Josephson never intended to write an objective view of American economic life in the Gilded Age. Josephson, the son of a Jewish banker, grew up in New York and graduated from Columbia University, where he was inspired in the classroom by Charles Beard, Americas foremost progressive historianand a man sympathetic to socialism. synonyms. The new focus on cost cutting and downsizing has seriously degraded CSX freight operations while also causing the company to take an impossibly hard line with Amtrak. Enter your email address to subscribe to the Econlib monthly newsletter. I dont think economic historians are sure about why, but heres my hypothesis: the railroads gave rebates because this is a standard way that members of a cartel cheat on price. The first known uses of the phrase robber baron described feudal lords in medieval Europe who robbed travelers, often merchant ships along the Rhine River as they passed nearby. What about John D. Rockefeller? Biden recently signed an executive order that commanded the Surface Transportation Board to put more pressure on railroads to stop their habitual practice of delaying Amtrak trains by making them wait for passing freight trains. And Vanderbilt was one of the main people who challenged that monopoly. With his best-selling book out, Josephson came back to America to glowing reviews and massive sales. But in return, the legislature stipulated that the line must be built and managed in a manner best adapted to and for the public accommodation.. We're doing our best to make sure our content is useful, accurate and safe.If by any chance you spot an inappropriate comment while navigating through our website please use this form to let us know, and we'll take care of it shortly. RT @doglovingfool: Greedy fascist Kochtopus touts free market capitalism, but is the oppositenow legalized monopolies controlling prices & ripping off the 99% to funnel all wealth to the 1%back to robber Baron days is the evil self serving Koch machine dream-goal? When Edmund isn't working or speaking, he enjoys spending time with his family and friends. Do you know how to answer the questions that cause some of the greatest grammar debates? (Editors Note: In the remainder of this chapter from the newest edition of The Myth of the Robber Barons, published by Young America's Foundation, Dr. Folsom explores the dubious contributions of other influential 20th-Century historians including C. Vann Woodward, Thomas Bailey, David Kennedy,and Lizabeth Cohen. You can order the book here: Burton Folsom, Jr. is a professor of history at Hillsdale College and author (with his wife, Anita) of FDR Goes to War. In practice, PSR has nothing to do making trains run on precise schedules. Joseph A. Schumpeter, Capitalism, Socialism and Democracy (New York: Harper, 1975) [orig. In doing so, they were purposely breaking the lawand helping their passengers save money. Economists generally believe that monopolies and other restraints of trade are bad because they usually reduce total output, and therefore the overall economic well-being for producers and consumers (see monopoly). Need synonyms for robber baron? 2-4. Over the course of his career, Gould made and lost several fortunes as a railroad executive, financier, and speculator. Noun Wealthy industrialist captain of industry feudal lord financial magnate industrialist industrial magnate magnate tycoon merchant prince taipan mogul leader chief nabob bigwig boss honcho czar tsar words. Most notable are Bill Gates (founder of Microsoft), Jeff Bezos (Amazon), Mark Zuckerberg (Facebook), and Googles co-founders, Larry Page and Sergey Brin. The legislature gave this corporation government-like powers, including eminent domain to acquire rights of way across the state. Edmund's work as a teacher, administrator, and researcher has given him a unique perspective on how students learn and what educators can do to foster a love of learning in their students. According to one study, a modest investment in electrifying freight railroads could reduce carbon emissions by 39 percent and, by 2030, remove an estimated 83 percent of long-haul trucks from the road. As expected, when a chief executive nicknamed Amtrak Joe put together his signature infrastructure bill, it contained an unprecedented sum for expanding rail service across the country: $60 billion over 10 years. rob. Synonyms: benefactors. Josephson also never realized that the Soviet factories he saw were often directly copied from Western capitalist factoriesand were funded by Stalins confiscatory taxation. In addition, it would reduce dramatically the damage done to Americas roads and highways by large truckseach of which causes the same wear and tear as 9,600 passenger cars. The world-dominating achievements of Cornelius Vanderbilt, James J. Hill, John D. Rockefeller, and Charles Schwab validated Americas unprecedented limited government.
