Chapter 14-3: Citical Thinking # 3

Do you think that the tycoons of the late 19 century are best described as ruthless robber barons or as effective captains of industry? Think About:

• their management tactics and business strategies
• their contributions of the economy
• their attitude toward competition

The tycoons of the late 19th century are best described as ruthless robber barons. They way they managed tactics and what business strategies they did have, were a factor in the role of ruthless robber barons. Not only did the way they handled their management and strategies show the role of the oil companies and steel factories, but how they treated their competition factored in as well.

The tycoons invloved industries that were of oil. The Standard Oil Company of the time was established by John D. Rockefeller. Even though Reckefeller donated over $500 million to provide funds for the Univeristy of Chicago and to donate to a medical institute (p.449), the way he gained the money had a worse effect. Rockefeller managed his oil company by running other businesses out of business, and by over charging his customers. Not to mention, but the conditions in which the workers of his industry worked in where uncomfortable. He would over work them and take advantage of his own workers.

Being one of the only oil companies around, people were forced to by oil from him. By the end of time, Rockerfellers oil company had controlled nearly 90 percent of all industries. Rockefeller can be considered a ruthless robber baron because he took even more money than needed from people, making a huge profit, and also tried to run other companies out of business for his own personal gain.

By the late 19th century, the tycoons had complete control of their money management. They went from the bottom of the heap to millionaires who took advantage of their competition and the people in the region. Even though contributions were made to the economy, the way Rockefeller managed his business and treated competition was cruel and hardhearted.