Who were the robber barons? Video
The Gilded Age, Robber Barons, \u0026 The Rise of Big Business: BRI's AP U.S. History Exam Study GuideRecommend you: Who were the robber barons?
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THE newly rich who had so quickly won to supreme power in the economic order enjoyed an almost universal esteem for at least twenty years after the Civil War. Their glory was at its zenith ; during this whole period they literally sunned themselves in the affection of popular opinion. The degree in which they had won a general public consent is reflected in many a candid and even naively ecstatic chronicle in the press, a press with which they of course maintained the warmest and most inspiring relations. The type of the successful baron of industry now presented itself as the high human product of the American climate, the flower of its own order of chivalry, much wondered at, envied or feared in foreign lands whose peers had arrived somewhat earlier at coronets, garlands and garters. As such he would indeed be bold who would challenge their right to sit in the highest assembly of the country as representatives of the American people. In short order the railroad presidents, the copper barons, the big dry-goods merchants and the steel masters became Senators, ruling in the highest councils of the national government, and sometimes scattered twenty-dollar gold pieces to newsboys of Washington. But they also became in even greater number lay leaders of churches , trustees of universities, partners or owners of newspapers or press services and figures of fashionable, cultured society. And through all these channels they labored to advance their policies and principles , sometimes directly, more often with skillful indirection. The spirit of our barons led them by many paths to worship in the House of God.Those of us who get drawn, often against our better judgment, into Internet debates soon discover that the case against the market economy in the popular mind boils down to a few major claims. This fear can be attributed in part, no doubt, to the cartoon history of the 19th century virtually all of us were exposed to in school. Historian Burton Folsom made an important distinction, in his book The Myth of the Robber Werr, between political entrepreneurs and market entrepreneurs.
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The political entrepreneur succeeds by source the implicit violence of government to cripple his competitors and harm consumers. The market entrepreneur, on the other hand, makes his fortune by providing consumers with products they need at prices they can afford, and wege and expands his market share by remaining innovative and responsive to consumer demand. It is only the political entrepreneur who deserves our censure, but both types are indiscriminately attacked in the popular caricature that has deformed American public opinion on the subject.
John D. Cornelius Vanderbilt, operating earlier in the century, reduced fares on steamboat transit by 90, 95, and even percent. On trips for which a fare was not charged, Vanderbilt earned his money by selling concessions on board. To be sure, there are caveats, as there always are in history. For a time, Carnegie did support steel tariffs. Since he substantially reduced the price of steel rails, though, this political position of his did not harm the consumer.
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Other critics will point to the Carnegie and Rockefeller foundations and the dubious causes those institutions have supported. Their objection is irrelevant to the specific question of whether the men themselves, in their capacity as entrepreneurs, improved the American standard of living.
That question is not even debatable. Mainstream economics identifies monopolists by their behavior: they earn premium profits by restricting output and raising prices.
Baron Essay Robber
Was that behavior evident in the industries where monopoly was most frequently alleged to have existed? During the s, when real GDP rose 24 percent, output in the industries alleged to have been monopolized for which data were available rose percent in real terms.
Prices in those industries, meanwhile, were generally falling, and much faster than the 7 percent decline for the economy as a whole. In fact, this pattern held true for all 17 supposedly monopolized industries, with the trivial exceptions of castor oil and matches.
Essays Related To Was Post-Civil War Capitalists Captains of Industry or Robber Barons
Beyond the appeal to specific examples from history, critics of the market propose plausible-sounding scenarios in which firms might click here able to harm consumer welfare. Larger firms can afford to lower their prices, even below cost, as who were the robber barons? as it takes to drive their smaller competitors out of business, the major argument runs. Once that task is accomplished, the larger firms can raise their prices and take advantage of consumers who no longer have any choice but to buy from them. Dominick Armentano, professor emeritus of economics whp the University of Hartford, surveyed scores of important antitrust cases and failed to uncover a single successful example of predatory pricing. For one thing, a large firm attempting predatory pricing must endure losses commensurate with its size.
In other words, a firm holding, say, 90 percent of the market competing with a firm holding the remaining 10 percent of the market suffers losses on its 90 percent market share.]
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