As mentioned above many products from different industries were discovered and invented which made life easier and cheaper. The factories did not spend fast amount of money on making the products as they were allowed to pay their workers as much as that suited them so it did not cost them much and the innovation of factory machines also helped them produce in big quantities. These products were very demanding which meant that it grew the economy of the making nation, “Britain’s output of coal soared from 5.23 million tons in 1750 to 68.4 million tons a century later” (Strayer, 2012; 835). The industrial revolution did not just grow the economy of industrializing countries it also helped grow the economy of non-industrializing nations. For example, Latin America was one of the non-industrialized nations however its economy grew unexpectedly as they exported demanding raw materials such as rubber, silver, coal and many more resources that were essential for the growth of the industrial revolution (Strayer, 2012; 854).
I believe he is a captain of Industry. What made you categorize your choice as a Robber Baron or Captain of Industry? I believe Henry Ford is a Captain of Industry whose contribution was vital to this country place as a great industrial power. He uses his skills and social position to revolutionize the automobile industry, provide cars in a more affordable price and give his employers better and steady wages. In a time where America’s economy was at its low, much work was necessary to rebuild the economy.
Intrinsically, this theory does not perceive other purposes or obligations to deliver more resource or salary to people that need most of resources and to the people that deserve most of resources. Utilitarianist especially pay attention for doing best things that create happines in whole society. However, utilitarianism largely prefer a specific distributive action. For example, they give priority to decrease wealth of rich people for delivering it to the poor people - distribution of goods or resource. Furthermore, in companies, utilitariansts can prefer to take away the salary of board of directors for expanding salary of permanent workers of the company.
A captain of industry is defined as “a business leader whose means of amassing personal fortune contributes positively to the country in some way.” Furthermore, a business leader who increased productivity, expanded markets, provided more jobs, or showed acts of philanthropy were considered captains of industry. One example is John D. Rockefeller who combined his many oil corporations that he already owned into the Standard Oil Trust. Creating the Standard Oil Trust made Rockefeller’s products cheaper for the public, it provided many jobs to workmen and it “paid the best wages,” according to Document 2. While pursuing the gain of wealth, Rockefeller positively helped the country grow. Another example of a captain of industry was Andrew Carnegie.
During the industrial revolution Laissez-faire was a thing, but it was very controversial. Business owners were for Laissez-faire, because it benefited them more than it benefited the workers. Business owners made so much more money without the overhead over them. The absence of overhead is the main reason most business owners were for laissez-faire. Laissez-faire prevented the business owners from having to present workers with safe working conditions, this also led to spending less money which meant making more.
Once again, I understand that businesses have to survive, but there are better ways to do so. If there was ever an unethical company, Providian is it. Providian defrauded millions of dollars from its customers. If I recall this correctly, in the film it had two entrepreneurs with a business called “People First Recoveries”. The two buy bad debt from all over the country in hopes of one day making huge profits and for them to attempt to collect their money they have peoples’ personal information they use against them.
Illegal immigration has aided the nation’s economic growth by allowing businesses to prosper as the illegal immigrants have provided cheap labor and long hours of hard work. Businesses are not providing insurance both medical and retirement plans for their illegal workers. This results in a lower production cost for the companies and lower prices of goods and services for everyone. Despite the fact that illegal immigrants may not contribute directly to the economy in the aspect of paying taxes like income tax, they contribute to the economy in the form of sales taxes. They do this by purchasing the supplies they need in the same way native citizens or legal immigrants do in order to survive.
After controlling most of materials and manufacturing, his competitors can’t really mess with prices, so they are no longer competitive. Another big monopoly at this time, was John D Rockefeller, of course he wasn’t in the greatest social class by start, and he had some family struggles and forcefully needed to get a job to support family. In the lecture “America in the Gilded Age,”it claims that “Rockefeller starts horizontal expansion, by buying out competing oil refineries, soon developing what Carnegie did, which was vertical integration. He control about 90% of the oil market.” Knowing this, they crushed out other companies, making them robber barons, yet most people, might say its social Darwin, where they
Nevertheless, in my opinion, the given society is indeed not communism, hence Karl Marx would not get satisfied with it. First of all, the given society reduces the income inequality between capitalists and workers by applying progressive tax and regulation reforms. It looks prosperous because when the income inequality is dramatically reduced, those poor people do not need to worry about their insecure life anymore. However, the division of society still exists as two classes: Bourgeois and Proletariat are still there. Although the dissimilarities between the two classes have been reduced, we cannot deny the existence of these two classes.
If one puts all their money into the railroad and it ends up being a flop like the pony express then all that money has gone to waste. However, there is also government aid to help build the railroad to connect east and west. For the transcontinental railroad, government aid meant twenty sections of land for every mile of rail laid and two mortgage securities. Investors would be a lot more secure and would possibly still gain something if the railroad failed. There was also the government subsidies, so there was a smaller risk as it wouldn’t just be the investor’s money going into the railroad, but the governments as well.
Andrew Carnegie used vertical integration in the steel business to great profit. His operation controlled every step of the process from mining the ore, mining the coal, shipping the ore and coal to the foundry, actually making steel from the ores, owning and operating ships and railroads to transport the raw materials and finished goods, etc. What better way to make your business profitable than to arrange for much of the money it spends to be paid to another one of your businesses? Keeps the money in the family, prevents some other company from putting the screws to you by cutting availability or raising prices, and the peripheral businesses (such as railroads and shipping) may be stronger competitors for other business because they have
While this remains true, the business men of the Gilded Age were captains of industry to an extent. One of the most prominent captains of industry, Carnegie, donated a large sum of money to charity at the end of his life because he believed in the Gospel of Wealth, as he stated in 1889 (Doc C). Carnegie also helped make America more efficient by using vertical integration. According to E. Levasseur, efficiency was
These men reaped high profits at their workers expense. The robber barons were able to get rid of their competition by selling products at a much cheaper price than their competitors. This of course was possible due to the abuse towards their workers, and the monopoly they were then able to create. Once there was no competitors,
Corporations and workers both need each other to survive, but they don’t get along very well. Corporations are trying to get the most money they can get in the most efficient way possible. Workers on the other hand, are trying to get the most compensation for the labor they supply to the corporations. This leads to conflicts between both parties resulting in a strike. Strikes are good for the common worker because they help the worker get a good deal.