Think, that: Who were the robber barons
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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.
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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 Barons, between political entrepreneurs and market entrepreneurs. The political entrepreneur succeeds by using the implicit violence of government to cripple his competitors and harm consumers. The market entrepreneur, on the other hand, bagons his fortune by providing consumers with products they need at prices they can afford, and maintains and expands his market share by remaining innovative and responsive to consumer who were the robber barons.
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. 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 link capacity as entrepreneurs, improved the American standard of living.
Essays Related To Was Post-Civil War Capitalists Captains of Industry or Robber Barons
That question is not even debatable. Mainstream economics identifies monopolists by their behavior: they earn premium profits by restricting output and raising prices.
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.]
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