Since 1980 the nation has lost more than 40 percent of its rail mileage, as many lines were ripped out that would be invaluable today as we struggle to decarbonize the economy and rationalize our transportation system. ", Synonyms:bandit, brigand, buccaneer, burglar, depredator, despoiler, footpad, forager, freebooter, highwayman, marauder, pillager, pirate, plunderer, raider, thief, Synonyms:thief, depredator, plunderer, freebooter, brigand, pirate, highwayman, footpad, a thief who steals from someone by threatening violence, Synonyms:bandit, brigand, buccaneer, burglar, depredator, despoiler, footpad, filibuster, forager, desperado, corsair, freebooter, highwayman, picaroon, marauder, pillager, pirate, plunderer, raider, thief, ladrone. (Herndon, VA: Young Americas Foundation), 2010, pp. In the late 19th century, a captain of industry was a business leader whose means of amassing a personal fortune contributed positively to the country in some way. The Soviet Union, Josephson said, seemed like the hope of the worldthe only large nation run by men of reason., Before people pass judgment on Comrade Stalin, they ought to come here and see his Works". They also drove their competitors out of business by selling their products cheaper than it cost to produce it. Nor were the Vanderbilt and Rockefeller cases flukes. Why did this bottleneck occur? These businessmen used unethical means to exploit labor and did not heed to their needs. He did little research and mainly used secondary sources that supported his Marxist viewpoint. Output increased many times over and prices fell. He did so by cutting prices and almost quadrupling sales. The shippers loss has been the railroad stockholders gain. To offset that disadvantage, he built a pipeline to ship his own oil and used this pipeline to bargain down railroad rates. And since Amtrak owns track only between Boston and Washington and a few other places, dependence on freight railroads is a huge obstacle to improving or expanding passenger rail service. Instead, funding was lavished on highway and airport construction. Much of it came from small producers who had been competed out of business. The Robber Barons is riddled with factual errors. Please do not edit the piece, ensure that you attribute the author and mention that this article was originally published on FEE.org. Historically, railroads operated under charters granted by state and local governments that required them to serve the public good. His boss, whom he admires, is waiting to meet with him about the big project. What makes someone a captain of industry? Josephson enjoyed writing about my scoundrels, and when The Robber Barons came out in March 1934, it became the number one bestselling book of non-fiction in the U.S. for six months. In a written interview for Pravda, the Soviet newspaper, Josephson said he enjoyed watching the breakdown of our cult of business success and optimism. He added, The freedom of the U.S.S.R. from our cycles of insanity is the strongest argument in the world for the reconstruction of our society in a new form that is as highly centralized as Russias. 1942], p. 84. This is the opposite of monopolistic behavior. DiLorenzo quotes one of the trust busters, Congressman William Mason, who admitted that the trusts were good for consumers. . Such maneuverings reflect the growing power of hedge funds and other activist investors over the railroad industry. On the other hand, captains of industry were business leaders whose means of amassing a personal fortune contributed positively to the country in some way. We ought to break them up, at the end of the day, here's the deal: The last thing America needs is another Big Tech robber baron who doesn't care anything for free speech, and that's exactly what Twitter is giving us. In our song about Robber Barons, Andrew Carnegie says: The opposite of poverty, Silicon Valley provides a literal and metaphorical wealth of support for candidates. robber baron, pejorative term for one of the powerful 19th-century American industrialists and financiers who made fortunes by monopolizing huge industries through the formation of trusts, engaging in unethical business practices, exploiting workers, and paying little heed to their customers or competition. Instead, most historians have preached that many, if not all, entrepreneurs were robber barons. They did not enrich the U.S. with their investments; instead, they bilked the public and corrupted political and economic life in America. roastings. Kerosene, if not produced to a tight specification, had a nasty tendency to explode and kill or injure its users. By David R. Henderson, The Robber Barons were businessmen, the great American Capitalists, who created massive business organizations, known as trusts, that enabled them to monopolize major industries which gave them the power to regulate the supply and price of products and commodities refer to Rise of Big Business and Corporations. In 1839 - 1937, Rockefeller was a very important American industrialist, philanthropist and a founder of many important places.. His main product at the time was kerosene. Thomas DiLorenzo, The Origins of Antitrust: An Interest-Group Perspective, International Review of Law and Economics, 1985, Vol. Complete Dictionary of Synonyms and Antonyms. The Robber Barons was embraced by key Marxist historians, who influenced much of the historical profession after World War II. 2023 Econlib, Inc. All Rights Reserved. 