During this time period, there were many chinese immigrants that entered the United States who made up most of the workers that built the tracks. Industrialist had a huge impact on the gilded age. The gilded age was a rapid expansion of industrialism and a massive jump in the population of immigrants in america. The industrialist during the gilded age such as Andrew Carnegie, John D. Rockefeller, and Vanderbilt had a big impact because of their businesses.
Vanderbilt was the first of the three to be a leader of industry. Vanderbilt made millions using the railroad system and built an empire with them. Also, during this time, the economic industry was booming, advancement in technology, farming influence, politics, businesses, natural resources, transportation and railroads.
By the end of 19th century, the middle-class Americans, were known as trusts. Trusts were known as people who controlled competition in the industry. In the late 19th century, the first major trust was John D. Rockefeller, who controlled a substantial part of the oil industry. The Gilded saw America 's economy boom. Steel, oil, and railroads played a crucial role in this economic boom. Owners of the biggest companies, Vanderbilt, Rockefeller, and Carnegie, were the ones who industrialized our nation.
Their industrial impacts were both positive and negative. Carnegie was able to build a multi- million dollar industry of steel. At the time united states was running on iron , soon the entire country was built of steel, from railroads, to skyscrapers,and to cars. Carnegie was a hero to this country as he led the country to a better economy. But is he really a hero? Andrew Carnegie was a Scottish native that emigrated to Allegheny, Pennsylvania when he was a young boy.
Through rigorous work, reading, and dedication Andrew Carnegie became one of the wealthiest men in history. In this autobiography Andrew Carnegie explains the story of being an immigrant who goes through numerous obstacles and struggles, however, rises to the top. He starts as a telegrapher and with hard work and complete devotion to being the best, becomes the captain of industry and steel magnate.
In , New York became the second largest city in the world. This was the result of monopolies capitalizing in America. Industries were booming; however, the common people were suffering greatly. The men behind these monopolies, incorrectly known by many as captains of industry, are more accurately known as robber barons. While this remains true, the business men of the Gilded Age were captains of industry to an extent.
Carnegie is considered one of the richest men in history, and even with all that wealth he decided to give back to the community. As a matter of fact, Carnegie donated most of his funds to charities, universities and libraries in his last few years.
The Gilded Age was a time of good and bad economic growth. In America during post civil war times, years to , the nation was prospering on the surface, but was corrupt underneath; large businesses took control of the economy, changed society, and influenced politics nefariously.
By the end of the nineteenth century, monopolies and trusts exercised a significant degree of control over key aspects of the American economy. Carnegie used vertical integration to take over the steel industry.
He then set up a mega trust with Rockefeller, who was in the gas and oil industry, JP Morgan, who was a banker, and Vanderbilt, who was high up in the railroad industry. One day, because of John D. Louis Bridge was built. Carnegie had started his steel business from the idea he had when he built the. Andrew Carnegie would create an empire that would move the steel industry.
Under his influence steel plants started to be built all over the nation. This helped the nation be able to get building materials faster. Overall Andrew Carnegie played a major role in the Industrial Revolution by expanding the steel trade. He helped the expansion and the distribution of steel. Right after the Civil war, America was rebuilding itself. Arising along the rebuilding was unemployment. Thousands of people were jobless and had families to feed.
Once big, industrialist-led companies starting employing, people scrambled to get a job at these companies. I categorized Andrew Carnegie a Captain of Industry after learning of his philanthropic views and actions. Carnegie not only obtained a wealth from working hard and wisely investing but used most of his fortune to make a difference on the world.
Carnegie own words categorize the essence of generosity and kind hearth. The end of the reconstruction era gave rise to the gilded age. The gilded age was a time of economic growth. The congress and the big business were more influential than the presidency. The wealthy elite of the late 19th century consisted of industrialists who amassed their fortunes as so-called robber barons and captains of industry. Both can be defined as business tycoons, but there was a significant difference in the way they made their fortunes.
Robber barons typically employed ethically questionable methods to eliminate their competition and develop a monopoly in their industry. Often, they had little empathy for workers. Captains of industry, however, were often philanthropists. They made their wealth — and used it — in a way that would benefit society, such as providing more jobs or increasing productivity. Born in , John D. Rockefeller became one of the richest men in the world as the founder of the Standard Oil Company.
Andrew Carnegie served as a great example of an American rags-to-riches story. Born to a poor Scottish family, he and his parents immigrated to the U. He built his fortune by investing in the steel industry and became the owner of Carnegie Steel Company, which by was the largest steel company in the world.
Despite some criticism of how some workers at Carnegie Steel were treated, Carnegie himself was extremely active in terms of philanthropy. At face value, Morgan contributed greatly to American industry. He also created the first billion-dollar company, U. At one point in his life, he was a board member of as many as 48 corporations. However, Morgan engaged in some unethical and anticompetitive practices to ward off competition.
For example, he was believed to head a money trust that controlled the banking industry and was commonly considered a figurehead of Wall Street. He also created a monopoly by slashing the workforce and their pay to maximize profits while eliminating the competition.
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