Ellie McCoy
17 October 2014
C 12
Captains of Industry
Businessmen from the 19th and 20th centuries were known as captains of industry or people who generate great wealth for themselves, but also use it for the good of the country. Several businessmen can be considered captains of industry, because they used various business strategies to develop new industries, they held the industries in the palm of their hands, but they also used money in charitable ways to benefit the public.
Andrew Carnegie, John D. Rockefeller, John Pierpont Morgan and Cornelius Vanderbilt used new business strategies to develop entirely new industries in America. These strategies used vertical, and horizontal integration in a form of Social Darwinism. Horizontal integration is a strategy that combines businesses in like fields, buying out the competitors to the point of creating monopolies in that industry. Captains of industry, such as Rockefeller, commonly used this approach with his Standard Oil company. He would purchase the competing businesses that served …show more content…
This was an incredible accomplishment because many these men grew up in poverty and they rose above it all, and ended up on top. Vanderbilt connected railroad lines that were abandoned because of the Civil War, this changed the way goods were transported, making materials more readily available for use in the economy. Rockefeller found oil, and realized that it could be used as a new source of power. Monopolizing the production of oil. These actions caused him to become the world’s richest man, and Standard Oil’s finances to soar. J.P. Morgan used his family’s wealth to create what is now known as Chase Bank, using the bank to finance businessmen in other industries to create the large railroads, U.S. Steel, General Electric and other large
17 October 2014
C 12
Captains of Industry
Businessmen from the 19th and 20th centuries were known as captains of industry or people who generate great wealth for themselves, but also use it for the good of the country. Several businessmen can be considered captains of industry, because they used various business strategies to develop new industries, they held the industries in the palm of their hands, but they also used money in charitable ways to benefit the public.
Andrew Carnegie, John D. Rockefeller, John Pierpont Morgan and Cornelius Vanderbilt used new business strategies to develop entirely new industries in America. These strategies used vertical, and horizontal integration in a form of Social Darwinism. Horizontal integration is a strategy that combines businesses in like fields, buying out the competitors to the point of creating monopolies in that industry. Captains of industry, such as Rockefeller, commonly used this approach with his Standard Oil company. He would purchase the competing businesses that served …show more content…
This was an incredible accomplishment because many these men grew up in poverty and they rose above it all, and ended up on top. Vanderbilt connected railroad lines that were abandoned because of the Civil War, this changed the way goods were transported, making materials more readily available for use in the economy. Rockefeller found oil, and realized that it could be used as a new source of power. Monopolizing the production of oil. These actions caused him to become the world’s richest man, and Standard Oil’s finances to soar. J.P. Morgan used his family’s wealth to create what is now known as Chase Bank, using the bank to finance businessmen in other industries to create the large railroads, U.S. Steel, General Electric and other large