The main industrialist who gained his immense amounts of money in the oil refining industry was a man by the name of John Davison Rockefeller. His company, known as United States Standard Oil, or Standard Oil, for short, became possibly the largest and most powerful monopoly in the nation during this time period. Factories, constructors, and railroad creators relied on the service of the company to keep their own businesses running. When it came to his wealth, Rockefeller spent most of it on expanding and developing his already-successful oil refinery. By using the methods of vertical integration, being the purchasing all the businesses required for the company to function, horizontal integration, which combined businesses of the same industry into one corporation, and the buying out of his “competition,” he dominated the petroleum industry, granting him access to 90 percent of the oil in America.
That is what Carnegie was stressing in his Gospel of Wealth. Many upper class people would “earn” their money by traditional bequeath towards their heirs. In this reality, Carnegie wanted to create philanthropy to help the individuals and families living through poverty. This includes the breaker boys that were literally killing themselves
Henry George’s was a critic of big business and since there we social problems he blames it on a few monopolists to grow wealthy as a result of rising land values. He proposed a single tax on land to replace taxes which would be returned to in addition to the people. If they propose this tax it would destroy monopolies, distribute wealth, and it would eliminate poverty. Robber barons are the reason why people were being driven into poverty (DOC 1). The result of this was how the Northern capitalists led the South away from agriculture and economic dependence, and how they used their wealth to further grow the American industry.
Name of Industrialist: Andrew Carnegie (Steel Company) How did he acquire his wealth? Carnegie frequently recognized as one of the wealthiest person ever. He made big bucks from oil business. He also led the growth of the American steel company in the late 19th century. How he (or his related industries) treated workers.
Morgan, Rockefeller, and Carnegie all had their times when they acted like robber barons but the things they did as Captains of Industry over power what they did wrong which shows they did more good than bad. For example Carnegie donated more than $350 million to further public education, and build over 2,500 libraries. He did have times when he had his workers work long hours with little pay but his good, overpowered his bad. Another example was made by Rockefeller, in 1913, The Rockefeller Foundation was officially established and Rockefeller transferred $235,000,000 to it by 1929. He donated his money and proved he was a captain of industry.
Andrew Carnegie was a great business man by the end of his life but there are some minor details of his earlier life that show his cons. The purpose of Carnegie Steel made it possible for the east and west to unite in the construction of more railroads and transportation of goods. During that time he led his workers into intense labor and decreased pay which encouraged them to stand up for themselves to a strike that ended in many fatalities. Although these corrupt actions were made during Carnegie’s life in the end he realized it was wrong and did philanthropic deeds; for instance he sold his business and gave his wealth away to libraries and charitable organizations. Andrew Carnegie made mass impact to the United States through vertical integration, implementing new technology to industry like the Bessemer process and later in life giving his wealth to the
After selling his company, Carnegie Steel, to J.P. Morgan for $480 million dollars, Carnegie donated about 90% of what he received to different societal causes such as world peace, scientific research, and public libraries. Although some might say that Carnegie donated his money because he felt guilty for the way he had obtained it, the opposite is true, as Carnegie himself stated that “ a man who dies rich, dies disgraced”, meaning that he believed that a man who did not do his duty and benefit his society was not worthy of mention. In conclusion, Carnegie was not a robber baron; he was a captain of industry. His business tactics, successful monopoly on steel, and philanthropy demonstrate this as well. Although it can be argued that Carnegie’s monopoly
Rockefeller: The Captain of Industry that has helped our country thrive “The best philanthropy” he wrote, is constantly in search of finalities- a search for a cause an attempt to cure evils at their source” - John D. Rockefeller John D. Rockefeller was the richest man of his time but, used his wealth to improve our country. Rockefeller entered the fledgling Oil industry in 1863, by investing in a factory in Cleveland, Ohio. In 1870 Rockefeller established the Standard Oil Company. With the establishment of the oil company Rockefeller controlled 90% of the oil business in America by 1880. Coming with a successful business is people trying to find faults in your greatness.
In the 1800’s an almost pure capitalist country was being controlled, bribed, and powered by Robber Barons which employed most of their population in an unmonitored economy. During the late 19th century these Robber Barons were in control of most citizen’s salary. In order to increase profits many factories paid their workers a decent wage so their employees could afford their products. That was the United States. Again a similar problem is arising.Although the American economy is improving from the great recession , the middle class is shrinking, a problem for a consumerist based economy where the middle class makes up the consumerists.
“Wealth is not to feed our egos but to feed the hungry and to help themselves.” a quote from Andrew Carnegie. Andrew carnegie was born in 1835 in dunfurden scotland. He worked as a bobbin boy at age 12 and at 17 he worked in pennsylvania. In the year 1901 he became the richest man in america. Did andrew carnegie’s philanthropy make him heroic.
Cornelius Vanderbilt, also famously known as ‘Commodore Vanderbilt’ was one of the richest men in America. He was born on May 27, 1794 on Staten Island, New York. He was brought up in a poor family including a tragic death in his family. At age eleven he dropped out of school and started working on boats which, brought about an interest in the shipping industry. Then at age sixteen he bought his very first ferry with a one hundred dollar loan.
In Andrew Carnegie’s essay “Wealth,” he believed that he had a responsibility to spend his money on something to benefit the greater good. He believe that the rich should distribute their wealth responsibly to benefit society. One of his quotes say, “The man who dies thus rich dies disgraced.” Carnegie starts off talking social Darwinism, the issue of inequality and how and if he could fix it. Capitalism ensured that the smartest and most talented people would rise to the top. This would make them become significantly wealthier than anyone.
Throughout history, wealth was kept within the family, totally opposite of what we see and expect from most successful business people of today. To bolster the notion that these industrial pioneers were not solely in it for themselves, men like Rockefeller gave millions in charitable donations. Carnegie even wrote a book about how to effectively spread money to the commonwealth as well as teaching the lower classes how to provide for themselves. In fact, Carnegie’s book was given to Bill Gates, a man known for his charitable contributions. As if these Statesmen’s giving nature were not enough, their impact on the world war was extraordinary; without them, America would have been left in the dust.
Kevin ruiz Mr. Plata US History: Period 3 22 October 2017 The philanthropy of andrew carnegie; did it make him a hero “The a who dies rich des disgraced”these were the wise words of a humble man andrew carnegie. Carnegie was born in 1835 in dunfermline, scotland. At age of twelve carnegie and his family set of to seek a better life in the united states; here he changed the course of history. Carnegie was able to build a multi- million dollar industry of steel. At the time united states was running on iron , soon the entire country was built of steel, from railroads, to skyscrapers,and to cars.
He studied bookkeeping and went to a commercial college. What really made him famous besides his good business skills was when he discovered oil and the use for it. In 1870, John Rockefeller made his own standard oil company and refinery near Cleveland, Ohio. John moved to Cleveland at the age of 14. In 1865, John borrowed money to buy out some of his partners and take control of the refinery, which had become the largest in Cleveland.