Big Businessmen- Captains of Industry or Robber Barons?

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Big Businessmen- Captains of Industry or Robber Barons?

Advantages

  • Created more jobs.
  • Developed transport.
  • Created further westward expansion.
  • Made America more powerful.
  • Businesses were more effective, smaller businesses could use that.
  • Created competition, prices were low to begin with.
  • Good work ethic, they were self made millionaires that sent a good message, 'anyone can make it' inspiring.
  • Boosted USA's economy, so they could rival Europe and compete in the Global Market.
  • Some funded universities (such as Vanderbilt) and others libraries and schools (such as Carnegie).
  • Philonphropic ways.

Disadvantages

  • They exploited immigrants for cheap labour, thus pushing wages down.
  • Exploited natural resources on a mass scale.
  • Profits were private and did not benefit the majority of the USA, for example small scale businesses could not compete.
  • Put loads of people out of business and work, a dominating industry caused lower wages, only a place for immigrants to work.
  • Able to raise prices after a monopoly was formed, thus the consumer did not benefit: price-fixing.
  • Public attitude against level of control was shown by cartoons.
  • Urbanisation.
  • Farmers, businessmen and workers were each effected NEGATIVELY.

Evaluation

Big businesses were both a blessing and a blight. On one hand, they developed America into a powerful country it continues to be today. However, morally they hindered and exploited America's previous resources, taking advantage of immigration. Their work ethic, how they inspired others became irrelevant as they dominated industry, not giving any smaller businessmen a chance and putting many out of work.

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