Title: Captain of Industry or Robber Baron Free Essay Example
Headings: Captain of Industry or Robber Baron
Captain of Industry or Robber Baron
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Content: His donations also played a large part in establishing the University of Chicago. He founded the Rockefeller Foundation which gave aid to institutions working in the fields of public health, fine arts, and social research (Cayton 238). He set up the Rockefeller Institute for medical research and also founded the Rockefeller General Education Board which helped to establish many high schools (http://voteview.uh.edu/entrejdr.htm). Andrew Carnegie came from humble beginnings in Scotland. The development of the Bessemer process convinced him that steel would soon replace iron. He established the Carnegie Steel Company in 1889. The business prospered and soon became extremely lucrative. He had enough money to buy the companies that performed all the phases of steel production, such as the mines, furnaces, and railroads. This process is called vertical consolidation. Owning all of the phases of production allowed him to drastically cut his prices.