Preview

How Did Rockefeller's Robber Barons Affect The Economy

Satisfactory Essays
Open Document
Open Document
379 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
How Did Rockefeller's Robber Barons Affect The Economy
John D. Rockefeller has earned a spot in the hall of shame. He became wealthy because of ruthless and dishonorable business tactics which then hurt the nation. Rockefeller became wealthy because, he lowered his prices way down and forced the Pennsylvania Railroad to lower their prices, and he also ran smaller companies out of business and then took them over for his own. After he took over most of the smaller businesses, he raised his own prices back up in order to bring in a bigger profit. Rockefeller’s robber baron side was reflected by this action because, he went behind people’s backs and turned the other way when it came to business partners.
Rockefeller bought out his partner in an auction for a total of $72,500 in February 1865. He also
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    Monopoly Subchapter Burton Summary
    • 754 Words
    • 4 Pages

    Monopoly Subchapter Burton Summary

    I've never viewed either of these men as bad men or as robber baron, i've always admires the men of the 19th and 20th century who saw these new industries developing and adapted to make a mostly honest profit. These men were friends of consumers because the put pressure on their competitors to provide better goods and services and reasonable prices. They embraces competition, made good products and sold them for low prices. When companies compete the consumer usually…

    • 754 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    How Did John D Rockefeller And The Standard Oil Trust
    • 716 Words
    • 3 Pages

    How Did John D Rockefeller And The Standard Oil Trust

    Mr. Saccullo Mr. Meehan Case Study John D. Rockefeller & The Standard Oil Trust Lexile 1170 Name: Period: John Davison Rockefeller combined business intelligence with a ruthless personality to amass one of the largest personal fortunes in United States history. By taking advantage of the public’s demand for refined oil, he became one of the richest and most infamous men in America. Rockefeller is considered one of the elite “robber barons,” a member of the group of businessmen who monopolized markets at the turn of the century.…

    • 716 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Robber Barons Research Paper
    • 273 Words
    • 2 Pages

    Robber Barons Research Paper

    Robber Barons was the negative term for the titans of industry or, as Professor Donald Miller calls them, the capitalist conquistadors. These were the guys like Andrew Carnegie, Cornelius Vanderbilt, Gustavus Swift, Philip Armour, John D. Rockefeller and others who rose to the top and ran monopolies or near-monopolies in the Gilded Age (1870s-1900ish). They were seen as bad because they employed ruthless methods to run competion out of the market, but on the other hand, weren't breaking any laws or rules in this laissez faire timeperiod. These guys also gave a lot of money away: Carnegie built tons of libraries, and Carnegie Mellon University got a lot from him,…

    • 273 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    2000 Dbq Analysis
    • 972 Words
    • 4 Pages

    2000 Dbq Analysis

    Carnegie did believe in survival of the fittest and that the rich was more competent and educated than the poor, middle class but, he also believed in aiding the less fortunate in a non-direct way by “ ...bringing to their service his superior wisdom, experience and ability to administer,...”(Doc 4). In controlling multiple industries he provided the less fortunate with jobs and work experience, bettering them in a non-direct way. John D. Rockefeller on the other hand believed in boosting himself using horizontal integration, monopolizing the smaller businesses, expanding his industry further and further. Rockefeller once had monopolized almost 90% of the oil and oil refining businesses. He lowered his prices to attract a customer base slowly eliminating all of his competitors by either buying them out or forcing them out of business, to then jack up his prices once he owned most of the industry. Because of his monopoly in the oil industry he and the railroad tycoon Vanderbilt were in league together giving “discriminating rates” to outside , small business competitors (Doc 7). In 1890 the Sherman Antitrust Act was passed to…

    • 972 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    How Did John D Rockefeller's Domination Of The Oil Industry
    • 894 Words
    • 4 Pages

    How Did John D Rockefeller's Domination Of The Oil Industry

    Then Mr. Rockefeller with other partners got together to start to make a Standard Oil Trust, which had control of of a lot of companies that had Standard to control the domination of it, and the distribution it had, and selling and other things that the Oil Industry had in their policy of work. Standard’s domination of the oil industry came under evaluation from the public and the government. In 1890, Congress passed the Sherman Antitrust Act in an attack to limit the power of trusts,by taking out every contract, combination in the form of trust or any other way, or practice, in caution of trade or business. Standard lost a Sherman-related impeachment in Ohio in 1892, but it was later able to get into New Jersey as a holding company. John D. Rockefeller also had the good thing of giving money out for charity, which he gave mostly like half or more than a billion dollars to different things, like schools, churches, or scientific causes during the united state history.…

