Robber Barons Economic Analysis
The development of the steamboat by Robert Fulton transformed water travel, as did the structure of canals. This new method of transportation greatly revolutionized and reduced the cost of transporting goods to market, encouraging both agriculture and industry. As a result of over speculation, a third economic downturn developed, following the Panic of 1837, when the money source in the United States contracted by about 34% through prices dropping by 33%. Cornelius Vanderbilt saw the depression as a moment of opportunity, for his industry and bought more railroads. Railroads affected every major United States industry including coal, oil, lumber, farm equipment, steel, grain, cotton, gas, textile factories, and California citrus. Railroad managers invented modern systems for running large scale business operations, making a model that other large corporations shadowed. The railroads created job paths that took 18 year old boys and revolved them into brakemen, engineers and conductors. John D. Rockefeller, with the railroads in the palms of his hands, was able to could supply every home in the United States with “Standard Oil” kerosene. With all of his earnings, Rockefeller bought out his competition to own most of the oil refineries in the United States. Over time, Rockefeller eventually controlled a 90% of the North American oil supply. Rockefeller’s oil made almost 40% of the cargo…show more content…
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. Morgan gained control of the Albany and Susquehanna railroads from Jay Gould and Jim Fisk in 1869. He aided the economy of the United States by making the process of bank investment easier for people to invest in. Morgan also made possible the availability of electric energy throughout the United States with his investment in Thomas Edison’s
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