One of the greatest influential people during the Industrial Age were the robber barons.
A robber baron was a person that exploited the working class and obtained tribute from the public. They had been accused of creating a monopolistic economy in several different areas of the United States. The principal barons that were the strongest are Rockefeller, Cornelius Vanderbilt, Andrew Carnegie and J.P. Morgan. These individuals created such a strong monopoly over their respected industry. Through their monopolies they eliminated any opposition that stood in their way to make profit and left consumers with just one choice, to buy just from them. Is this just a good way to make business or was this tyranny over the market? Post the Civil war …show more content…
In the beginning of Rockefeller’s life, his family was never rich but poor. Sometimes it was very hard for his family to make ends meet. But from the beginning of his life he said, “I was trained to work, to save, and to give” (Folsom 83). And he did just that, at the age of sixteen he began to work as bookkeeper assistant only earning fifty cents a day (Folsom 84). Through his experience working he carried out a pursuit of doing business. By the age of nineteen Rockefeller went into the grain shipping business in which he began dealing with thousands of dollars (Folsom 84). Rockefeller also had a strong relationship with his church. Coming from a very Christian family, when he earned his first check he donated it to the church. And through his relations with the church he sought out for business partners. Samuel Andrews, churchmen was seeking investment in the oil refining which appealed to young Rockefeller (Folsom 84). Through Andrew, Rockefeller grew into a successful business owner of the oil …show more content…
Flynn explains that he did under wage people, monopolized the oil industry, and corrupted the government in order to help America become what it is today. He created such a network of control he was undefeatable until the Sherman Antitrust Act, which came into play in 1890.
The Sherman Antitrust Act was passed because of the great effect monopolies had on the consumers. Many consumers and small business were glad that the Sherman Antitrust Act and the creation of the Interstate Commerce Commission. “Not until 1914 were paper jaws of the Sherman Act fitted with reasonably sharp teeth.
Until then, there was some question whether the government would control the trust or the trusts the government. But the iron grip of monopolistic corporations was being threatened. A revolutionary new principle had been written into the law books by the Sherman Anti-trust Act if 1890, as well as by the Interstate Commerce Act of 1887. Private greed must henceforth be subordinated to public need” (Folsom
A robber baron was a person that exploited the working class and obtained tribute from the public. They had been accused of creating a monopolistic economy in several different areas of the United States. The principal barons that were the strongest are Rockefeller, Cornelius Vanderbilt, Andrew Carnegie and J.P. Morgan. These individuals created such a strong monopoly over their respected industry. Through their monopolies they eliminated any opposition that stood in their way to make profit and left consumers with just one choice, to buy just from them. Is this just a good way to make business or was this tyranny over the market? Post the Civil war …show more content…
In the beginning of Rockefeller’s life, his family was never rich but poor. Sometimes it was very hard for his family to make ends meet. But from the beginning of his life he said, “I was trained to work, to save, and to give” (Folsom 83). And he did just that, at the age of sixteen he began to work as bookkeeper assistant only earning fifty cents a day (Folsom 84). Through his experience working he carried out a pursuit of doing business. By the age of nineteen Rockefeller went into the grain shipping business in which he began dealing with thousands of dollars (Folsom 84). Rockefeller also had a strong relationship with his church. Coming from a very Christian family, when he earned his first check he donated it to the church. And through his relations with the church he sought out for business partners. Samuel Andrews, churchmen was seeking investment in the oil refining which appealed to young Rockefeller (Folsom 84). Through Andrew, Rockefeller grew into a successful business owner of the oil …show more content…
Flynn explains that he did under wage people, monopolized the oil industry, and corrupted the government in order to help America become what it is today. He created such a network of control he was undefeatable until the Sherman Antitrust Act, which came into play in 1890.
The Sherman Antitrust Act was passed because of the great effect monopolies had on the consumers. Many consumers and small business were glad that the Sherman Antitrust Act and the creation of the Interstate Commerce Commission. “Not until 1914 were paper jaws of the Sherman Act fitted with reasonably sharp teeth.
Until then, there was some question whether the government would control the trust or the trusts the government. But the iron grip of monopolistic corporations was being threatened. A revolutionary new principle had been written into the law books by the Sherman Anti-trust Act if 1890, as well as by the Interstate Commerce Act of 1887. Private greed must henceforth be subordinated to public need” (Folsom