Robber Barons: Captains Of Industry

During the late 19th century and early 20th century, corruption was widespread among industries and businesses in the United States. Monopolistic businesses during this time thrived and flourished, specifically the large ones. Many American industrial leaders of the time earned the right to be called “Captains of industry”, even if the way they acted was that of a “Robber Baron” It’s impossible to put these people into only one category, because without one the other can’t be present. The way these leaders would act as “Robber Barons” would merely be a stepping stone for moving themselves and ascending to a leadership position. Additionally, by labeling these industrial leaders as “Captains of Industry”, you are emphasizing the good they …show more content…
These industries created jobs, expanded markets, and changed the workforce. John Pierpont Morgan was one of the many influential industrial leaders that changed the American economy forever. Pierpont’s father had primed his son to become a great banker. His father combated his weaknesses (weak health and bad temper) by stretching his influence over aspect of his son’s life and he constantly tested his son’s intelligence. Due to this, Pierpont was able to identify beneficial opportunities for future investment and he would usually negotiate these investments with a non-traditional approach to business. An example of this would be during the civil war, when Pierpont financed a deal so Arthur Eastman could purchase obsolete rifles from the U.S., later modify them, and sell it back for six times the original price. Pierpont’s tactics for conducting business for conducting business were very straightforward. Pierpont’s deals were on a take it or leave it basis which earned him a reputation of being brusque and abrupt but also fair. He was not driven by a tremendous desire for money but for setting finances right and doing things the right way.