Robber Barons & Trusts
Cornering the Market
Railroad propaganda drawing
Exploring the Industrial Revolution, Cornelius Vanderbilt and Andrew Carnegie emerge as influential figures, leaving marks on the economic landscape. The era, however, had consequences for those who worked for these tycoons, as they were not cared for much.
Cornelius Vanderbilt: Railroad Dominance
Vanderbilt seized control, laying the foundation for his expansive influence over the railroad industry, starting with the New York Central Railroad. This control labeled Vanderbilt as the first "railroad robber baron" of the Industrial Revolution.
Aggressive Tactics: He eliminated competition, systematically driving other railroad companies out of business.
Disregard for Workers: Reflecting the era, Vanderbilt prioritized profit over worker welfare.
Andrew Carnegie:
Carnegie, the robber baron of the steel market, controlled the steel industry from ore mining to manufacturing. This level of wealth was new to Carnegie, an immigrant that was raised in poverty.
Labor Relations Struggles: Disparaging unions, he deployed strikebreakers during labor disputes.
Educational Philanthropy: Carnegie donated $350 million to universities and libraries, facilitating education and wealth accumulation.
Contrasting Legacies:
Vanderbilt's ruthlessness contrasts with Carnegie's calculated approach to industry dominance.
Philanthropic Impact: Vanderbilt's legacy focuses on aggressive business practices, while Carnegie's encompasses both industrial might and commitment to education and wealth distribution.
Which of the following describes Andrew Carnegie's background before becoming an industrial robber baron?
Carnegie was an immigrant who grew up in poverty.
Carnegie inherited a large corporation at a young age.
Carnegie grew up wealthy and educated.