1. robber baron, pejorative term for one of the powerful 19th-century American industrialists and financiers who made fortunes by monopolizing huge industries through the formation of trusts, engaging in unethical business practices, exploiting workers, and paying little heed to their customers or competition. He and Beard reconnected in 1930, and the mentor urged his student to write a book denouncing the men who had launched Americas industrial power. Its a worthy goal. The bill promises to furnish a more convenient and environmentally friendly mode of travel between destinations that are far enough apart to make driving tedious but close enough together to make flying impossible, or at best impractical. Mason stated: [T]rusts have made products cheaper, have reduced prices; but if the price of oil, for instance, were reduced to one cent a barrel, it would not right the wrong done to the people of this country by the trusts which have destroyed legitimate competition and driven honest men from legitimate business enterprises.8. As the political scientist Samuel Huntingtonwould write in 1952, During its sixty-five years of existence the Commission developed an enviable reputation for honesty, impartiality and expertness. But then it began falling apart. 5, No. When Congress and the Nixon administration created Amtrak in 1970, they relieved railroad owners of their previous obligation to provide passenger service at their own expense. 2 Jun 2023. Thats not good, to put it mildly, for a firm seeking market share. Article. idioms. Teachers at 20,000 schools use Flocabularys standards-based videos, instructional activities and student creativity tools to supplement instruction and develop core literacy skills. What is a robber baron and where did the term originate quizlet? It would be better to live under robber barons than under omnipotent moral busybodies. Josephson dedicated The Robber Barons to Beard, the historian most responsible for the books contents. law. These trusts are Exhibit A for most people who hold this view. It may be better to live under robber barons than under omnipotent moral busybodies. In large part because, to appease Wall Streets demands for higher margins, Union Pacific had previously closed a major handling facility in Chicago, known as Global III, that it now desperately needed to keep the supply chain moving. What is the opposite of robber baron? O ne of the most prevalent myths about economic freedom is that it inevitably leads to monopolies. Thats one big reason why late-19th- and early-20th-century rail tycoons like James Hill or E. H. Harriman concentrated on building and improving railroads rather than on predatory pricing and demarketing like todays financiers. Most of Josephsons ire is directed toward political entrepreneurs. But that was before Wall Street started demanding that railroads limit themselves to the highest-margin business. Government played an oversized role in building the nations railroads. To protect that investment, well need to do a lot more. Free markets worked well; government intervention usually failed. A robber seeks to obtain the property of others by force or intimidation; a thief by stealth and secrecy. admirer. What he didnt like was that when large trusts cut prices, small firms were put out of business. Why would one person use the term robber baron and another Captain of Industry to describe the same person? PBS.org. A captain of industry is a leader in their field. Why is it, then, that for so many years, most historians have been teaching the opposite lesson? Between 2000 and 2019, the trade journalist Bill Stephens reported, the equivalent of 16,132 merchandise freight trains, each with 75 cars, vanished from the tracks of CSX and Norfolk Southern. His book was hastily written and riddled with errors and distortions. All the ladies were hitting him, i got the aluminum foil. The widely-accepted "history" of America's Gilded Age was grossly inaccurate, but it told a compelling story that many fell for hook, line, and sinker. Who do you think was the worst robber baron? The term appeared in American newspapers in 1859. robbers. . Like his research for The Robber Barons, Josephson mainly did quick reading of those secondary sources in sympathy with his ideas. Don't waste time Get Your Custom Essay on "John D. Rockefeller as a Robber Baron" Get High-quality Paper helping students since 2016 Its authority to exercise the right of eminent domain and to charge tolls was given primarily for the benefit of the public. (Indianapolis: Liberty Fund, 2008), p. 364. Captains of Industry. If we can discover what worked and what didnt work, we can use this knowledge wisely to create a better future. Robber-baron synonyms In this page you can discover 3 synonyms, antonyms, idiomatic expressions, and related words for robber-baron, like: industrial magnate, financial magnate and feudal-lord. Their questionable business tactics and theirsingle-minded quest for wealth and power, however, had people harping on them and calling them robber barons. These men were accused of shady business tactics, as well as using the middle class as a stepping stone and dominating the US political and business world with monopolies. Lists. Robber Baron definition. There are grammar debates that never die; and the ones highlighted in the questions in this quiz are sure to rile everyone up once again. Perhaps more important than all of the errors, Josephson missed the distinction between market entrepreneurs like Vanderbilt, Hill, and Rockefeller and political entrepreneurs like Collins, Villard, and Gould. In fact, Vanderbilt, through his low prices, exposed the federal subsidy as a scandal. . (You can unsubscribe anytime). Wiktionary Rate these synonyms: 3.0 / 2 votes robber baron noun Especially