Carnegie is widely known for his monopolization of the iron and steel industry. He developed many companies to support the steel need in developing the United States. He predicted, that after the Civil War, iron and steel would become an important part of American life. He decided that this would be a good idea to invest in developing the industry, and this decision has paid off enormously. He worked to modernize the United States through the building of bridges, railways and other crucial roads, which in turn, brought the country together.
The last reason that the wealthy industrialists are Captains of Industry is because of the new technologies that were invented during this time period. These new technologies helped not only the economic growth but also sparked ideas on how to organize businesses. For example this is shown in the article “The Gilded Age” when the author says “new technologies and new ways of organizing business led a few individuals to the top.” Another example of this is shown in the article “The Development of Industrial State” the author states “An outburst of new technological innovation in the late 19th century fueled this headlong economic growth.” This evidence really shows that when most people hear new technologies they think of just the new inventions.
The Captains of Industry were certainly one of the most important factors in the development of United States in the period directly after the Civil War. While there is some merit to the argument that the industrial leaders were Robber Barons that did more harm than good, their contributions to American society clearly outweigh those negatives. The Captains of Industry quite literally revolutionized the American way of life that gave the U.S. the highest standard of living in the world prior to the outbreak of World War I. This was made possible due to the emergence of corporations in areas such as finance, steel, oil, and railroads. When these men combined with other factors, such as the mechanization of agriculture, immigration, migration,
Also, during this time, the economic industry was booming, advancement in technology, farming influence, politics, businesses, natural resources, transportation and railroads. By the end of 19th century, the middle-class Americans, were known as trusts. Trusts were known as people who controlled competition in the industry. In the late 19th century, the first major trust was John D. Rockefeller, who controlled a substantial part of the oil industry. Andrew Carnegie was another major trust, that controlled the steel industry and stated in the Gospel of Wealth (1889), that if a person consumed wealth, they’re supposed to live frugally and use the extra money to help people in need (Foner, Voices of Freedom, II, 28).
He gained control to 90% of the oil in America and dominated the economy. While some disagreed with his ways, others were able to see his achievements with respect and admiration. Through his life, Rockefeller was able to set the stage and be an example to those to come through his accomplishments, aggression, and
Quickly after, it was a sudden technological transformation in America. The Industrial Revolution was the transition to new manufacturing which started in Europe. Being influenced by plantation owners and their businesses others in Europe decided it was a time for change and new ideas started to emerge. There was a rise of wage labor with the help of the Industrial Revolution which helped benefit each group of people, money wise.
With the election of George Washington as the first president, the newly formed republic of the U.S. faced a number of domestic problems. In an attempt to tackle the economic crisis, Secretary of State, Alexander Hamilton, proposed his financial plan which was intended to transform the U.S. into an industrial and commercial power. This plan entailed two reports on public credit, one on the installation of a national bank, and finally a report on manufactures. This report on manufactures encompassed Hamilton 's vision of America 's economic future based on industry and manufacturing as integral components of the emerging American society, which he thought would propel the U.S. to becoming not only a nation equal to Britain and France, but one that was superior on every level.
After the war of 1812, a revolution took over transportation, leading to the Market Revolution. People in power realized that it was necessary to improve the country’s transportation network in order to keep up with the growing economy. The invention of the steamboat brought economic development to the trans-Appalachian west. The Erie Canal, which was the longest man-made waterway, linked the region around the Great Lakes to the Atlantic coast, through the Hudson River. Additionally, railroads were built to improve the speed of commerce.
The Gilded saw America 's economy boom. Steel, oil, and railroads played a crucial role in this economic boom. Owners of the biggest companies, Vanderbilt, Rockefeller, and Carnegie, were the ones who industrialized our nation. Their industrial impacts were both positive and negative.
The Gilded Age The Gilded Age was a great time for social change and economic growth. Between reconstruction and the dawn of the new century, the Gilded Age saw rapid industrialization, urbanized, railroads, technology, and the rise of big businesses. The nations were split into two halves that hated each other and nobody had enough money. The last three decades of the 19th century is called the Gilded Age which is one of the most dynamic periods in american history.
Transportation- A big portion of railroads and industrial supplies were destroyed over the course of the war. The south had begun rebuilding transportation by the nineteenth century. West: Political-
“Much of the blame heaped on the captains of industry in the late 19th century is unwarranted.” (Document F). The Gilded Age was a time where the U.S. economy grew very quickly and rapidly, due to the inventive minds and entrepreneurs of that time; but it has different perspectives of opinions in history today. This era led the U.S. to its state and place in the present world, thanks to its important contributors, (who are involved in the main debate of whether they were robber barons, unethical men who yearn for money, or captains of industry, leaders who add positive ideas and methods to benefit their country.) The industrial leaders of the Gilded Age are captains of industry, worthy of some gratitude and credit for how our society’s structure
In January 1934 Huey would create a Share Our Wealth Society which would promote the redistribution of wealth among American citizens. This new idea would pick up high popularity among citizens but would catch disagreement from Roosevelt once again. Huey and his ideas would then meet hardship due to the reelection of Roosevelt (Starr, Page 508). Prior to Huey’s Share the Wealth Program, Roosevelt declared a national bank holiday in response to continuing runs on banks on March 6, 1933. Congress would grant Roosevelt sweeping powers to regulate banking.
Corruption was one large factor, where business leaders and government officials alike used methods for financial gains, leaving marks on the economy. Foreign policy put in place by the government also had effects on the economy, tariffs made consumers inclined to buy American goods and unlimited immigration allowed for cheap labor for large businesses. The government’s use of land grants to support the creation of a transcontinental railroad is one of the most visible and easy to recognize actions where the government stepped in to aid post-Civil War industrialism. Response to labor strikes by the government at the time also pointed to a pattern of siding with that of large businesses, whereas a true laissez-faire would have the government not involve itself at all. Likewise, laws were passed that, despite their original purposes, directly aided big corporations.