The traditional American work ethic was a belief that the only way for a member in society to be successful is to be employed. The traditional belief of work also tied in with the belief of Social Darwinism‚ during the gilded age‚ which was the belief that if one worked hard then they would be rich. This belief greatly affected the behavior and decisions of the American citizens especially during the Great Depression time period. The Great depression was a time of mass layoffs due to the stock market
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family dynasties that literally cornered the market on essential industries‚ including railroads‚ iron ore and coal. If the industrialist in question used his political and corporate influence for his own selfish ends‚ he could be described as a robber baron. If the same powerful industrialist used his wealth to improve the lives of others or to bolster the economy in a positive way‚ he could just as easily be designated a captain of industry. The big business leaders during the time: the "Big Four"
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not being changed drastically. In all‚ these changes have helped build our economic policy we use today. As mentioned earlier‚ during the Gilded Age‚ there was a belief in monopolies by robber barons of society and taking out businesses. For example‚ a businessman named John D. Rockefeller known as a robber baron of society during this time period. This was because he ended up taking over the oil business by building trusts. These trusts then made him in control of the entire oil business and eventually
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and donated outstanding wealth‚ they also engineered one of American history’s most corrupt and unequally heterogeneous time periods‚ dubbed the Gilded Age by Mark Twain. Such ambiguity blurs the legacy of these incredible few‚ who some call “robber barons” and other call “captains of industry”. However‚ neither polarity is completely accurate. The wealthiest Americans during the Gilded Age had both positive and negative effects on American society. While a large group of individuals amassed incredible
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unseaworthy. Some sank before they even reached the sea. The lengths he was capable of going to for money were great but he was willing to hurt the economy and even swindle the government for money. Vanderbilt was without a doubt known as a major Robber Baron of his time. The next emerging industry in the country was oil‚ petroleum‚ black gold; call it what you want. A young‚ innovative business man from Ohio was looking for an opportunity. His name was John D. Rockefeller. He was given a deal with
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In addition‚ during the 1820-1870’s Morgan’s actions were not technically illegal‚ though they were in some gray area his floating of cash and control were not yet criminal acts. Taking advantage of a situation does not make an individual a robber baron; it makes them a captain of industry. Morgan displayed a complete mastery and understanding of the stock market‚ which itself is a miracle. In addition to his intelligence‚ he used his money in generous ways which led to the development of this
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Brandon Czubak 2/1/14 History 106 Assignment question 2 Question 2: By examining Robber Barons such as Vanderbilt‚ Rockefeller and Carnegie‚ how could you argue for Laissez Faire Economics and against Laissez Faire Economics? Laissez-Faire is a type of leadership style in which leaders are hands-off and allow group members to make the decisions. This results in pros and cons of Laissez-Faire leadership. It is effective where group members are highly skilled and motivated
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Princeton University Press‚ 1957. Kaplan‚ Edward S. The Bank of the United States and the American Economy. West Port‚ CT: Greenwood Press‚ 1999. Markham‚ Jerry. A Financial History of the United States Volume 1 From Christopher Columbus to the Robber Barons (1492-1900). Armonk‚ NY: M.E. Sharp Inc.‚ 2004. Thomas Jefferson‚ Opinion on the Constitutionality of a National Bank‚ February 15‚ 1791 Samuelson‚ Paul and Krooss‚ Herman‚ Documentary History of Banking and Currency in the United States (Boston
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Peter and Paul His apostles‚ and by our own authority‚ acting on the general advice of our brethren‚ we utterly reject and condemn this settlement and under threat of excommunication we order that the king should not dare to observe it and that the barons and their associates should not require it to be observed: The charter‚ with all undertakings and guarantees whether confirming it or resulting from it‚ we declare it to be null and void of all validity forever. Wherefore‚ let no man deem it lawful
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he made money could be considered an abuse to ethics and moral rights. Toward the end of his life‚ Carnegie decided to use his wealth for the greater good of the community and encouraged learning. For the above reasons‚ he can be considered as a robber baron‚ but I believed that he also worked for the greater good of human nature. Carnegie was able to take opportunities to create a vast fortune. He came from absolutely nothing‚ but is known as a captain of industry. He monopolised wealth‚ transport
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