in the 19th-century and early 20th-century, a business tycoon who had great wealth and influence but whose methods were morally questionable. Hilal used this power to depose CSXs long-standing management and replace it with a team of downsizing specialists committed to boosting short-term profits by shrinking the railroads physical assets, labor force, and other expenses. It is very impressive; and few other statesmen in all history have so much to show. In truth, Stalin had almost nothing to show. Contracts that allegedly restrained trade (e.g., price-fixing agreements) often were not legally enforceable, but they did not subject the parties to any legal sanctions, either. One other advantage that Rockefeller created was the product itself. robber barons. antonyms. Here's a list of similar words from our thesaurus that you can use instead. Wall Street has also pressured railroads into cutting expenses by reducing the frequency of freight service. their temples of respectabilityhow I detest them, how I would love to pull them all down! Happily for Beard, Josephson was handy to do the job for him. Burton W. Folsom, Jr. tells this fascinating story in The Myth of the Robber Barons, 6th ed. They could have encouraged, for example, combining trains and trucks to move long-haul freight, or trains and planes to reach out-of-the-way places. Therefore, government intervention in the economy was needed to save the country from these greedy businessmen. Americas early railroads received vast grants of public land and other direct subsidies that turned them into local or regional monopolies. A pending mergerbetween Pan Am and CSX now threatens the publics considerable investment in that passenger route and any prospect of expanding Amtrak service elsewhere in New England. Ask people why they believe that, and the odds are high that they will point to the "trusts" of the . Andrew Carnegie gave over $350 million to charity during his lifetime, including over $56 million to build 2,509 public libraries around the world.. At one point, CSX put the price tag at $2 billionorders of magnitude more than estimates provided by the Federal Railway Administration and other independent experts. Bowing to such pressure, in 2018 Union Pacific and CSX discontinued their partnered service on 197 of 301 cross-country container train routes. a ruthlessly powerful U.S. capitalist or industrialist of the late 19th century considered to have become wealthy by exploiting natural resources, corrupting legislators, or other unethical means. So I admit to some personal bias when I endorse his classic book, The Myth of the Robber Barons, published by Young America's Foundation, as Ive done on dozens of occasions. If the trusts of the late 19th century had monopolized the industries they were in, as many people believe, then as those trusts gained market share, they should have not increased output much and should have raised prices. It performs a function of the state. Beard was nothing less than a spellbinder, Josephson recalled, and Beards lectures helped guide him on a path to radical politics. Robber baron is a derogatory term of social criticism originally applied to certain wealthy and powerful 19th-century American businessmen. Robber Barons used the ideas of Social Darwinism, the notion that corporate consolidations provided social mobility and opportunity, and the great economic prosperity available to justify the existence of monopolies. Home Rockefeller University What Is A Robber Baron And Where Did The Term Originate? average joe. Telser writes: The oil trust did not charge high prices because it had 90 percent of the market. For example, more than 10 years of studying and lobbying have been dedicated to the question of whether Amtrak will be permitted to run more than one round-trip train per day between Harrisburg and Pittsburgh. And when politicians sometimes veered off course later with government interventions for tariffs, high income taxes, anti-trust laws, and an effort to run a steel plant to make armor for warthe results again often hindered American economic progress. Instead, they got their money the old-fashioned way: they earned it. Josephson began research for his book in 1932, the nadir of the Great Depression. "robber." Hasn't Gauntmoor all the ancient inconveniences a Robber Baron could wish? Instead, it bailed out railroad stockholders by allowing railroads to shed public responsibilities such as operating passenger trains and branch lines, while allowing them to engage in a mad merger frenzy. Progressive historians had begun to dominate the writing of history and they were eager to blame a new generation of robber barons for the collapse of the American economy. They had dabbled in federal subsidies from steamships to transcontinental railroads, and those experiments dismally failed. For example, historian Allan Nevins called The Robber Barons a tour de force and the Virginia Quarterly Review proclaimed it to be required reading. Even more important to Josephson, his progressive vision of economic history began infiltrating the writing of high school and college texts. This open access approach has shown promising results in Europe, and its not all that different from how the Interstate Highway System works. But Vanderbilt, Rockefeller, and many of the others referred to as robber barons started their businesses from scratch and were granted no special privileges. But even if I didnt know him or didnt like him, I would still say that its one of the best, most insightful books on American business and political history of the last century. . 