companies to become feasible. The railroads became a big industry of the time‚ and bribed many officials. The monopolization of industries raised many wealthy business people. Such as‚ J. P Morgan‚ John D. Rockefeller‚ and Andrew Carnegie. The oil company under Rockefeller flourished. Andrew Carnegie replicated the Bessemer Process in which he made his fortune through steel. He sold his steel company to J. P. Morgan. J. P Morgan formed the US Steel Corporation creating another monopoly. In 1884 Grover
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To what extent was it justified to characterize the industrial leaders of the late 19th century as either “robber barons” or “captains of industry”? Document A Q: How is the freight and passenger pool working? W.V.: Very satisfactorily. I don’t like that expression “pool”‚ however‚ that’s a common construction applied by the people to a combination which the leading roads have entered into to keep rates at a point where they will pay dividends to the stockholders. The railroads are not run
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A Maturing Industrial Nation During the 19th century the United States faced its greatest economic revolution. Mainly‚ this industrial enhancement primarily a result of the completion of the transcontinental railroad‚ a transportation system that runs cross-country. Aside from impacting the economy‚ the railroad also affected the politics of the late 1800s and early 1900s. Since the political jobs were reserved for the upper class‚ investors in the railroad tended to have inflated bank accounts;
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John D. Rockefeller The industrialization of America was impacted greatly by John D. Rockefeller. Rockefeller was able to establish a large majority of the petroleum industry with his foundation of Standard Oil. Rockefeller would employ ruthless tactics to make the most money as possible from his oil business. He would create the Standard Oil trust which would influence all big businesses in the country. Following the Civil War‚ the petroleum business would boom into "black gold." The
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As much a businessman as he is an innovator‚ Andrew Carnegie could just about accomplish anything he set his mind to. He had a canny way about him. His unwavering disposition‚ broad smile and way of words just seemed to get more effective as time went on. He grew up in Scotland in a very humble household and felt the pressure of poverty from an early age. To say that Andrew Carnegie helped shape America as to what it is now‚ is truly an understatement. He had the vision for the future and a why from
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the famous successful businessmen and the great minds that were key figures in the impact of the economy during the Industrial revolution. Andrew Carnegie‚ John. D Rockefeller and Leland Stanford were the three most notable men that impacted the US economy by creating massive corporations (Standard Oil Trust- John Rockefeller‚ Carnegie Steel- Andrew Carnegie). Thomas Hagen also emphasized on the importance of inventions and it’s impact during the Industrial Revolution. Great minds such as Alexander
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gain more money. Along with the growth of the economy‚ new technologies and the newly created ways of controlling businesses‚ allowed the economy system to be dominated by three people. These three leaders were Rockefeller‚ Carnegie‚ and J.P Morgan. Rockefeller dealt with standard oil‚ Carnegie with steel‚ and Morgan with banking. These people were big names in the Gilded Age because they controlled the majority of each of these industries and helped lead the country to be one of the most powerful industrial
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showcase unfair working conditions. The Homestead Mill was a factory that produced steel. The manager of the factory was Henry Fink who worked under one of the richest men in America at that time‚ Andrew Carnegie. Carnegie wanted to surpass Rockefeller as the richest man in America. Carnegie decided to lower the wages his workers made and increase their hours. The workers were unhappy that they had to work long dangerous days with little pay. The workers decided
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surrendering (Doc G). With Rockefeller in oil‚ “workmen became truly their commodity; for in time of a strike‚ orders could be shifted to other factories in a different section of the country and these kept running full blast.” Rockefeller worked around whatever strikes he encountered with his monopoly‚ and he was a success. Those who associated with him‚ railroads‚ pipe lines‚ etc‚ in his company were blessed with wealth beyond their dreams. The companies competing against Rockefeller gathered together
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AP United States History – Chapter 24 Essay 1. In what ways did the railroad construction between 1865 and1890 transform American society and the American economy? 2. In what ways did American industrialists consolidate their businesses and eliminate competition? How was this business consolidation perceived by the public? 3. In what ways did the American government promote the growth of the American economy in post bellum America? To what extent did they regulate business activity? Between
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