Why John D. Rockefeller was a Robber Baron: Unmasking the Tycoon

The Gilded Age: Rise of the Robber Barons

The Gilded Age was a time of industrialism, where businesses boomed and the economy continuously altered. The men behind both the thriving and the tarnishing of the century were among the richest in history. The public had given them titles due to their exponential wealth and power. They were called Robber barons, men who used unethical and illegal tactics to pull rank in society’s hierarchy, gain money, and destroy their competitors without a second thought nor a second glance for/toward civilization.

The name was initially applied to men like Jason ‘Jay’ Gould and J.D. Rockefeller. The question remains on whether or not these prominent bachelors of the nineteenth century deserved to be labeled in such an atrocious way. Were they truly liars and thieves or simply good businessmen?

Jay Gould: The Notorious Speculator

Jay Gould was a “notorious speculator, the prototype for the American Robber Baron.” He operated the stock market like a shark and was rich beyond the average man’s wildest dreams. He acquired the riches through various forms of bribery, cruelty, and exploitation. He had bought and sold railroad stock (no matter the conditions of the material), adopting the strategy of “expansion and consolidation” in hopes of earning pay. His greed left him succeeding, but the American people were left with zilch. He attempted to control the gold supply in America at that time, which would have meant that the nefarious man would have enough power to “influence the entire national economy.” There were even rumors that his selfishness and secrecy led to an early business partner’s bankruptcy and eventual suicide, and of course, Gould walked away from the rumors that circulated: a richer man. His actions, as selfish as they were, are why he has been known as the “most hated man in America” to this day.

Rockefeller: A Robber Baron or Industrial Pioneer?

J.D. Rockefeller, on the other hand, though not an innocent man, was not a Robber Baron by any means. He was intelligent, hardworking and helped spur the industrial era for all of civilization. He was the “titan of the oil industry, employing over 100,000 people and owning over 90 percent of the oil-refining business. His power was intimidating, even more so because he grew up relatively poor. He was useful in his services, expanded markets, and manufactured necessary factories that boosted the supply of goods. His actions may not have always been legal (i.e., horizontal integration), but he was a philanthropist just as much as he was self-sufficient. Any could easily tell that Rockefeller was a captain of the industry.

Rockefeller’s Legacy: Philanthropy and Influence

In his later life, he became busy with charitable endeavors, donating over $530 million to various causes (i.e., the University of Chicago, General Education Fund, the Laura Spelman Rockefeller Memorial, and the Rockefeller Institute for Medical Research.) Still, to this day, his money is being used for wholesome and righteous things. J.D. Rockefeller, with all of his accomplishments and failures, remained “the most feared and the most admired” businessman of the 1900s.

References:

1. Chernow, R. (1998). Titan: The Life of John D. Rockefeller, Sr. Random House.

2. Folsom, B. W. (2014). The Myth of the Robber Barons: A New Look at the Rise of Big Business in America. Young America’s Foundation.

3. Garraty, J. A. (1986). The American Nation: A History of the United States. Harper & Row.

4. Josephson, M. (1934). The Robber Barons: The Great American Capitalists, 1861-1901. Harcourt, Brace and Company.

5. White, R. E. (2013). The Republic for Which It Stands: The United States during Reconstruction and the Gilded Age, 1865-1896. Oxford University Press.

Did you like this example?

265

11