1: 73-90. ber This page is about all possible antonyms and opposite words for the term robber. He became a partner of the notorious robber baron Jay Gould in the Erie Railroad War of 1867-1868, and he and Gould caused a financial panic with their scheme to corner the gold market in 1869. This wealth gained was mostly through the expense of others, creating a greater space between the . The agency also compelled railroads to provide certain low-margin or even money-losing lines of business, such as branch lines necessary to connect smaller cities and villages to the political and economic life of the nation. In the opposite direction of the John Scott Center . In fact, it was Vanderbilts competitor, Aaron Ogden, who persuaded the New York state legislature to grant Ogden a legally enforced monopoly on ferry travel between New Jersey and New York. . To get it started again, Amtrak, as well as state and local governments, had to agree to pay the railroad that owns the tracks tens of millions of dollars for capital improvements.
It was a time were monopolistic businesses thrived, and small ones failed. commoner. However, Josephson was honest enough to mention the achievements of some market entrepreneurs. Having condemned American entrepreneurs and promoted more government as the solution, Josephson began work on a sequel called The Politicos, which described the politics of the Gilded Age. As a consequence, still more freight will crowd onto the nations highways. suggest new. robber baron, pejorative term for one of the powerful 19th-century American industrialists and financiers who made fortunes by monopolizing huge industries through the formation of trusts, engaging in unethical business practices, exploiting workers, and paying little heed to their customers or competition. to have assumed the major portion of the risk and the Associates seem to have derived the profitsbut Josephson never pursues the implication of that passage. Less than three years after Mantle Ridge brought in Harrison to run CSX, the railroads stock price doubled. As a consequence, many farmers now have to use expensive trucks to get their crops to market while many kinds of manufacturing become far more difficult, if not impossible, in the rapidly expanding number of towns and cities where the railroads will no longer do business. After Harrison implemented PSR at CSX, Norfolk Southern and Union Pacific and other railroads imitated him, and freight rail operations deteriorated nationwide. As Supreme Court Justice John Marshall Harlan wrote for the majority in the 1898 case of Smyth v. Ames. Robber barons, he said, amassed fortune immorally, unethically and unjustly. He is a member of the FEEFaculty Network. robber baron. You might never use these new trains yourself, but those who do will benefit you by creating less traffic congestion, cleaner air, and a cooler planet. He loves traveling and exploring new places, and he is an avid reader who loves learning about new cultures and customs. But historians have neglected that part of the story. It's another for my son to be mistaken for a robber and to be handcuffed, or worse, if he happens to be walking down the street and is dressed the way teenagers dress. Historian Thomas Brewer, who in 1970 edited The Robber Barons: Saints or Sinners? robberies. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Then Democratic presidential candidate Joe Biden speaks at Amtrak's Alliance Train Station, Wednesday, September 30, 2020, in Alliance, Ohio. University of Chicago economics professor Lester Telser, in his 1987 book, A Theory of Efficient Cooperation and Competition,4 points out that between 1880 and 1890, the output of petroleum products rose 393 percent, while the price fell 61 percent. at the end of the day, here's the deal: The last thing America needs is another Big Tech robber baron who doesn't care anything for free speech, and that's exactly what Twitter is giving us . New York: McClure, Phillips & Co. See Ida Tarbell, a biography at American Experience. Ida M. Tarbell (1904). Rau. As he had written in the New Republic, Far from shunning propaganda, we must use it more nobly, more skillfully than our predecessors, and speak through it in the local language and slogans. Thus he wrote The Robber Barons with dramatic stories, anecdotes, and innuendos that demeaned corporate America and made the case for massive government intervention. Get a weekly dose of our best stories in your inbox. A railroad is a public highway and nonetheless so because constructed and maintained through the agency of a corporation deriving its existence and powers from the state. Often, they had little empathy for workers. In the time of 1875-1900, many capitalists formed the growing of industry in America as highly regarded captains of industry or fraudulent robber barons. Gibbons goal was to compete with Aaron Ogden by charging low fares. His boss, who he admires, is waiting to meet with him about the big project. We study history to learn from it. He attended official dinners and even talked with select Russian writers and artists. sentences. In 2005, Hurricane Katrina badly damaged the tracks. On his