Famous robber barons
Morgan were all businessmen who grew their respective businesses to an unprecedented scale. Their companies changed how Americans lived and worked, and these public figures greatly influenced the growth of the country.
Biography of great business tycoons 1870
As vast new fortunes accumulated among a small number of Americans, new ideas also arose to bestow moral and political legitimacy upon them. Andrew Carnegie, the steel magnate, is an example of the prototypical rags-to-riches story. Although such stories were far from the norm and were often sensationalized to promote a public image, they served to encourage many Americans to seek similar paths to fame and fortune.
Born in Scotland, Carnegie immigrated with his family to Pennsylvania in In this role, he spent much of his time around the Pennsylvania Railroad office and developed parallel interests in railroads, bridge building, and, eventually, the steel industry.
Biography of great business tycoons 1870 and 1970
One railroad contractor, Colonel James Anderson, would provide the young working boys of Pittsburgh with open access to his vast personal library every Saturday night. Figure 1. Andrew Carnegie made his fortune in steel at such factories as the Carnegie Steel Works located in Youngstown, Ohio, where new technologies allowed the strong metal to be used in far more applications than ever before.
Having seen firsthand during the Civil War, when he served as Superintendent of Military Railways and telegraph coordinator for the Union forces, the importance of industry, particularly steel, to the future growth of the country, Carnegie was convinced of his strategy. His first company was the J. Although not a scientific expert in steel, Carnegie was an excellent promoter and salesman, able to locate financial backing for his businesses.
Biography of great business tycoons 1870 and 1900
Always thrifty with the returns he earned, a trait owed to his modest upbringing, Carnegie saved his profits during prosperous times and used them to buy out other steel companies at low prices during the economic recessions of the s and s. He insisted on up-to-date machinery and equipment and urged the men who worked at and managed his steel mills to constantly think of innovative ways to increase productivity and reduce costs.
He believed that, given the circumstances of their successes, they should serve as benefactors to the less fortunate. For Carnegie, poverty was not an abstract concept, as his family had been a part of the struggling masses. He desired to set an example of philanthropy for all other prominent industrialists of the era. Below is only a partial list of his contributions and developments:.
Carnegie applauded American capitalism for creating a society where, through hard work, ingenuity, and a bit of luck, someone like himself could amass a fortune. In post-apartheid South Africa, a criminal investigation reawakens disturbing memories Historical Novels , Popular Fiction.
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Dictatorship is not a lonely profession Current Events , Nonfiction. The 20 best books of Reading Recommendations. Wednesday's Newsletter Nonfiction Wednesday includes my latest nonfiction book review, with links to other nonfiction content. Morgan was a key player in the formation of great corporations such as General Electric and the US steel corporation.
He used his wealth to supply the US government with gold during the financial crisis. John D. Rockefeller — Rockefeller founded Standard Oil in ; the firm soon gained monopoly power over the production and distribution of oil mostly Kerosene for lighting until It was eventually broken up in by the Supreme Court — a symbolic attack on the monopolies of the Gilded Age.
Rockefeller retired in and spent his remaining years in philanthropic pursuits. George Westinghouse, Jr. He invented the air brake for trains which helped to make them safer. He was also a leading pioneer in the electricity industry and competed with Thomas Edison. Eventually, his system of A. Thomas Edison — Pioneer of the mass use and distribution of electricity.
Edison was one of the most prolific inventors, who developed commercially available electric light bulbs. Edison also was a pioneer in electricity distribution, though his preferred DC system was not widely adopted. He also created a monopoly by slashing the workforce and their pay to maximize profits while eliminating the competition.
When confronted with the possibility of regulations that could threaten his bottom line, he and other robber barons of the time contributed money to ensure that a business-friendly presidential candidate, William McKinley, was elected in Despite the numerous negatives associated with how Morgan built his wealth, some of his actions did benefit the United States and society.
Great business ideas
For example, his wealth was so vast that he was able to help bail out the federal government twice during an economic crisis, first in and again in Automaker Henry Ford was a captain of industry who is considered to have treated his workers well. He believed that well-paid workers would be happier and more efficient. In addition, during a time when workers were required to work 10 hours a day, six days a week, Ford scheduled his workers for eight-hour days, five days a week.
Ford was known to be generous with his wealth in terms of charitable contributions.
Great business ideas entrepreneurs: Describe the business empires and wealth accumulated by business tycoons of the Gilded Age along with associated philanthropic activities.
He donated personal funds to organizations that he created, such as the Henry Ford Hospital for the working poor who could afford to pay only some of the cost of their medical care. Other organizations created by Ford included the acre Valley Farm for orphaned boys; a school for African American children in Georgia; and a Detroit trade school.
He also paid for work camps for boys during the Great Depression. In addition to his charitable efforts, Ford was a known pacifist.