Robber Barons Then and Now Robber Barons, a term used in the late s and early s to describe a businessman who made an enormous amount of money, today we would call them billionaires.
Rockefeller "What a Funny Little Government! Rockefeller in this cartoon which appeared in The Verdict, a partisan magazine of the day. He was America's first billionaire.
In a pure sense, the goal of any capitalist is to make money. Rockefeller could serve as the poster child for capitalism.
Overcoming humble beginnings, Rockefeller had the vision and the drive to become the richest person in America. Robber Baron or Captain of Industry? Rockefeller What was his secret? Is he to be placed on a pedestal for others as a "captain of industry?
Whatever conclusions can be drawn, Rockefeller's impact on the American economy demands recognition. Rockefeller was born in in Moravia, a small town in western New York. His father practiced herbal medicine, professing to cure patients with remedies he had created from plants in the area.
John's mother instilled a devout Baptist faith in the boy, a belief system he took to his grave. After being graduated from high school inthe family sent him to a Cleveland business school. Young John Rockefeller entered the workforce on the bottom rung of the ladder as a clerk in a Cleveland shipping firm.
Always thrifty, he saved enough money to start his own business in produce sales. When the Civil War came, the demand for his goods increased dramatically, and Rockefeller found himself amassing a small fortune.
He took advantage of the loophole in the Union draft law by purchasing a substitute to avoid military service. He slowly sold off his other interests and became convinced that refining oil would bring him great wealth.
Rockefeller introduced techniques that totally reshaped the oil industry.
In the midth century, the chief demand was for kerosene. In the refining process, there are many by-products when crude oil is converted to kerosene. What others saw as waste, Rockefeller saw as gold.
He sold one byproduct paraffin to candlemakers and another byproduct petroleum jelly to medical supply companies. He even sold off other "waste" as paving materials for roads. He shipped so many goods that railroad companies drooled over the prospect of getting his business.
Rockefeller demanded rebates, or discounted rates, from the railroads. He used all these methods to reduce the price of oil to his consumers. His profits soared and his competitors were crushed one by one.
Rockefeller forced smaller companies to surrender their stock to his control. Standard Oil — a Trust-worthy Company? Rockefeller had to perform a delicate balancing act to maintain his reputation as a philanthropist while living the live of a wealthy businessman.
This sort of arrangement is called a trust. A trust is a combination of firms formed by legal agreement. Trusts often reduce fair business competition. As a result of Rockefeller's shrewd business practices, his large corporation, the Standard Oil Company, became the largest business in the land.
As the new century dawned, Rockefeller's investments mushroomed. With the advent of the automobile, gasoline replaced kerosene as the number one petroleum product.
Rockefeller was a bona fide billionaire. Critics charged that his labor practices were unfair. Employees pointed out that he could have paid his workers a fairer wage and settled for being a half-billionaire. Before his death inRockefeller gave away nearly half of his fortune.
Churches, medical foundations, universities, and centers for the arts received hefty sums of oil money. Whether he was driven by good will, conscience, or his devout faith in God is unknown. Regardless, he became a hero to many enterprising Americans.Harold C.
Livesay, Andrew Carnegie and the Rise of Big Business (Boston, Mass.: Little, Brown and Co. ), p. The eighth wonder of the world is this: two . is this good U.S. History essay. John D. Rockefeller, Cornelius Vanderbilt, Andrew Carnegie were all big business leaders in the s. Some Americans viewed these business leaders as “robber barons” but others saw them as “Captains of industry”.
The phrase "robber barons" comes from the definitive and highly readable The Robber Barons (), by Matthew Josephson. Also highly descriptive of these titans of Big Business is Ida M.
Tarbell's History of the Standard Oil Company (). Big Business and The Robber Barons Essay - The decades after the Civil War rapidly changed the face of the United States.
The rapid industrialization of the nation changed us from generally agrarian to the top industrial power in the world. Robber Barons. The law that made it illegal to establish trusts that interfered with free trade.
Sherman Antitrust Act Need essay sample on "CHAPTER Big Business and Labor"? We will write a custom essay sample specifically for you for only $ /page. Hire Writer.
Theodore Roosevelt and the Trusts During his terms as President, Roosevelt battled big business to regulate it and prevent monopolies from harming American society. He believed that these so-called robber barons (or captains of industry, depending on one's view), had helped America advance and become a major influence internationally, but.