Entreprenuers of the Industrial Revolution – History Essay

The Industrial Revolution did not just happen in America, although America was the driving force of the Industrial Revolution. Many things were invented during this time, around the turn of the 19th and 20th centuries. The most notable inventions were the telephone, affordable automobiles, and assembly lines. There were many things that had been invented years before this time but been improved, such as the electric lightbulb, x-rays, and improved shipping methods. Many notable men in history made their mark, or many marks, during this time.

Cornelius Vanderbilt had a booming shipping business around this time, all starting out with him buying a small boat as a kid. Over many years, the small shipping business he started with that one boat turned into a near-monopoly for him. “Commodore”, as Vanderbilt was nicknamed, dyed for the title of “America’s Wealthiest Man”, which he came close to. He didn’t get to the top of his industry from nothing. He was smart, diligent, and he was a careful planner. Once he had noticed that the railroad was quickly becoming popular in America, he sold his shipping business and started another shipping business, but by train instead of by boat. In later years, he took much of his money and donated it to charities.

Another big name is John Rockefeller, who earned the title “Richest Man in America”. He got into the oil business and quickly gained solid footing in this industry. His company, Standard Oil Co., grew to control 90% of the American kerosene industry, which brought lamp light into many American homes. He also wiped out some of his competition by building pipelines to pump oil throughout the nation instead of shipping the oil by train. This angered his competition and lowered costs, which lowered the price of oil. Unfortunately, the US government broke up Standard Oil Co. because of the antitrust acts and laws that were in effect at the time. because of this, Rockefeller bought stock in the newly-formed oil companies. This was a smart move for Rockefeller, as this made him even richer than before.

Andrew Carnegie was born in Scotland. He immigrated to America and then became a bobbin boy, getting paid approximately $1.20 per week. He managed to get into the telegraph business after that, then he managed to get into the bridge business, and then finally, he got into the steel industry. In 1889, his business, Carnegie Steel Corporation, was booming. He was at the top of the steel industry. Fortunately, Carnegie was insanely lucky that he sold his business to J. P. Morgan for $480,000,000, as he would have lost it all to the antitrust laws in effect if he had kept the company for too long. He gave away almost all of the money he earned to charities and to libraries.

John Pierpont Morgan, better known as J. P. Morgan, was a very powerful man in his time of the Industrial Revolution. He started out in banking, making risky, and even questionable, transactions. He funded the electric lightbulb, and grew so powerful and wealthy that he bailed out the US government in 1893. In 1907, President Ted Roosevelt asked Morgan to help organize New York bankers during the economic bump the nation was suffering. Morgan used $30.5M in capital to help calm down nerves. In return, he was granted immunity from antitrust charges. When he died 4 years later, he left behind two of the largest corporations America had ever seen: US Steel, which was previously known as Carnegie Steel Corporation, and General Electric, which Morgan had bought from Edison.

Thomas Edison, Nikola Tesla, and Henry Ford were all men who served America and its economy in different ways, although none of them were nearly as rich and powerful as Vanderbilt, Rockefeller, Carnegie, and Morgan were. Edison was an inventor and innovator. He accumulated 1,093 patents before he died in 1931. Contrary to popular belief, Edison did not invent the electric lightbulb; he just improved it and made it more available to the public.

Nikola tesla was born in Serbia but immigrated to America, where he became an engineer, inventor and innovator. He promoted AC (alternating current) electricity over DC (direct current ) electricity, which is what Edison preferred.  Tesla also invented different motors and machines that used AC.

Henry Ford created the Model T, America’s first affordable car, selling for $825 each. He also put the steering wheel on the left side, which was quickly copied by other car and automobile manufacturers. He also used the assembly line for manufacturing his automobiles; the first time done so in history! Although he worked his employees long and hard, he gave them good pay, unlike most of the men previously mentioned.

A “robber baron” is someone who is so greedy for more wealth and power that they resort to dealing with people unethically in order to improve their own position. Examples of robber barons are Vanderbilt, Rockefeller, Carnegie and Morgan. Ford does not fit into this description as he tried to improve his employees’ lives by paying them more than other employers would, even double the amount normally paid by others!

