What was robber barons

And the pioneering photojournalist Jacob Riis, in his classic book How the Other Half Lives, helped to highlight the great gap between the wealthy and the suffering poor in New York City's slum neighborhoods. The law did not end the reign of robber barons, but it signaled that the era of unregulated business would be coming to an end. Over time, many of the practices of the robber barons would become illegal as further legislation sought to ensure fairness in American business.

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Develop and improve products. List of Partners vendors. Share Flipboard Email. Robert McNamara. History Expert. Need even more definitions? Just between us: it's complicated. Ask the Editors 'Everyday' vs. What Is 'Semantic Bleaching'? How 'literally' can mean "figuratively".

Literally How to use a word that literally drives some pe Is Singular 'They' a Better Choice? The awkward case of 'his or her'. Take the quiz. Our Favorite New Words How many do you know? Despite some criticism of how some workers at Carnegie Steel were treated, Carnegie himself was extremely active in terms of philanthropy.

At face value, Morgan contributed greatly to American industry. He also created the first billion-dollar company, U. At one point in his life, he was a board member of as many as 48 corporations. However, Morgan engaged in some unethical and anticompetitive practices to ward off 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.

He also created a monopoly by slashing the workforce and their pay to maximize profits while eliminating the competition. 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 Despite the numerous negatives associated with how Morgan built his wealth, some of his actions did benefit the United States and society.

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 and again in Automaker Henry Ford was a captain of industry who is considered to have treated his workers well.

He believed that well-paid workers would be happier and more efficient. 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. Ford was known to be generous with his wealth in terms of charitable contributions. 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.

Other organizations created by Ford included the acre Valley Farm for orphaned boys; a school for African American children in Georgia; and a Detroit trade school. He also paid for work camps for boys during the Great Depression. In addition to his charitable efforts, Ford was a known pacifist.