Robber Barons Or Industrial Giants. In The Late19Th And
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Robber Barons or Industrial Giants
In the late19th and early 20th centuries, a severely divided, 100-year old nation called the United States of America, underwent major transformations that would forever change America and the world. The cause of the changes was America’s Industrial Era, which began roughly eleven years after the Civil War ended. The industrialization of America could not have started and continued without big money, and the leaders and financiers of the movement were capitalists. Capitalists were men who had accumulated massive fortunes, such as John D. Rockefeller, J.P. Morgan, and Andrew Carnegie, and they used their money to make more money, while at the same time industrializing America. These men, and others like…show more content… Rockefeller. They honestly state that as a petroleum refiner, Mr. Rockefeller forced his smaller competitors to sell out to him, or he forced them to shut down by undercutting their prices. To further their point, disapproving authors say this strategy decreased competition, because it enabled the capitalists to acquire new companies and form “trusts”, which in reality were monopolies. While their disapproval of such activities is apparent, the information the writers provide is a valuable part of history.
In contrast, writers who approve of the progress of industrialization in America will pay homage to the business tycoons, and refer to them as “captains of industry” or industrial giants. They are quick to point out that “while the [industrialization leaders’] practices weren 't viewed as ethical, most of the 19th century … barons didn 't commit any illegal acts”1. To elaborate on the previous statement, it is important for history readers to remember that this was a time in America when the government was trying to rebuild a nation that was suffering the devastating effects of the Civil War. Therefore, when the industrial movement began, it brought new problems on a large scale that previously did not exist. Consequently, government laws and regulations regarding business practices did not exist either. As an example, Andrew Carnegie, “who led the expansion of the steel industry in the late 19th century”1 was able