Andrew Carnegie's View Of Wealth During The Industrial Revolution

During the Industrial Revolution many business leaders were very successful. American people at the time were controversial as to if these Big Businessmen were robber barons or captains of industry. This dispute even continues into present time. Business men should be considered captains of industry. 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.

In Robert Reich’s documentary “Inequality for All” he demonstrated a great balance of emotional and logical appeal, which resulted in getting his point across to the audience. Reich argued that America is a consumer-driven economy and for it to achieve the middleclass should have more purchasing power to keep the economy as strong as it once was. From the beginning of the documentary I began to trust him by examining that he has an honest and comedic personality. The part of the documentary that interest me the most was the comment that CEOs worry more how fat their pockets are rather than worry if they have enough employees and if those employees are paid correctly. Overall, I view Reich as someone who does not point fingers towards the

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.

With safety rules and regulations being unexisted, it was hard to blame employers responsible. It was worse for women and children, who worked as hard or even harder than men, often time only revcieved only but a fraction of what a man earned. What made this even far more difficult is the laissez-faire capitalism which took over the 19th-century which

These residents are also wealthy, but have obtained their wealth in a much different way than the East Eggers have. West Egg residents have had to work for their money, usually through entrepreneurship. This is the sole reason why East Eggers place them in a lower spot on the social totem pole, and shun those who attempt to be one of them. This then causes social stratification between the two Eggs. F. Scott Fitzgerald’s commentary on social stratification in The Great Gatsby greatly ties to the social stratification of the 1920’s.

Progressivism began as a social movement and grew into a political movement. This idea believes that free markets are unfair as they favour large corporations and the wealthy over the middle class. They believe that a fair market means equal distribution of wealth to diminish income inequality. They also believe that workers should receive a comprehensive package which includes public education, social security, rights of trade unions, etc. Progressivism gained a strong voice when Theodore Roosevelt came into presidency in 1901.

Economic inequality effects democracy because the wealthy can give money to politicians, while the majority of us will have a difficult time financing campaigns. Another way economic inequality effects when it comes to democracy are because the wealthy are most likely to vote since they are better educated. Most of the wealthy political interests do not focus on economic inequality because they do not find it a problem. The wealthy focus on other ideas rather than the right to a political equality since they have greater influence over political

There were long struggles that people went through in the development of factories, but in the end it was all worth it. People were benefited in many ways because of the changes that were made, it helped to create new social classes. The new factories had created new and large amounts of wealth, this wealth belonged mainly to the factory owners, and merchants. This had created a brand new middle class made up of skilled workers, business people, and wealthy farmers. Land owners used to be the richest people but now the middle class people were starting to grow richer then the land owners.

Leonhardt stated, “The fact that the rich earn enough money to save money allows them to make investments that other people simply cannot afford” (545). So, only the people with money have control of the American economy. While, the lower class should make sure the wealthy gets wealthier or else our economy with become unbalance. Now with Olsson assistance, the reader understands Leonhardt’s article that it is possible to succeed in American and Sam Walton is a good example but to be successful people must short change others that come in their way. This is a negative way of seeing how success can be achieved but it is reality on how America’s society is at this moment.

The revolution resulted in the development of a new social class the middle class. This class contained factory, min owners as well as engineers, doctors and lawyers. The flourish of this new social class greatly noticeable in Britain as the British scholars were more practical rather than theoretical. As Strayer explains, the discoveries on atmospheres and vacuums promoted the innovation of the steam engine in Britain (Strayer, 2012; 834). The industrial revolution brought the social status of business men up as they benefited the greatest from the industrial revolution, it can also be said that the factory and min owners were the sponsors of the industrial revolution.

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.

To start, John D. Rockefeller, one of the richest capitalists in history, used the term Social Darwinism to say why some people were poor and some were rich. This ideal is exemplified in Ghent’s Our Benevolent Feudalism, (Doc. 7), which explains why the principle of “Survival of the fittest” applies to laissez-faire capitalism. Essentially, it said that if someone was not successful, it was a result of not working hard enough. Consequently, many rich Americans believed in this view, and used it as an explanation of why some are poor and some are rich.

Finally, the growth of the colonies positively impacted the rich as well, as they received the profits and benefits from the expansions. With one percent of property owners owning forty four percent of the wealth, it shows how the majority of the wealth was given to the rich, and not distributed among the other classes at all, deepening the division. This is an example of comparison, showing the deep division between the upper class, in contrast to

In the first chapter of Jonas Pontusson’s book Inequality and Prosperity: Social Europe vs Liberal America, he raises an important question regarding if we are caught in a situation in which governments can no longer do much to improve the economic prospect of low-income workers and their families. Although the answer to his question varies in different countries, it is clear that the U.S. government CAN improve the lives of low-income citizens, but it often neglects to do so. The United States is a capitalist driven country. However, its quest for economic prosperity has come at the expense of those unable to reach the standard income. As much as Ronald Reagan have proclaimed the U.S. as the poster-boy of democracy and economic prosperity, the reality today is that many people are still deprived from the “American dream.” Despite occasional turmoil, there is no denying that the U.S. government has done an amazing job maintaining its economy.

It also changed the lives of people, but at a significant price. The factories would hire women because they could pay them less than men. The abhorrent conditions in which people were subjected to make a living was unconscionable. It was common for companies to use child labor, and despite working long hours still lived in dirty conditions.