Captains of Industry or Robber Barons
This mind map is about captains-of-industry-or-robber-barons. Start to use a mind map to express and organize your ideas and knowledge right now.
Tags: reading notes
Similar Mind Maps
Captains of Industry or Robber Barons?
Carnegi became rich when he started asteel company at a time of high demand forsteel. Carnegie treated his workers badbecause he put them under long hours andlow wages. He spent his money with hisfamily and donated money to promoteworld piece. -Jose
Carnegie was a Robber Baron because hisactions diplayed the characteristics of one.For example he cut employe wages toimprove company revenue and then hebought out competing companies. As aresult he made a fortunej and completelydominated the steel industry in then world. By Peter Anakaraonye
partnership to manufacture railroad bridges. Later heleft to run his own enterprises. he marketed andinvested in oil and railway sleeping cars butprimarily he was in the iron making business. Heintroduced the cost accounting techniques of therailroad industry and hired trained chemist in theprocess adopting procedures that cut per unit cost.As a result he emerged as one of the industrysdolminant forces. Carnegie then adopted HenryBessemers new technology and entered the steelindustry. His large amount of financial resourcesallowed him to buy up his partners stakes cheaplyand gain majorityof share enterprise. He defeatedmany of his competitors by employe wage cutsdistributing smart, intelligent business decisions.Overtime Carnegie continued buying stakes likeFricks Coke business. By the 1890s Carnegies steelcompany was the largest steel producer in theworld making him wealthy beyond imagining evenreaching to 40 million in revenue in 1900. Carnegielater sold his interest to J.P. Morgans syndicate. Hispersonal fortune at that point was 300 millionwhich is equivalent to 6.7 billion in todays timeperiod making him one of the worlds richest men.As a result he distributed his wealth and promotedworld peace. By time of his death in 1919 he hadoverseen the distrubution of nearly 350 million. Atthe end you can say that Carnegie aquired hiswealth from his companys, stakes, and the successin revenue. He did alot of employe wage cuts toimprove company revenue. He spent his moneybuying up other companies and insuring hisdominant presence in the industry. Finally you cansay that he was very generous and donated a hugeshare of money to his designated causes. PeterAnakaraonye
John D. Rockefeller
J. Pierpoint Morgan
How he acquired wealth: asa financier and banker,worked at Hartford drygoods firm
Donated money: Donatedhis father's library to thepublic, as well as his house to the US for the USEmbassy
Use of money: Gave loansduring World War 1 (suchas to Russia
JP Morgan acquired his wealth by joining in apartnership with Drexel, Morgan andCompany in 1871. He was a captain ofindustry because he controlled most of theAmerican Industries and also helpedreconstruct rail companies.
BY PETIA STOYKOVA
Morgan began his career as an accountant and worked forseveral New York banking firms until he became a partner inDrexel, Morgan and Company which was later reorganized asJ.P. Morgan and Company. He began to aquire his wealth whenhe began reorganizing railroads, becoming a board member,and gaining control of large amounts of stock of many of the railcompanies he helped restructure. He embarked onconsolidations in the electric, steel, and agricultural equipmentmanufacturing industries. Around the early 1900s he was themain force behind the Trusts, controlling virtually all the basicAmerican industries. Morgan has been described as a &quot;coldlyrational man&quot;. It seemed he spent his money a lot on art andbooks as he was among the foremost collectors of art andbooks of his day. He collected art objects in virtually everymedium, including the rare books, manuscripts, drawings,prints, and ancient artifacts. Since the country had no officialcentral bank, Morgan was the country&#39;s unofficial lender of lastresort. -Julia Rozman
Wealth: He climbed the ranks of a telegraph company. Later, he built Pittsburgh's CarnegieSteel Company, which later merged with Elbert H. Gary's Federal Steel Company andseveral smaller companies to create U.S. Steel.
Philanthropy: He believed in the &quot;Gospel of Wealth,&quot; which meant that wealthy people weremorally obligated to give their money back to others in society. He gave money to townsand cities to build more than 2,000 public libraries. He also gave $125 million to afoundation called the Carnegie Corporation to aid colleges and other schools. In 1902, hefounded the Carnegie Institution to fund scientific research and established a pension fundfor teachers with a $10 million donation.
Hopkins acquired most of his wealth throughinvestments(i.e. the Baltimore and Ohiorailroad). However Hopkins also started acompany named Hopkins &amp; Brothers. JohnHopkins was a supporter of the abolition ofslavery and was in turn a strong supporter ofthe Union. John Hopkins spent most of hiswealth on developing Hospitals, a university,a publishing house, and an orphanage forcolored children. John Hopkins was no doubt a Captain of Industry since there is noevidence of malice and he was clearlycharitable to in creating many of theinstitutions of Baltimore.
Vanderbilt initially acquired his wealth throughthe steamship industry, and later the railroadindustry. He operated a ferry service,constantly improving upon steamboats,creating the most luxurious and elegant&quot;floating palaces&quot; as they were referred to.Vanderbilt's vessels were massive endeavorsand he hired a mass amount of workers.During the Civil War, Vanderbilt supplied theUnion Navy with one of his steamships,equipped with the necessary supplies forbattle. He purchased a lavish home anddonated to Central university (which becameVanderbilt University). Otherwise, he did notfrequently spend his money. Vanderbilt wouldbe considered a Captain of Industry becauseof his contribution to the travel and tradeindustries that connected the far reaches ofour country.
Johns Hopkins made most money throughinvestments towards railroad businesses.Hopkins founded other businesses andinstitutions that would be the source of hiswealth such as his trading company Hopkinsbrothers and Johns Hopkins University andhospital. Hopkins treated his partners welland profited from this as well. Johns Hopkinsspent much of his fortune towards businessinvestments and projects that were for thebetter of baltimore.
Johns Hopkins shipped good to North Carolinaand Virginia in exchange for whisky. He sold theWhisky to Africa and by this he undid the workof American Missionaries. After his first year inbusiness he made $200,000. In 1867he incorporated Johns Hopkins University andJohns Hopkins Hospital When Johns Hopkinsdied his estate left a sum of 7 million dollars tothe hospital and university. At age 50 hebecame the biggest financial capitalist inBaltimore just after working for 25 years. Helent money to men who couldn't get loans frombankers. He made his investments back andmore. Johns Hopkins bought property at theBaltimore Inner Harbor he built office buildingsand warehouses. Johns Hopkins was a greatentrepreneur! Grayson Weidel
John treated his workers with much respect.He was always hard working and pleasantaround his workers. He could also be seriousand demanding when it came to business.~Breana Greene
Rockefeller acquired his money through an oilrefining company. He extended his enterpriseand was very successful in doing so. Beingreligious, Rockefeller donated some of hismoney to churches. He also donated moneyto schools and medical companies.
One way John acquired wealth was withThe Cleveland Masacre. With this, Johnstruck a deal with the rairoads thattransported his oil which resulted in himtaking over 22/26 refineries in Cleveland.~Breana Greene
Johns Hopkins went into business with his three brothers in which he got his great fortune byinvesting into the B&amp;O Railroad. Also, he treated his workers well and donated money to make aJohns Hopkins University and a Johns Hopkins Hospital. Johns Hopkins also donated his money toyoung men with an idea that got refused by the bank to see them grow. He would be a captain ofindustry because he helped in many ways industrialize his town. ~Samuel Winston