Over the course of his life, he donated approximately $14 million to this institution. He donated personal funds to organizations that he created, such as the Henry Ford Hospital for the working poor who could afford to pay only some of the cost of their medical care. In addition, during a time when workers were required to work 10 hours a day, six days a week, Ford scheduled his workers for eight-hour days, five days a week.įord was known to be generous with his wealth in terms of charitable contributions. For that reason, he instituted a $5-a-day pay rate, which was twice as much as other auto manufacturers paid. He believed that well-paid workers would be happier and more efficient. For example, his wealth was so vast that he was able to help bail out the federal government twice during an economic crisis, first in 1895 and again in 1907.Īutomaker Henry Ford was a captain of industry who is considered to have treated his workers well. When confronted with the possibility of regulations that could threaten his bottom line, he and other robber barons of the time contributed money to ensure that a business-friendly presidential candidate, William McKinley, was elected in 1896.ĭespite the numerous negatives associated with how Morgan built his wealth, some of his actions did benefit the United States and society. Workers’ wages were often as low as a dollar a day or less, and conditions for employees were poor, with increased fatalities even as wages grew. He also created a monopoly by slashing the workforce and their pay to maximize profits while eliminating the competition. For example, he was believed to head a money trust that controlled the banking industry and was commonly considered a figurehead of Wall Street. However, Morgan engaged in some unethical and anticompetitive practices to ward off competition. At one point in his life, he was a board member of as many as 48 corporations. He also created the first billion-dollar company, U.S. Morgan & Company and gained control of half of the country’s railroad mileage. He invested in Thomas Edison and the Edison Electricity Company helped to create General Electric and International Harvester formed J.P. John Pierpont Morgan was a financier from a wealthy family and is considered by many to have been among the robber barons during America’s Gilded Age.Īt face value, Morgan contributed greatly to American industry. With technology booming and immigrants flocking to the United States seeking better opportunities for themselves and their families, they left their mark on the United States - and on history. Still, it’s impossible to overstate the impact these individuals had on America’s development. They had the power and means to create opportunities and jobs for the many, though with less social prioritization on workers’ rights, issues like discrimination, exploitation, and low wages marked the era. ![]() In a time of such great expansion and fewer regulations surrounding wealth and business practices, circumstances were perfect for the rise of a class of extremely wealthy individuals who made up a very small percentage of society. ![]() And the economic explosion included not only industrial growth, but also a growth in agricultural technology such as mechanical reapers. Much of this growth was courtesy of railroads - which now spanned from coast to coast - as well as factories, steel, and the coal mining industry.īig business boomed, with technology such as typewriters, cash registers, and adding machines helping to transform how people worked. As part of the Second Industrial Revolution, the country underwent an impressive economic expansion - led by the day’s larger-than-life figures of wealth and power. The title suggested that the thin veneer of wealth for the elite masked broader issues for many in the lower and middle classes.īut the progress made in the United States during the Gilded Age can’t be denied. It’s this idea of grandeur in the face of unresolved social concerns that led Mark Twain to coin the phrase “Gilded Age” in his 1873 novel The Gilded Age: A Tale of Today. ![]() Wealth so vast can often highlight the financial inequality of an era. ![]() Rockefeller, Cornelius Vanderbilt, Henry Ford, and Andrew Carnegie would by today’s standards be measured in the hundreds of billions of dollars - far more than tech giants like Elon Musk, Bill Gates, Mark Zuckerberg, and even Jeff Bezos, the wealthiest individual in the world as of 2019. history when the business magnates and titans of industry boasted more wealth than even today’s top technology innovators and visionaries.ĭuring America’s Gilded Age - which spanned most of the latter half of the 19th century, from around 1870 to 1900 - the inflation-adjusted wealth and impact of America’s most towering figures far overshadowed what we see today. America’s Gilded Age: Robber Barons and Captains of Industry
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