    • 894 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    John D. Rockefeller: The Greatest Entrepreneurs Of Post-Civil War
    • 308 Words
    • 2 Pages

    John D. Rockefeller: The Greatest Entrepreneurs Of Post-Civil War

    John D. Rockefeller was one of the greatest entrepreneurs of the post-civil war time. Rockefeller’s achievements had the greatest impact for the United States beginning in 1870. John D. Rockefeller moved to Cleveland, Ohio as a young boy with his family. As he grew older, he decided to create a business in the oil industry. As stated by George Tindall, “Rockefeller recognized the potential profits in refining oil, and in 1870 he incorporated his various interests, naming the enterprise the Standard Oil Company of Ohio.” (America) Rockefeller became the largest refiner and wanted to push out the competitors of the oil industry to control the market. Rockefeller bought out the other Cleveland companies. If any company disputed, that company was…

    • 308 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Was John D Rockefeller A Tyrant
    • 233 Words
    • 1 Page

    Was John D Rockefeller A Tyrant

    Today, we know that John D Rockefeller the founder of Standard Oil company used his power to eliminate his competitors and tried to create a monopoly in oil industry. He made secret rebates with railroad companies, so railroads gave his company a lower rate than his competitors. As a result, he could drive out them from the market. In order to destroy the competitors, he raised prices in the areas with no competition, and lower prices in the areas with competition. His strategies ruined competitors, and made them to sell out or go bankrupt. He was considered a ruthless or tyrant who had a lot of enemies, but it was not considered illegal or unethical to monopolize an industry. I think after his first priority which was making money, he was…

    • 233 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Better Essays

    Who Were the Robber Barons? what was their impact on the economy today? who are some modern robber barons? What is a robber baron who are the three robber barons listed?
    • 2897 Words
    • 9 Pages

    Who Were the Robber Barons? what was their impact on the economy today? who are some modern robber barons? What is a robber baron who are the three robber barons listed?

    Who Were The Robber Barons?"A friendship founded on business is better than a business founded on friendship." These words ring true in the ears of business owners and CEOs even today. Who was the man that spoke these words that still have thought and meaning today? Why, none other than John D. Rockefeller. Rockefeller was one of the many "robber barons" of the gilded age. In case you were wondering, a robber baron is a "ruthlessly powerful U.S. capitalist or industrialist of the late 19th century considered to have become wealthy by exploiting natural resources, corrupting legislators, or other unethical means." In other words, a real life depiction of "Mr. Pennybags" from the popular Monopoly game.…

    • 2897 Words
    • 9 Pages
    Better Essays
    Read More
  • Good Essays

    John D Rockefeller Research Paper
    • 607 Words
    • 3 Pages

    John D Rockefeller Research Paper

    John D. Rockefeller was the owner of Standard Oil Company. John was born into a very poor family and had to work very hard to start Standard Oil. He also had many problems later in his career. One of the problems he had during his career was the antitrust laws which made him disband his trust into many of the different companies that made up the trust. After Rockefeller stopped working at Standard Oil day to day he became a philanthropist and donated a lot of his money to help different causes.…

    • 607 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Robber Barons: Turn Of The 20th Century
    • 411 Words
    • 2 Pages

    Robber Barons: Turn Of The 20th Century

    Long hours, dangerous work conditions, and low wages are just a few words to describe the treatment of workers at the turn of the 20th century. This was all in the hands of some powerful industrialist we refer to as "robber barons". There can be no mistaking their motives: wealth. It portrays men like Vanderbilt, Rockefeller, Pullman, Ford and cruel and ruthless businessmen who would stop at nothing to achieve great wealth.They cared little about the lives and treatment of those that worked under them, and reside in their towns. They were in many cases accused of disregard of workers' rights, exploitation of resources, and concentration of wealth. In my perpective, it is true.…

    • 411 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Robber Barons Research Paper
    • 667 Words
    • 3 Pages

    Robber Barons Research Paper

    I thought that people like Andrew Carnegie, John D. Rockefeller, and J.p Morgan were all robber barons. Because they would employ people and put them in these unsafe, and unsanitary conditions. Also they made education for immigrants coming in difficult because even though they built libraries and hospitals would the immigrants would be illiterate and not be able to pay for hospital bills. Lastly theses men were robber barons because they were using vertical integration and horizontal integration to take over small businesses and to raise prices on railroads.…

    • 667 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    John D. Rockefeller: Where Did He Get His Start?
    • 765 Words
    • 4 Pages

    John D. Rockefeller: Where Did He Get His Start?

