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20 FACTS ABOUT ROBBER BARONS
Transcript of 20 FACTS ABOUT ROBBER BARONS
The term 'Robber Barons' was a derogatory term applied to powerful, wealthy industrialists, the captains of industry who monopolized the railroads, the steel industry, the tobacco industry, the oil industry and the financiers who controlled the banks and used unfair business practices.
2. They engaged in unethical and monopolistic practices, had widespread political influences, and were VERY wealthy.
3. These men who were called Robber Barons were sometimes portrayed as “self-made men” who had helped build the nation, and created many jobs for American workers.
4. In the late 19th Century, the public mood turned against them. Criticism from newspapers intensified. Other monopolists exploited workers.
5. Even though these Robber Barons had huge success from their businesses, as for their works, they could care little for the working conditions and safety of their employees.
6. They kept wages at a minimum and reduced
7. Robber Barons used bribery and corruption to gain support from politicians and government officials
8. Many families were on the edge of surviving and their children were also forced to work to enable them to survive
9. Workers were banned from joining unions or labor movements by the Robber Barons
1. Some famous Robber Barons were J.P Morgan, Andrew Carnegie, Andrew M. Mellon, Cornelius Vanderbilt, and John D. Rockefeller who were very successful businessmen in the 19th Century.
20 FACTS ABOUT ROBBER BARONS
By Zoei Fikes
10. Some Robber Barons manipulated the stock market
11. Morgan was a leading financier who founded the banking company
J.P. Morgan & Co.
in 1871. During the Panic of 1873 the banker J.P. Morgan bailed out the federal government by loaning the Treasury $65 million dollars in gold
12. was the head of the
Standard Oil Company
, the first great U.S. business trust, and used his fortune to fund many philanthropic (charitable) causes - one of the great Captains of Industry. However he was ruthless and used questionable and crazy methods and would therefore also be included in a list of the Robber Barons.
John D. Rockefeller
13. a self-made man who became a steel tycoon was a Philanthropist and donated towards the expansion of the New York Public Library. Andrew Carnegie attempted to soften the insensitive philosophy of Social Darwinism by publishing his 1889 article called the 'Gospel of Wealth'. His 'Gospel of Wealth' described the responsibility of philanthropy by the new upper class of self-made rich to further social progress and donated millions of dollars to charitable causes
14. was a great inventor and businessman. He developed the practical electric light bulb, the phonograph and the motion picture camera. His inventions impacted the whole world.
15. Cyrus McCormick invented the mechanical reaper, opened a factory in Chicago and was adding $55 million dollars to the wealth of the nation every year - one of the early Captains of Industry. Cyrus McCormick died in May 13, 1884. But two years later in 1886 workers at the McCormick International Harvester Company in Chicago went on strike which led to the Haymarket Riot.
16. As the nation’s first big business, railroads occupied the center of the economy, a driver of demand and shaper of strategic interests of other enterprises that gave rise to the classic captains of industry
17. This is when John D. Rockefeller formed a petroleum-refining business with partner Henry Flagler.
18 .Vanderbilt, Carnegie, Rockefeller, and others are often remembered as monopolists, yet they radically lowered prices. As early entrants into their markets, they fought their way through chaotic competition by strictly controlling costs and increasing efficiency at every step.
19. By making transportation, steel, and oil far cheaper and more widely available, they contributed to the rapid growth the American economy, and the creation of tremendous wealth.