Captain of Industry or Robber Baron: J.P. Morgan J.P. Morgan was a post-civil war “captain of industry‚” separating him from the other “Greats” such as Cornelius Vanderbilt‚ John D. Rockefeller‚ and Andrew Carnegie because of his motives and his upbringing. A “robber baron” is most simply defined as an individual who has financial ambitions that cause him to knowingly take advantage of others for his own personal gain. A “captain of industry” seeks solutions to common problems‚ and though the outcome
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While a large group of individuals amassed incredible wealth during the Gilded Age‚ there existed an even more elite group consisting of individuals that rank among the richest men in history. It included John D. Rockefeller‚ Andrew Carnegie‚ Jay Gould‚ James Fisk‚ and J.P. Morgan. To understand their later deeds‚ one must understand the strikingly similar environments in which these men came of age. For example‚ all of the aforementioned men were born in the Northeast during the Second Great
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Endowed market power‚ monopolies overcharged people for items without caring about the quality of the product. Companies‚ such as Rockefeller‚ used corruption and bribes to become the biggest and most powerful companies. Monopolies also limited the people’s choices in clothes and apparel. Due to all these problems‚ Congress decided to pass a law called The Sherman Antitrust Law that gives
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job as Carnegie’s chairman‚ as Carnegie saw him as almost a threat in his company. Carnegie reaches another problem‚ his company is failing and he fears that his company will be the next victim of J.P. Morgan. He was a banker who bought failing companies out and saved the for his own profit. Morgan was tired of this however‚ he wanted to make a name for himself rather than live in the large shadow of his father. In the way the originals like Vanderbilt and Rockefeller built their successful companies
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industrialists of this time that I researched were Andrew Carnegie‚ Jay Gould‚ Cornelius Vanderbilt‚ and John D. Rockefeller. Out these four industrialists the only one that is a Captain of Industry in my opinion is Andrew Carnegie. Carnegie proved that he was a Captain of Industry in many ways by building the largest steel industry of his time‚ donating his fortune to fund libraries‚ and by founding and constructing many buildings; including the Carnegie hall in New York City. He also created a pension fund
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American Industry (1860-1900) I. Industrialization by the 1860s II. The Industrial Transformation A. Contribution of the Civil War B. Population Resources C. Money Capital D. Government Support E. Growth of Technology F. The Railroads & Telegraph III. The Rise of Big Business Industrialization by the 1860s In 1860 there were more than 140‚000 factories in the United
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national reform in the sense of America was purging itself of corruption and evil. The time just prior to this reform was full of government corruption and national poverty. A small amount of people such as John D. Rockefeller‚ Andrew Carnegie‚ J.P. Morgan‚ and Cornelius Vanderbilt were extremely wealthy from their monopolies. However‚ the vast majority of Americans were lower class working families. During this time period there was not much of a middle class; there was the extremely rich and
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revolutionized distance travel. Linking the Nation via Truck Lines Four main truck lines categorized the Northeast: The Baltimore and Ohio (B & O) reached Chicago‚ The Erie Railroad (NY to Chicago)‚ The New York Central Railroad (Cornelius Vanderbilt) Pennsylvania Railroad (J. Edgar Thomson and Thomas A. Scott) Philadelphia to Pittsburgh‚ to Cincinnati‚ Indianapolis‚ St. Louis‚ Chicago‚ NYC‚ Baltimore‚ and later Washington. Automatic couplers‚ air brakes‚ refrigerator cars‚ dining cars‚ heated
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A few tycoons such as Cornelius Vanderbilt‚ John D. Rockefeller‚ J Pierpont Morgan‚ Andrew Carnegie‚ Henry Ford‚ and Jay Gould controlled these massive corporations. These men amassed great wealth in a short period of time at the expense of ordinary people. A common laborer‚ for example would earn less than $10 per
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and the banks that supported them often failed and went bankrupt when the land wasn’t worth as much as initially thought. IV. Railroad Consolidation and Mechanization 1. Older eastern railroads‚ like the New York Central‚ headed by Cornelius Vanderbilt‚ often financed the successful western railroads. 2. Advancements in railroads included the steel rail‚ which was stronger and more enduring than the iron rail‚ the Westinghouse air brake which increased safety‚ the Pullman Palace Cars which were luxurious passenger cars
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