The including Andrew Carnegie, Cornelius Vanderbilt, and

February 23, 2019 Business

The United States had an advanced development of industry in 1800 late. There were many reasons caused to promote industrialization such as immigrants and labor, the affluence of resources, inventions and government incentive. Because of all these, some groups of entrepreneurs and businessmen came together and presented their idea and plans to work in industry progressive. They were called “The Captains of Industry” that approved to put their plan into action. The most important people that we could mention including Andrew Carnegie, Cornelius Vanderbilt, and John D. Rockefeller. They planned to have competition and influence in their business under the theory of Social Darwinism. They invested in a different industry.
The first leader was John D. Rockefeller, the first American Billionaire in the history. He focused on investing in the oil refinery. However, he brought a significant contribution to the economy of the United States. He used the vertical and horizontal monopoly in his business.
The second person, Andrew Carnegie developed the steel producing company. His investing on the steel factory was a great enterprise. He helped a lot to the government during the civil war by selling army supplies. Also, he was a philanthropic person to help many needy people and community. The third one was Cornelius Vanderbilt that considered on the steamboat and then railroads. He extended the small rail lines to a large system and brought improvement in the steamboat industry. All of the leaders made a positive contribution. However, there were some problems. We can point to monopolies or trusts. According to monopoly, the leaders did not worry about the quality of a product, price controlling and competition with other companies. Likewise, later they eliminated competition, so every leader could bring some changes in price anytime due to market and situation.
In conclusion, we can say that the Captains of Industry did a significant action in the history of the United States. Beside the investing their wealth to have a better life for themselves and improving the economy, they helped a lot of ordinary people as well. They hired many labors and skillful immigrants to upgrade their company and increasing job opportunities too. In another hand, American industrial could not grow as like as today without these industries or process of progressive might have been slower than other countries or in a different direction as it is nowadays.


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