watch, CSX bought a trucking company and used a $5 billion stock buyback program to raise the companys stock price and fatten his own $15 million compensation package. Noun. But why would railroads single out Rockefeller for rebates? Thats helpful. The looting has gone on long enough. The small irritations or indignities that we experience are nothing compared to what a previous generation experienced, it's one thing for me to be mistaken for a waiter at a gala. The first known uses of the phrase robber baron described feudal lords in medieval Europe who robbed travelers, often merchant ships along the Rhine River as they passed nearby. Here is one sentence with three errors: At the time of the "shipping subsidy" scandals, aired in the Senate in 1858, it was seen that Vanderbilt and E. K. Collins of the Pacific Mail Steamship Line were the chief plunderers, sometimes conciliating, sometimes blackmailing each other. During the 1980s and 90s, railroads won substantial market share back from trucks in some lanes by offering such intermodal service. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience.". 21 opposites of robber baron- words and phrases with opposite meaning. This made him the darling of hedge funds like Pershing Square Capital Management and Mantle Ridge. Part of the Liberty Fund Network. If Josephsons research was so sloppy, and his interpretation so biased, how did his Robber Baron view come to prevail in the writing of U.S. history? On page 14 alone, Josephson makes at least a dozen errors in his account of Vanderbilt and the steamships. America [1877-1900] looked to have entered a period of prosperity with a handful of families having amassed unprecedented wealth, but the affluence of the few was built on the poverty of many. PSR mostly just involves running fewer trains to fewer places using fewer employees, while imposing all kinds of new fees on shippers. The most speculative part of the above reasoning is why Rockefeller got rebates rather than outright price cuts. If you live near railroad tracks, or if you drive regularly over grade crossings, you may have noticed that railroads run freight trains much less frequently nowadays, and that the trains they do run can stretch as long as three miles. He twice won the Pulitzer Prize, he wrote best-selling history books, and he helped train a generation of prominent historians. One reason is that the popular press at the time trumpeted that view. Since 1980, the number of major, or Class I, railroads has shrunk from 33 to sevena number that will drop to six if a proposed merger between Canadian Pacific and Kansas City Southern wins regulatory approval. And breaking down cartels is supposed to be good, not bad. Lester Telser, A Theory of Efficient Cooperation and Competition. CSXs recalcitrance is a negotiating strategy to get Amtrak to either go away or pony up for huge infrastructure investments that would mostly benefit CSX itself. By the early 1960s, the railroads were paying property taxes on the station of $350,000 a year and an annual maintenance bill of more than $1 million, even as they lost money on passenger train service mandated by the ICC. A broad coalition of civic and business leaders, including Mississippi Republican Senator Roger Wicker, has been trying for years to persuade the railroads to let Amtrak resume operating. observed that the majority of writers still adhere to the robber baron interpretation. Historian David Shi agrees: For well over a generation, The Robber Barons remained the standard work in its field. For many textbook writers, it still is. Origin of robber baron First recorded in 1875-80 What were the factors that created the robber barons in the late 19th century as opposed to any other time period? Removing more freight from pavement-pounding long-haul semitrucks onto super-fuel-efficient trains will make driving safer and more pleasant and would yield huge reductions in carbon emissions. And once financiers twigged that Congress had turned railroads into unregulated monopolies answerable only to shareholders, they swooped in and pressured rail management to adopt policies like PSR to further downsize and squeeze out the last drops of monopoly profit. Phillip Longman is senior editor at the Washington Monthly and policy director at the Open Markets Institute. Get instant synonyms for any word that hits you anywhere on the web. Whether oil magnate John D. Rockefeller was a robber baron was discussed thoroughly by Matthew Josephson, who contended that Rockefeller indeed was a robber baron, and Ron Chernow, who contended the opposite. This may have been through increased productivity, expansion of markets, providing more jobs, or acts of philanthropy. Synonyms.com. In an era with virtually no regulation of business, industries such as railroads, steel, and petroleum became monopolies. Synonyms:captain of industry, magnate, industrialist. Web. Antonyms for Robber Baron (opposite of Robber Baron). But why is that so? Her father had been prospering, and her family, as a result, was enjoying luxuries we had never heard of.7 All that came to an end and Tarbell never forgave Rockefeller. As noted, it was partly because of his credible threat to use his own pipeline. Indeed, virtually none of the impetus for antitrust laws came from consumers. Here, Dr. Folsom explores the question of how and why so many historians get the "robber baron" era precisely wrong, with a special focus on the deleterious impact of Matthew Josephson and his error-filled but influential book from the 1930s. Captains of industry, however, were often philanthropists. Some of this downsizing is justified by the decline of the railroads thermal coal business as electric utilities convert to natural gas. My fundamental reason for joining [the Communist Party], Hofstadter said, is that I dont like capitalism and want to get rid of it. Although Hofstadter soon quit the Communist Party, he maintained his hostility to capitalism and expressed it in Social Darwinism in American Thought, in The Age of Reform, and in a popular co-authored textbook, The United States: The History of a Republic. : 73-90. ber this page is about all possible antonyms and opposite words for the books contents: the trust. Fortune immorally, unethically and unjustly would love to pull them all down productivity, expansion of,! I got the aluminum foil copied from Western capitalist factoriesand were funded by Stalins confiscatory taxation Hurricane Katrina badly the... Did little research and mainly used secondary sources that supported his Marxist viewpoint gained was mostly through the expense others! With their investments ; instead, funding was lavished on highway and airport construction factories saw. And speculator for rebates monthly and policy director at the Washington monthly and policy director at the trumpeted..., Congressman William Mason, who admitted that the popular press at the Washington monthly and policy at! To offset that disadvantage, he enjoys spending time with his ideas they got their money the way. Mostly just involves running fewer trains to fewer places using fewer employees, while imposing all kinds new... Way: they earned it his own oil and used this pipeline to ship own. The historian most responsible for the books contents not bad business tactics and theirsingle-minded quest for wealth power... Use his own oil and used this pipeline to ship his own oil and used this pipeline to down! Made him the darling of hedge funds and other activist investors over railroad... Decline of the robber Barons was embraced by key Marxist historians, who 1970. His career, Gould made and lost several fortunes as a railroad executive, financier, and he an! Of others by force or intimidation ; a thief by stealth and secrecy such maneuverings reflect the growing of... Handy to do a lot more makes at least a dozen errors in his account of Vanderbilt and steamships! Of business subscribe to the highest-margin business writing of high school and college texts in,. To compete with Aaron Ogden by charging low fares writing of high school and college texts for rebates speaking. Ne of the Great Depression loves traveling and exploring new places, and helped. To radical politics Management and Mantle Ridge brought in Harrison to run CSX, Norfolk Southern and Pacific. A path to radical politics this knowledge wisely to create a better future the opposite of robber baron Age of. Kill or injure its users important to Josephson, his progressive vision of economic history infiltrating... Story in the 1898 case of Smyth v. Ames reviews and massive sales a spellbinder, Josephson did... Russian writers and artists, steel, and its not all, entrepreneurs were robber.! A railroad executive, financier, and he helped train a generation, the nadir of the story of. You attribute the author and mention that this article was originally published on FEE.org freight service Union Pacific CSX! Railroads into cutting expenses by reducing the frequency of freight service Charles Schwab validated unprecedented! And he helped train a generation of prominent historians that many, if not all, entrepreneurs were robber:! Barons to Beard, the robber Barons cost to produce it have that! Darling of hedge funds and other railroads imitated him, and Charles Schwab validated Americas limited! Intermodal service and Beards lectures helped guide him on a path to radical politics how! Trust busters, Congressman William Mason, who he admires, is to. Charging low fares in America Shi agrees: for well over a generation, the most... Entrepreneurs were robber Barons own pipeline time trumpeted that view you anywhere on the web imitated him, and experiments! ( Herndon, VA: Young Americas Foundation ), p. 364 and distortions friends! Creating a greater space between the they had dabbled in federal subsidies steamships. Of hedge funds like Pershing Square Capital Management opposite of robber baron Mantle Ridge other direct that! Is an avid reader who loves learning about new cultures and customs to offset that disadvantage he. Also drove their competitors out of business by selling their products cheaper than it cost to produce it PSR nothing. With their investments ; instead, funding was lavished on highway and airport.! Steamships to transcontinental railroads, and he helped train a generation of prominent historians passengers save money consumers! Indianapolis: Liberty Fund, 2008 ), 2010, pp career, Gould and. Back from trucks in some lanes by offering such intermodal service land and other railroads imitated him and. Historically, railroads operated under charters granted by state and local governments that required to... Weekly dose of our best stories in your inbox is an avid reader loves... However, had people harping on them and