The business world wasn’t the only thing corrupt but the railroads were too. With the railroad industry growing the companies knew they could charge huge rate and gain a large profit. Congressmen were paid off to be quite about the scandal and kept it to themselves. The railroads raised the stocks and were given to well-liked companies. The wealthy men in the railroad were suspected to careless for the people who worked for them.
During the late 1800s many well-known business leaders widely arose across the America, such as Andrew Carnegie, Cornelius Vanderbilt, John D. Rockefeller, Jay Gould, J.P. Morgan. Some of these tycoons contributed to America, while others were considered robber barons. People who were controlling economy, monopolizing different industries and using of illegal means to gain wealth called robber barons. Despite this, their names can be compared with innovation, big business and the American Dream. They discovered fabulous advances in technology while fighting to unite their industries and rise to the top of the business world.
By referring to industrialists like Andrew Carnegie and John D. Rockefeller as robber barons, Zinn means they acquired their wealth through dishonest means. For example, Rockefeller removed a rival refinery with “a small explosion arranged by Standard Oil officials with the refinery’s chief mechanic”. In addition, Carnegie became a millionaire by selling bonds for people and charging them enormous commissions (Zinn 257). In contrast, Schweikart and Allen refer to Carnegie
Instead of the rags to riches story, Morgan, born into a wealthy family, was given the financial world to conquer. “He financed railroads and helped organize U.S. Steel, General Electric and other major corporations while using his influence to help stabilize American financial markets during several economic crises.” Like most wealthy business men at the time, Morgan “had too much power and was accused of manipulating the nation’s financial system for his own gain.” Overall, Rockefeller, Carnegie, and Morgan all built businesses for struggling industries in order to save the nation and help themselves succeed. Capitalism, America 's new economic system, depended on competition and played a huge role in the overall process. During this era, industries became so powerful that it had no competition and could charge whatever it wanted and have no incentive to produce cheaper, better products. This, along with other business practices, although not all practical or honest, is what allowed our nation to
Robber Barons ' Mock Trial The term robber baron was first created by Matthew Josephson to describe the corrupt, cruel businessmen who made their fortunes off the backs of innocent working-class Americans in the late nineteenth century. While most people can only name a few of the infamous robber barons- like Carnegie, Vanderbilt, and Rockefeller- another, lesser known, thief also falls under that category, more deserving of the name robber baron than even some of the well-known crooks. Leland Stanford was truer to the name robber baron than many others. He took any situation that came his way and manipulated it to increase his power and wealth, no matter who he hurt or destroyed in the process. Leland Stanford, originally Amasa Leland
The term ‘Gilded Age’ was termed by Mark Twain who described the wealthy who were covered in a ‘layer of gold’, a superficial layer can be peeled and reveals unpleasant things. The period from 1870 to 1900, big businesses governed by Robber Barons sprung up and took control of the economy and the political system that governed the American People. The American people responded by forming labor unions and tried to improve the plight of the poor. Laissez-faire
I categorized Andrew Carnegie a Captain of Industry after learning of his philanthropic views and actions. Carnegie not only obtained a wealth from working hard and wisely investing but used most of his fortune to make a difference on the world. Carnegie own words categorize the essence of generosity and kind hearth. I cannot disagree with him when he stated that “The man who dies thus rich dies disgraced”
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,
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. But what they don 't think of is how these new technologies help and improve the
The 1920s was the most influential decade in U.S. history because of corruption in the government. Corruption occurs in a government when politicians are bought out by private companies. These companies would pay the politicians large sums of money and in return, the politicians would do political favors for the companies. According to United States History and New York History: Post-Civil War to the Present, Secretary of the Interior Albert Fall, "… accepted large sums of money and valuable gifts from private oil companies... Fall allowed the companies to control government oil reserves." This situation, which became known as the Teapot Dome Scandal, shows the process of corruption.