“The Myth of the Robber Barons” by Burton W. Folsom, Jr sheds a different perspective about early entrepreneurs in early America. The book portrays some key entrepreneurs as the reason for economic growth of the United States and America’s greatness. It also argues the misconception and mislabeling of “Robber Barons” of the 19th century. People named “Robber Barons” had a negative connotation attached to their name but Folsom argues that Robber Barons tremendously helped America and have been greatly misconceived. He dives into this criterion in seven chapters in his book that we will discuss.
Chapter two reveals some background on the building of the transcontinental railroad and derails the huge misbelief “there was no way to get the happy …show more content…
Rockefeller and his success with the oil industry. Folsom shines a positive light on Rockefeller, describing in detail what a generous philanthropist and entrepreneur he was. Rockefeller has been a victim of slander for decades and Folsom reveals his true nature and character in this chapter. Rockefellers main business goal was that his product was “for the poor man and he must have it cheap and good.” Rockefeller wanted to sell the best product at the lowest price because he believed in consumers profiting from him- not vice versa. His philosophy for a successful business in the oil industry was to cut waste and produce the best product at the lowest price. His competition was extremely wasteful- they’d pollute the city and surrounding rivers by dumping and spilling oil, gasoline, and other by-products. Rockefeller eventually made his way to be the largest oil refiner in America. He drove competition out and naturally, his competitors were unhappy and publicly condemned his name. Under Rockefellers leadership in the industry, he produced and sold kerosene at such an affordable price that middle and working class people all over the nation could afford it. After-dark activities were now possible to most Americans. Rockefeller was able to build the most successful business in American history and been the key part of huge transformations in the oil industry while being a diligent and efficient leader. He also saved America’s …show more content…
Folsom packs examples from all six chapters into this last seventh chapter to unravel the inaccuracies in these textbooks. Folsom explains that the top three best-selling college textbooks in American history wrongfully portrayed Rockefeller’s success with the oil industry as fraudulent. The importance of depicting this time in history correctly is necessary as America could have deeply plummeted had it not been for Rockefeller’s strategies to be victorious in the American-Russian oil war. Folsom tells three facts that show the importance of this battle. “First, about two-thirds of the oil refined in America in the 1800s was exported. Second, Russia was closer than the U.S. to all European and Asian markets. Third, Russian oil was more centralized, more plentiful, and more viscous than American oil.” America was at a huge disadvantage when competing with Russia and our victory was monumental in what could have happened: “losing millions and and possibly even having to import from Russia. The spoils of victory—jobs, technology, cheap kerosene, cheap by-products and cheap gas to spur the auto
Chapter two reveals some background on the building of the transcontinental railroad and derails the huge misbelief “there was no way to get the happy …show more content…
Rockefeller and his success with the oil industry. Folsom shines a positive light on Rockefeller, describing in detail what a generous philanthropist and entrepreneur he was. Rockefeller has been a victim of slander for decades and Folsom reveals his true nature and character in this chapter. Rockefellers main business goal was that his product was “for the poor man and he must have it cheap and good.” Rockefeller wanted to sell the best product at the lowest price because he believed in consumers profiting from him- not vice versa. His philosophy for a successful business in the oil industry was to cut waste and produce the best product at the lowest price. His competition was extremely wasteful- they’d pollute the city and surrounding rivers by dumping and spilling oil, gasoline, and other by-products. Rockefeller eventually made his way to be the largest oil refiner in America. He drove competition out and naturally, his competitors were unhappy and publicly condemned his name. Under Rockefellers leadership in the industry, he produced and sold kerosene at such an affordable price that middle and working class people all over the nation could afford it. After-dark activities were now possible to most Americans. Rockefeller was able to build the most successful business in American history and been the key part of huge transformations in the oil industry while being a diligent and efficient leader. He also saved America’s …show more content…
Folsom packs examples from all six chapters into this last seventh chapter to unravel the inaccuracies in these textbooks. Folsom explains that the top three best-selling college textbooks in American history wrongfully portrayed Rockefeller’s success with the oil industry as fraudulent. The importance of depicting this time in history correctly is necessary as America could have deeply plummeted had it not been for Rockefeller’s strategies to be victorious in the American-Russian oil war. Folsom tells three facts that show the importance of this battle. “First, about two-thirds of the oil refined in America in the 1800s was exported. Second, Russia was closer than the U.S. to all European and Asian markets. Third, Russian oil was more centralized, more plentiful, and more viscous than American oil.” America was at a huge disadvantage when competing with Russia and our victory was monumental in what could have happened: “losing millions and and possibly even having to import from Russia. The spoils of victory—jobs, technology, cheap kerosene, cheap by-products and cheap gas to spur the auto