The Robber Barons of the 19th Century

In the years following the nineteenth century

Significant developments geared toward worldwide industrialization were made. To meet the needs of the society that would usher in a new century, discoveries and inventions were mushrooming at a rapid rate. As a result, powerful businesspeople stepped up to take charge of the society's wealth, no matter how little or much it was. The wealthy increased in wealth while the impoverished in society grew more miserable. (Lee 17).

The community viewed the people as mere robbers

Because of how aggressively they conducted their business, giving them the cruel name "barons." (Josephson 3). This paper will examine the contributions one of the individuals, Cornelius Vanderbilt, alongside the critics that came from the society even as he tried to encourage economic progression.

Born in 1794 in a not so well off Dutch family

Cornelius Vanderbilt became renowned for his booming transport business in which he controlled the seaways (Styles ). Despite being an unschooled fellow who could not correctly spell words, Vanderbilt developed his sailing skills and used them to control monopolies in the harbors of New York and California (Josephson 15). Every day he would expand his business territory. During voyages, Vanderbilt demonstrated great skills to his crewmen leading to accolades on how he handled the torturous tides and waves. He amassed great wealth for himself through his trade deals and monopolistic ventures. This, however, was not reflected in his lifestyle and family life.

Vanderbilt lived in extreme frugality

Depriving even his family the pleasures of his wealth. His small home in Washington only told half the tale. His own wife lived in unending suffering with her children as Vanderbilt’s cruelty and fierceness reverberated throughout his family (Josephson 16). The secrecy with which he conducted his business was not only seen in his entrepreneurial dealings but also in his family from whom he withheld all his methods (Josephson 16). For him, the wealth he had could not be shared by any man, let alone his children and dear wife. One of the sons was a worker on a farm; another was disowned by his father for his prodigal spending while the wife finally ended up in an asylum (Josephson 16). To the society, this would seem an inhumane mistreatment from Vanderbilt but little did they know that his aggressiveness would be the drive for development.

The society also became the recipient of his assumed mistreatments

Vanderbilt required human capital to grow more industries and monopolies. His frugality became evident again through the employment of cheap labor. These led to veracious demands from workers who accused the privately owned entities of overworking and mistreating them (Styles ). Unions were formed to try and fight for the rights of workers. The nineteenth century experienced constant strikes and demonstrations emanating from the low-waged workers leading to labor unrest (Styles ). This impacted negatively on the society at large.

The zeal and tact with which Cornelius Vanderbilt conducted business left a lot of rage in his rivals

In great greed to control all prosperous ventures, from the sea transport to railway transport on the inland, he would not stop at anything. At some point, he would even buy off his rivals and leave them without any control of shares and company holdings (Josephson 101). This only portrayed Vanderbilt as being egocentric and a greedy tyrant. He also never believed in keeping records as they seemed to be a conduit for defrauding owners. Through the sales of high volumes and cut-throat price competitions, he afforded to buy and offer services and goods at extremely low prices leaving little profits for his competitors thus edging them out of the market (Josephson 17). With such measures, his career remained highly relevant in the better part of the nineteenth century (Styles ).

The wealth amassed by this great entrepreneur positioned him as a ready source of monetary supply

Both for his business and other financially struggling businesses. Though the society found it difficult to accept his tact, Vanderbilt was the savior of most enterprises. At some point, he would lend money to businesses that struggled with debt and later end up controlling them (Styles ). He would buy and control stocks with ease without straining his resources in part due to the huge profits that he made. This enabled Vanderbilt to exist as a monopoly with very little competition or substitutes. As he transited from one venture to another, the economy gained immensely from the large capital that he would invest. He offered cheaper oil, steel, and transportation services which boosted the economy, encouraging the growth of the whole country (Styles ).

Through the assets he controlled, Cornelius Vanderbilt made contributions

Not only to the entrepreneurial field but also to the country's security. As the shorelines harbored more and more visitors who came with the intention of investing, security issues arose. The defense system of the country became strained due to lack of proper machinery to guard the vast borders. Without much restrictions, Vanderbilt leased out and sold some of his ships to the country for the noble purpose, earning him recognition as a patriotic countryman (Josephson 57). The ships had better technology and facilities that enabled easier sailing and navigation. Despite his seemingly altruistic contribution, there arose critics who tried to bring down his dominating influence, but their efforts were futile (Josephson 58).

In conclusion, the activities of this great business tyrant have been of incalculable value

To the creation of wealth for the country through cruel and egocentric methods. Jobs have been created, and inventions have been made amidst a skeptical society. It is clear that for progress to be experiential, there must arise a few individuals who are ready to push for the economy’s beneficial prospects willy-nilly.

Works Cited

Josephson, Matthew. The Robber Barons: The Great American Capitalists. New York: Harcourt, Brace and Company, 1934.

Lee, Soltow. "Long-Run Changes in British Income Inequality." The Economic History Review (1968): 17-29. Document.

Styles, T. J. "Robber Barons or Captains of Industry?" History Now (n.d.).