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John D. Rockefeller has earned a spot in the hall of shame. He became wealthy because of ruthless and dishonorable business tactics which then hurt the nation. Rockefeller became wealthy because, he lowered his prices way down and forced the Pennsylvania Railroad to lower their prices, and he also ran smaller companies out of business and then took them over for his own. After he took over most of the smaller businesses, he raised his own prices back up in order to bring in a bigger profit. Rockefeller’s robber baron side was reflected by this action because, he went behind people’s backs and turned the other way when it came to business partners.…
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Morgan,Rockefeller and Carnegie were robber barons They were considered cruel and ruthless. Carnegie made his employees work long hours and gave them little pay he even tried to stop unions in his company. Employees pointed out that Rockefeller could have paid his workers a fairer wage and settled for being a half billionaire. Morgan criticized for creating monopolies by making it difficult for any business to compete against his.…
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By far the most profitable businessman during his age, Andrew Carnegie left his mark on industry, and profoundly impacted the expansion of business enterprise in America. Essentially, Carnegie rose from poverty to become one of the most influential, industrial tycoon’s in history by single-handedly building the American steel industry. During his time, Carnegie was known as being a prolific writer, but is most remembered for the entrepreneurial, and philanthropic career he created himself. By initiating numerous opportunities, consistently working hard, and being a fast learner, Carnegie was able to successfully build an empire of wealth not only for himself, but to greatly benefit America’s leading business industry we recognize today.…
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Carnegie did believe in survival of the fittest and that the rich was more competent and educated than the poor, middle class but, he also believed in aiding the less fortunate in a non-direct way by “ ...bringing to their service his superior wisdom, experience and ability to administer,...”(Doc 4). In controlling multiple industries he provided the less fortunate with jobs and work experience, bettering them in a non-direct way. John D. Rockefeller on the other hand believed in boosting himself using horizontal integration, monopolizing the smaller businesses, expanding his industry further and further. Rockefeller once had monopolized almost 90% of the oil and oil refining businesses. He lowered his prices to attract a customer base slowly eliminating all of his competitors by either buying them out or forcing them out of business, to then jack up his prices once he owned most of the industry. Because of his monopoly in the oil industry he and the railroad tycoon Vanderbilt were in league together giving “discriminating rates” to outside , small business competitors (Doc 7). In 1890 the Sherman Antitrust Act was passed to…
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According to some business historians, "business leaders were not predatory money seekers. Indeed, in many cases they were talented individuals whose creative contributions to the economy - and to American society as a whole - were very great." Allan Nelvins said that "it was true that Rockefeller used methods that were of dubious moral character. On the other hand the kind of monopoly control attained by Standard Oil was a natural response to the anarchical cutthroat competition of the period and reflected the trend in all industrial nations toward consolidation. To Nelvins Rockefeller was not a robber baron; he was a great innovator who imposed upon American industry 'a more rational and efficient pattern.' Rockefeller's objective was not merely the accumulation of wealth; he and others like him were motivated by 'competitive achievement, self-expression, and the imposition of their wills on a given environment'" (The American Businessman: Industrial Innovator or Robber Baron, pg. 34). These men came into a disorganized economy and created organizations that played a vital role in making American the greatest industrial power in the world. If it were not for the advancements in steel, oil, textiles, chemicals, electricity, and automotive vehicles, our nation would not be where it stands…
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of the time were John D. Rockefeller, Andrew Carnegie, and J.P. Morgan. The definition of a…
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In the 1880’s, American industry grew due to many factors including “the emergence of a talented and often ruthless group of entrepreneurs” (Brinkley 396). According to those in favor of these entrepreneurs, these men worked hard, innovated technology and strategized competitively to transform the American economy; these “Captains of Industry,” such as Andrew Carnegie, Cornelius Vanderbilt, J Pierpoint Morgan and John D. Rockefeller, used their wealth to help their communities and should be honored for their philanthropy. An advocate for these entrepreneurs is John S. Gordon. As a specialist of business and financial history, Gordon claims…
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I thought that people like Andrew Carnegie, John D. Rockefeller, and J.p Morgan were all robber barons. Because they would employ people and put them in these unsafe, and unsanitary conditions. Also they made education for immigrants coming in difficult because even though they built libraries and hospitals would the immigrants would be illiterate and not be able to pay for hospital bills. Lastly theses men were robber barons because they were using vertical integration and horizontal integration to take over small businesses and to raise prices on railroads.…