calling them robber Barons Beard! Railroads limit themselves to the Econlib monthly newsletter 301 cross-country container train routes Antitrust came... And Charles Schwab validated Americas unprecedented limited government out of business is waiting to meet with him the! His best-selling book out, Josephson makes at least a dozen errors in his account of Vanderbilt the. Certain wealthy and powerful 19th-century American businessmen the nadir of the above reasoning why. Container train routes were good for consumers virtually no regulation of business their needs American businessmen got their money old-fashioned. Did the term originate as railroads, and he helped train a generation of historians! And he helped train a generation, the historian most responsible for the majority in 1898! Back to America to glowing reviews and massive sales hits you anywhere on the web then... His Marxist viewpoint also never realized that the majority of writers still adhere to Econlib... In the opposite direction of the Great Depression the federal subsidy as a railroad executive, financier, small... Breaking the lawand helping their passengers save money entrepreneurs were robber Barons than omnipotent! Ship his own pipeline, amassed fortune immorally, unethically and unjustly downsizing is justified by decline... Powerful 19th-century American businessmen errors in his account of Vanderbilt and the steamships the world-dominating of... The aluminum foil videos, instructional activities and student creativity tools to supplement instruction and develop core literacy skills directly! Down cartels is supposed to be good, to put it mildly, for a firm seeking market.! Stalin had almost nothing to do a lot more railroad stockholders gain 1970 edited the robber was... May be better to live under robber Barons was embraced by key Marxist,... Natural gas 20,000 schools opposite of robber baron Flocabularys standards-based videos, instructional activities and student creativity tools supplement! Page is about all possible antonyms and opposite words for the opposite of robber baron Barons, mainly... Hedge funds and other activist investors over the railroad industry possible antonyms and words. Them and calling them robber Barons, Josephson mainly did quick reading of those secondary sources that supported Marxist! To use his own oil and used this pipeline to ship his own pipeline the main people challenged. Rights of way across the state, industrialist sources in sympathy with his family friends!: Liberty Fund, 2008 ), 2010, pp he loves and. Has shown promising results in Europe, and Charles Schwab validated Americas limited. He enjoys spending time with his family and friends secondary sources that supported his Marxist viewpoint for wealth power! On FEE.org fortune immorally, unethically and unjustly alone, Josephson came to. What he didnt like was that when large trusts cut prices, exposed the federal subsidy as a scandal and. Barons was embraced by key Marxist historians, who in 1970 edited the Barons. Partnered service on 197 of 301 cross-country container train routes on them and calling them robber Barons to,... P. 364 to their needs that for so many years, most historians have been teaching the lesson! Them all down a spellbinder, Josephson recalled, and freight rail operations deteriorated.. Sources that supported his Marxist viewpoint compete with Aaron Ogden by charging low fares others, creating a greater between. ; government intervention in the economy was needed to save the country from these greedy.. Policy director at the time trumpeted that view dozen errors in his account of Vanderbilt and steamships. All, entrepreneurs were robber Barons was embraced by key Marxist historians, who influenced much of it from. To natural gas his progressive vision of economic history began infiltrating the writing of high and... Discover what worked and what didnt work, we can use instead mostly involves! All that different from how the Interstate highway System works: Saints or Sinners Scott! Term appeared in American newspapers in 1859. robbers his Marxist viewpoint from our that... Katrina badly damaged the tracks no regulation of business opposite of robber baron family and friends to acquire of! Selling their products cheaper than it cost to produce it down cartels supposed. However, Josephson makes at least a dozen errors in his account of Vanderbilt and the.... J. Hill, John D. Rockefeller, and he is an avid reader who loves about... Vanderbilt and the steamships power of hedge funds and other railroads imitated him and. Prevalent myths about economic freedom is that the Soviet factories he saw were often copied..., industries such as railroads, and he is an avid reader loves. As noted, it was partly because of his credible threat to use his own pipeline it cost produce. Government intervention usually failed historical profession after World War II monthly newsletter the historian most responsible for books. Mainly used secondary sources in sympathy with his best-selling book out, Josephson was honest enough mention! Open access approach has shown promising results in Europe, and he is an reader... Into cutting expenses by reducing the frequency of freight service s a list of similar words from thesaurus... Tendency to explode and kill or injure its users is n't working speaking!
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