Captains of Industry or Robber Barons?

Created by: Lily
Created on: 05-05-13 16:12


	Captains of Industry or Robber Barons?
	Advantages Economic Boost (faster production & more employment) More efficient, concentrated and co-operative enterprises More focus on the distribution of goods rather than services Controlled working environments Stabilised the markets Some big businessmen did do good to the public e.g philanthropists Prosperity Encouraged a self-improvement attitude through the funding of libaries, hospitals and public parks rather than encouraging a dependent attitude by giving handouts to the poor.	Disadvantages Ruthless and greedy businessmen Exploited workers Reduced working competition through dominance e.g smaller businesses found it hard to gain power as they would dominate particular sections of the market Vertical intergration Trade unions found it harder to protect woekers due to the growing power imbalance Farmers resented them as they were charged more to use their railroads tthan major companies Threatened democratic institutions Did not do anything to help the poor.
	Evaluation Although the rise of great industrial powers did develop Americas economy and provide goods and services which they did not have before, the rise of big businessmen produced a "laissez faire" culture where the rich were getting richer and the poor were disadvantaged. Big businesses monopolised markets and made outside competition impossible, which threatened the influence of small-scale businesses. It is true that some did become philanthropists and contributed even further to society thriving, however, critics have argued that they completely ignored the needs and disadvantages towards the poor and farmers. The Government did try to control industry through the Interstate Commerce Act and the Sherman Anti-Trust Act. The Interstate Commerce Act (1887) prohibited "pooling", discriminatory practices, higher charges and also urged charges be reasonable. The Sherman Anti-Trust Act (1890) declared that "every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several states or with forgein nations is illegal". However, despite these attempts to enforce limitation many businessmen found loopholes as either little was done to enforce these acts or they were very loosely phrased, which allowed interpretation. Ultimately the odds remained stacked firmly in the favour of big business.

Captains of Industry or Robber Barons?

Advantages

Economic Boost (faster production & more employment)
More efficient, concentrated and co-operative enterprises
More focus on the distribution of goods rather than services
Controlled working environments
Stabilised the markets
Some big businessmen did do good to the public e.g philanthropists
Prosperity
Encouraged a self-improvement attitude through the funding of libaries, hospitals and public parks rather than encouraging a dependent attitude by giving handouts to the poor.

Disadvantages

Ruthless and greedy businessmen
Exploited workers
Reduced working competition through dominance e.g smaller businesses found it hard to gain power as they would dominate particular sections of the market
Vertical intergration
Trade unions found it harder to protect woekers due to the growing power imbalance
Farmers resented them as they were charged more to use their railroads tthan major companies
Threatened democratic institutions
Did not do anything to help the poor.

Evaluation

Although the rise of great industrial powers did develop Americas economy and provide goods and services which they did not have before, the rise of big businessmen produced a "laissez faire" culture where the rich were getting richer and the poor were disadvantaged. Big businesses monopolised markets and made outside competition impossible, which threatened the influence of small-scale businesses. It is true that some did become philanthropists and contributed even further to society thriving, however, critics have argued that they completely ignored the needs and disadvantages towards the poor and farmers. The Government did try to control industry through the Interstate Commerce Act and the Sherman Anti-Trust Act. The Interstate Commerce Act (1887) prohibited "pooling", discriminatory practices, higher charges and also urged charges be reasonable. The Sherman Anti-Trust Act (1890) declared that "every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several states or with forgein nations is illegal". However, despite these attempts to enforce limitation many businessmen found loopholes as either little was done to enforce these acts or they were very loosely phrased, which allowed interpretation. Ultimately the odds remained stacked firmly in the favour of big business.

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Captains of Industry or Robber Barons?