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They worked long hours with small breaks in dangerous conditions with little pay. Many people would complain, and most of these people would end up getting fired so at the time people were too scared to stand up again their bosses and demand better pay or better working conditions. This was when labor unions were formed. Labor Unions are groups of people usually working in the same field or profession that protest against their bosses together in order to try and pressure them to change their current working conditions. Additionally, they work to protect the right of laborers in America by ensuring that employers aren’t unfair towards their…
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Business is a fascinating topic to research and no one is more fascinating that John D. Rockefeller. This paper answers the age old question of any successful businessman: where did he get his start? I will answer that question with a paper about John D. Rockefeller’s early life. It will also explain how he became one of the first great business leaders for America and some of the major influences in his life and what he did after he…
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John D. Rockefeller created an oil empire, the Standard Oil Company, in this manner. Rockefeller monopolized the oil market through horizontal consolidation, buying out competitors, or driving competitors out of business by initiating rate wars. His cold-hearted mentality was highlighted when he claimed, “Individualism has gone, never to return.” In his testimony to the United States Industrial Commission, Rockefeller boasted about the “power to give the public improved products at less prices and still make a profit for stockholders”, but failed to recognize that consolidation left the poorer class suddenly unemployed. Many magnates also followed Andrew Carnegie’s entrepreneurial tactic of vertical consolidation, in which every stage of manufacturing a product was in the hands of a single corporation. According to James B. Weaver, such schemes allowed trusts to “control the articles which the plain people consume in their daily life.” The American people were forced to cope with the sugar trust, the leather trust, the harvester trust, the tobacco trust, and Rockefeller’s dominant Standard Oil trust. Along with the development of trusts, the invention of machinery allowed rich industrialists to hire less workers for lower wages. By cutting employees and saving money, the corrupt barons were…
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Rockefeller became one of the richest people in the oil industry at that time. He went from a worker to a clerk, to giving a fraction of his money to noble charities. In the article “American History”, by William McGuire and Leslie Wheeler they say, “Early in his career, he said prophetically to a banker, “Someday I’ll be richest man in the world” (McGuire, Wheeler). McGuire and Wheelers’ text reveals how one of Rockefellers’ goals was to also become rich besides wanting to have a successful oil company. But having money and success was not all, he also gave to charity. In the article, “John D. Rockefeller Oil King”, by Barbara D. Krasner she states “He also gave $550 million in 1913 to start the Rockefeller foundation. It still serves the arts, public health, and medical training fields” (Krasner). This quote by Krasner supports how Rockefeller did not only care about how his business was going, whether he was being known for his success. Rockefeller also cared to make America better by giving away money to charities that would do well for the society. To charities that were good for education, medicine, and…
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If you were the richest person in the world what would you do with your money, save the economy from going under or simply just walk away. Well Andrew Carnegie was a man of wealth though he didn’t start out like that; he came from a poor family born in November, 1835, in the attic of the cottage his family lived in, in Dunfermline Scotland. He and his family left that cottage in Scotland to come to America in 1848 where at twelve years old he started to work almost immediately. Andrew Carnegie is a hero because his views on business, he is charitable, and he knew business. Everyone has their own views on how to run a business but Andrew Carnegie will forever be known as someone with great business practices. Carnegie believed in social Darwinism which means the product of natural selection of those persons best suited to existing living conditions and in accord with which a position of laissez-faire (means no government involvement) is advocated (doc.2).…
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Andrew Carnegie’s views on wealth compared to the view of an average coal miner differ. Carnegie is the ultimate “rags to riches” story. As a young boy, Carnegie worked with Thomas A. Scott, his mentor, and through hard work, he became one of the richest men in history. However, money wasn’t everything to him. On the other hand, the average coal miners were in constant danger. They worked with the constant fear that they can be killed by “burning gas” or “crushed by cars.” However, the average coal miner’s pay varied from “$1.25 to $1.25.”…
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Big companies would force workers to work long days for very little pay. Many immigrants did not know this before going to work for these companies. This would make the company's rich, but the workers were poor. This practice was used by Carnegie. He would work his workers 12 hours a day. He only gave his workers a day off once a year, on July 4th. A lot…
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