Critical Thinking 14-3!

Do you think that the tycoons of the late 19th century are best described as ruthless robber barons or as effective captains of industry?

The Tycoons of the late 19 century are best described as being robber barons. They unfairly worked there employees and exploited there costumers, giving back was an unfair way to try and justify what they did, and they felt like they lived above the rule of the government.

These tycoons included companies like the Rockefeller standard oil company, who controlled 90 percent of the oil refining and processed 3 percent of the countries crud oil. Companies like this one are robber barons first of all for the way that they overworked there employees. They would make them work extremely hard and then they would save money by paying them very little. Also they were robber barons for the way they manipulated and mistreated there customers. The oil companies would sell there oil at a low price, lower then it took to produce it, and wait until the consumers were only buying from there company, so they were dependent on them. This meant they controlled the market(p. 449). At that time they would raise the prices so that the costumers would have to pay so much more for a low priced product that they had grown dependent on.

Though Rockefeller did donate a lot of his money to various foundations and universities(p. 450), this did not justify what he was doing because the only reason that he had the money to do things like that was because he was unfairly charging people for his oil products. Also companies like RSOC were ruthless because they thought that they lived above the rules of the government. Evidently, they did in fact live above the law because the government passed the Sherman Antitrust Act to try and stop expanding corporations stifling the competition, but the larger companies found loopholes and ways around it. The government just decided to give up and let the major companies continue to do what they wanted to.

In the late 19 century tycoons and major companies were in control. From abusing their employees and consumers to living above the governments rules these tycoons showed themselves to be ruthless baron robber consumed with making money.