    Business is a fascinating topic to research and no one is more fascinating that John D. Rockefeller. This paper answers the age old question of any successful businessman: where did he get his start? I will answer that question with a paper about John D. Rockefeller’s early life. It will also explain how he became one of the first great business leaders for America and some of the major influences in his life and what he did after he…

    • 765 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Robber Barons In The 19th Century
    • 881 Words
    • 4 Pages

    Robber Barons In The 19th Century

    John D. Rockefeller created an oil empire, the Standard Oil Company, in this manner. Rockefeller monopolized the oil market through horizontal consolidation, buying out competitors, or driving competitors out of business by initiating rate wars. His cold-hearted mentality was highlighted when he claimed, “Individualism has gone, never to return.” In his testimony to the United States Industrial Commission, Rockefeller boasted about the “power to give the public improved products at less prices and still make a profit for stockholders”, but failed to recognize that consolidation left the poorer class suddenly unemployed. Many magnates also followed Andrew Carnegie’s entrepreneurial tactic of vertical consolidation, in which every stage of manufacturing a product was in the hands of a single corporation. According to James B. Weaver, such schemes allowed trusts to “control the articles which the plain people consume in their daily life.” The American people were forced to cope with the sugar trust, the leather trust, the harvester trust, the tobacco trust, and Rockefeller’s dominant Standard Oil trust. Along with the development of trusts, the invention of machinery allowed rich industrialists to hire less workers for lower wages. By cutting employees and saving money, the corrupt barons were…

    • 881 Words
    • 4 Pages
    Good Essays
    Read More
  • Better Essays

    John D. Rockefeller: Captain Of Industry
    • 1278 Words
    • 6 Pages

    John D. Rockefeller: Captain Of Industry

    Rockefeller was a captain of industry who helped to make America strong. Although, he did spy on other companies to better his own business, that didn’t stop him from being a generous and caring man. Rockefeller had a positive effect on America because he gave away money to charities, built great industries and donated lots of money to churches and schools. John d. Rockefeller was the founder of the University of Chicago, (a university that opened in a church in 1892), and the Rockefeller University, (an institute of medical research in New York City), that was charted in 1901. He was also the founder of the General Education Board, (established in 1902), as well as the founder of the Rockefeller foundation, (charted in 1913 to promote peace throughout the world) (Unknown). He was a very rich person who funded many universities. He funded the establishment of Central Philippine University (where Philippines could study). John D. Rockefeller was a person who was well known for his philanthropic contributions and charitable contributions. According to the New York World, in 1880, the Standard Oil Company was “…the cruelest, impudent, pitiless, and grasping monopolies that ever happened in a country”. The text supports how Rockefeller used cruel, ruthless, business practices to not only enrich himself but others. Rockefeller and his associates owned a lot of different operations. Each one operated in just one state. In 1882, Rockefeller’s lawyers created a form of…

    • 1278 Words
    • 6 Pages
    Better Essays
    Read More
  • Good Essays

    Robber Barons In The Gilded Age
    • 1694 Words
    • 7 Pages

    Robber Barons In The Gilded Age

    They created so many job opportunities, built industries that benefited the whole country and gave away much of their hard earned money. Capitalists of the nineteenth century may have been considered robber barons but they were for the most part captains of industry. The American Industrial Revolution fundamentally changed politics, society, and the economy. Factory workers and consumerism had changed immensely in the Gilded Age; about 400,000 patents were made between 1875 and 1900 which signifies the departure of farming to the vast significance of industries. Trade Unions became an immense part in Urban communities since the people longed for shorter hours and higher pay rates.…

    • 1694 Words
    • 7 Pages
    Good Essays
    Read More

Related Topics