The Robber Barons' Bum Rap

When learning about US history, all students are taught about the oil, railroad, and banking tycoons, such as Rockefeller, Vanderbilt, and Gould, respectively. It is most commonly discussed how these businessmen accrued massive fortunes by buying out competitors and forming trusts. Due to these actions, the government created new laws specifically to prohibit the formation of monopolies in order to protect competition. Consequently, these industrialists were branded with the title "Robber Barons" and were accused of twisting business practices in unethical ways at the expense of the economy just to amass their personal fortunes. Upon deeper inspection, however, it becomes apparent that these business savvy entrepreneurs were actually the cornerstone of American industry and revolutionized the economy. Through ruthlessness, diligence, efficiency, and an uncanny business sense, they were able to organize and run their companies in the most efficient manner possible. By doing so, not only did they increase profits, but also managed to greatly lower prices for consumers. Many choose to portray these entrepreneurs as immoral, unpleasant villains, but in actuality, these men made America what it is today by revolutionizing industry and taking risks when others would not. They recognized that there was an opportunity to take advantage of cheap labor and resources and the lack of government restrictions, and so, they formed some of the largest enterprises America had seen. What truly drove these men was the game itself, or competition in business so to speak. Large personal profits were a by-product of their policies, but not what the industrialists cared about. Big business always was most important to them, as evidenced by the fact that many of the millionaires donated significant amounts of their vast fortunes. Primarily they were business men, but after that they were philanthropists. For example, Rockefeller gave away over half of his fortune, and as a result, Rockefeller Center bears his name. Likewise, dozens of other landmarks, such as Carnegie Hall, New York University, the Morgan Library, and the Metropolitan Museum of Art were only made possible by the charitable endowments these entrepreneurs provided. Despite being called greedy, unethical, and ruthless, these men were some of the most charitable philanthropists to come along in American history and should be remembered for their generosity, brilliance, and motivation above all else.