock exchange, after the crash many Americans lost all their money and banks were forced to shut down meaning that they had to start back at square one.
“Who is the richest American ever?”When asked this question, the name that most often come to mind is Bill Gates but the actual American to become the richest, most famous, influential and the most two-sided businessman at the time: Andrew Carnegie, hero or villain?. In order to answer that question we have to know what the words "hero” and "villain” actually mean. According to Webster Dictionary, a hero is a “person, especially a man admired for courage, nobility, or exploits, especially in war,” and "the central figure in any important event or period, honored for outstanding qualities.” or basically a role model who does good for a cause and has good morals while a villain is described as "someone or something regarded as the cause of
The men who built America are viewed today as either “Robber Barons” or “Captains of Industry”. According to dictionary.com a Robber Baron is “a person who has become rich through ruthless and unscrupulous business practices. A Captain of Industry is “a business leader whose means of accumulating a personal fortune contributed positively to the country in some way.” These men are Robber Barons rather than Captains of Industry because of the unfair ways they got to the top, the cruel ways they treated their workers, and the rivalries they created with each other.
Barons such as Andrew Carnegie, J.P Morgan, and John Rockefeller dominated the country through the enormous wealth that they amassed. The power that these individuals wielded was unfathomable. They even bought the presidency. It was through their combined might that William McKinley was elected. This pushed their power and wealth to even greater heights.
Technology wise, Carnegie was a true innovator. In a photo taken in 1899 of a Carnegie plant, one can see utilization of the Bessemer process. The Bessemer process is a cheap and efficient way to manufacture steel by using a furnace to remove impurities from iron by oxidation. Carnegie was one of the first US tycoons to invest in the process and by 1899, Carnegie had manufactured more steel than all the factories in Great Britain. With this fast production, Carnegie was able to ship more steel for bridges, railroads and other steel uses.
Proposal Yu Hu 胡宇 General Remarks For over thirty-five years after the Civil War, the United States of America entered into a period of fast reconstruction. During this time, there is a man called Andrew Carnegie who made a huge impact on America’s post-war recovery. He led an enormous expansion of American steel industry in the late 19th century.
Carnegie set a model for a big and successful corporation and industry as an initial adopter of new technologies. After exploring in Europe and seeing the Bessemer blast furnace, Carnegie founded the American practice of the technology at his Braddock, Pennsylvania steel works in the 1870s. Carnegie was the first to implement the steelmaking process in the United States. The resulting increase in quality and lower prices made his product highly demanded. J.P. Morgan rose to power by dramatic financial battles.