The Industrial Revolution did not just happen in America, although America was the driving force of the Industrial Revolution. Many things were invented during this time, around the turn of the 19th to 20th centuries. The most notable inventions were the telephone, affordable automobiles, and assembly lines. There were many things that had been invented years before this time but been improved, such as the electric lightbulb, x-rays, and improved shipping methods. Many notable men in history made their mark, or many marks, during this time.

Cornelius Vanderbilt had a booming shipping business around this time, all starting out with him buying a small boat as a kid. Over many years, the small shipping business he started with that one boat turned into a near-monopoly for him. “Commodore”, as Vanderbilt was nicknamed, dyed for the title of “America’s Wealthiest Man”, which he came close to. He didn’t get to the top of his industry from nothing. He was smart, diligent, and he was a careful planner. Once he had noticed that the railroad was quickly becoming popular in America, he sold his shipping business and started another shipping business, but by train instead of by boat. In later years, he took much of his money and donated it to charities.

Another big name is John Rockefeller, who earned the title “Richest Man in America”. He got into the oil business and quickly gained solid footing in this industry. His company, Standard Oil Co., grew to control 90% of the American kerosene industry, which brought lamp light into many American homes. He also wiped out some of his competition by building pipelines to pump oil throughout the nation instead of shipping the oil by train. This angered his competition and lowered costs, which lowered the price of oil. Unfortunately, the US government broke up Standard Oil Co. because of the antitrust acts and laws that were in effect at the time. because of this, Rockefeller bought stock in the newly-formed oil companies. This was a smart move for Rockefeller, as this made him even richer than before.

Andrew Carnegie was born in Scotland. He immigrated to America and then became a bobbin boy, getting paid approximately $1.20 per week. He managed to get into the telegraph business after that, then he managed to get into the bridge business, and then finally, he got into the steel industry. In 1889, his business, Carnegie Steel Corporation, was booming. He was at the top of the steel industry. Fortunately, Carnegie was insanely lucky that he sold his business to J. P. Morgan for $480,000,000, as he would have lost it all to the antitrust laws in effect if he had kept the company for too long. He gave away almost all of the money he earned to charities and to libraries.

John Pierpont Morgan, better known as J. P. Morgan, was a very powerful man in his time of the Industrial Revolution. He started out in banking, making risky, and even questionable, transactions. He funded the electric lightbulb, and grew so powerful and wealthy that he bailed out the US government in 1893. In 1907, President Ted Roosevelt asked Morgan to help organize New York bankers during the economic bump the nation was suffering. Morgan used $30.5M in capital to help calm down nerves. In return, he was granted immunity from antitrust charges. When he died 4 years later, he left behind two of the largest corporations America had ever seen: US Steel, which was previously known as Carnegie Steel Corporation, and General Electric, which Morgan had bought from Edison.

Thomas Edison, Nikola Tesla, and Henry Ford were all men who served America and its economy in different ways, although none of them were nearly as rich and powerful as Vanderbilt, Rockefeller, Carnegie, and Morgan were. Edison was an inventor and innovator. He accumulated 1,093 patents before he died in 1931. Contrary to popular belief, Edison did not invent the electric lightbulb; he just improved it and made it more available to the public.

Nikola tesla was born in Serbia but immigrated to America, where he became an engineer, inventor and innovator. He promoted AC (alternating current) electricity over DC (direct current ) electricity, which is what Edison preferred.  Tesla also invented different motors and machines that used AC.

Henry Ford created the Model T, America’s first affordable car, selling for $825 each. He also put the steering wheel on the left side, which was quickly copied by other car and automobile manufacturers. He also used the assembly line for manufacturing his automobiles; the first time done so in history! Although he worked his employees long and hard, he gave them good pay, unlike most of the men previously mentioned.

A “robber baron” is someone who is so greedy for more wealth and power that they resort to dealing with people unethically in order to improve their own position. Examples of robber barons are Vanderbilt, Rockefeller, Carnegie and Morgan. Ford does not fit into this description as he tried to improve his employees’ lives by paying them more than other employers would, even double the amount normally paid by others!

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