The essence of history is that the same people’s figures can be presented from opposite views. Thus, it is sometimes complicated to make an objective assessment of what is happening. However, it is possible when considering the issue in a more global context. The purpose of this essay is to analyze several characters of the late 19th and early 20th centuries, who contributed to the formation of the United States as an industrial force, but at the same time accumulated enormous wealth.
Thanks to little government regulation, many ways to accumulate capital have opened up for enterprising people of this time. These include such famous personages as John Rockefeller, J.P. Morgan, and Andrew Carnegie. Each of them made considerable strides in different areas; however, the practices with which capital was obtained were controversial. These individuals were often engaged in what is now called dumping – the sale of goods at artificially low prices.
This allowed them to bring down the market and ruin competitors who could then be bought out. This behavior was ultimately characterized by the nickname “robber barons,” reflecting the people’s criminal and pseudo-aristocratic nature. The decisions made cost many people’s lives – from ordinary workers who were paid very little to competitors who could not resist such methods.
On the other hand, many historians called these same people Captains of Industry, thereby symbolizing their importance for the history. Given that this analysis is conducted from a global point of view, it is worth considering the overall impact on the industry and the legacy left behind. In this context, Rockefeller, Morgan, and Carnegie can be regarded as pioneers in their field. Rockefeller founded the Standard Oil Company, revolutionizing the petroleum industry. The financier Morgan helped found General Electric, and his actions helped change the way American business is conceptualized. Finally, Carnegie developed America’s steel industry to unprecedented heights and was also one of the first American philanthropists, founding many schools, libraries, museums, and universities.
Thus, each of them left behind a rich heritage not only in material form but also in the ideological state, such as, for example, a reformed business idea or a preserved cultural heritage. Therefore, despite the many obscure schemes and the harm that these entrepreneurs have inflicted on both their workers and competitors in the market, in general, these people have brought positive changes in the United States.