Question

What were some of the accomplishments of Carnegie and Rockefeller? Were they admirable, or simply greedy capitalists? How else did some of the wealthy industrial business elite live?

Answer 1

Andrew Carnegie was an American steel boron who was born in Scotland and emigrated to USA with his parents in 1848.

Accomplishment:

Carnegie made his fortune in steel industry by innovating techniques to produce steel cheaply in Bessemer process. This resulted in sharp drop of steel price which aided industrial revolution.

Criticism:

Carnegie was known for treating workers badly, he encouraged infighting among workers so they don’t call for strike to increase salary. This resulted in huge profit to Carnegie.

Philanthropy:

Carnegie donated 90% of his wealth to the development of hospital, colleges etc.

Conclusion:

It is difficult to say whether he was greedy or not. This is because during his wealth creation, he treated poor workers badly and did not pay attention for their well being but in later stage he donated 90% of his wealth. He can largely be coined as greedy capitalist as he used workers in most ruthless way possible for his personnel gains.

John D Rockefeller:

John D Rockefeller is an American oil boron who made his fortune in oil refining. He is considered wealthiest American of all time.

Accomplishment:

John D Rockefeller revolutionized oil industry by producing oil cheaply. This helped in building modern transportation by revolutionizing automobile industry.

Philanthropy:

John along with Carnegie were pioneers in starting philanthropy among rich Americans

Criticism:

John would threaten retailers to buy his product or he would start his own retail store in the area to kill competition. This lead to destruction of many retailers life.

Conclusion:

John can be considered one of greedy capitalist who used money power to destroy lifes of comman people. In later stage of his life he realized this and started donating his wealth for poor.