Captains+of+Industry

The Captains
In 1870 John D Rockefeller founded the Standard Oil Company which specialized in gasoline and kerosene products. By the early 1880os Rockefeller had bought out much of his competition and at its peak he owned about 90% of the kerosene markets.

Carnegie was an example of a true “rags to riches” story. He started out as an immigrant from Scotland and worked as a telegrapher. He made many smart investments in the growing market and put his wealth toward starting a steel company. Through many innovations Carnegie was able to transform his steel company into the largest and most profitable of the time. He was able to produce steel faster and cheaper than anyone else and gained a monopoly over the industry in the United States.

Alfred Krupp inherited his steel company from his father and spent much of his early life developing it. After the fall of Napoleon, Prussia led an economic union to reopen European markets and abolish trade restrictions. Alfred Krupp was one of the first individuals to take advantage of this new territory and soon began selling steel across Europe. His huge break through was at a London exhibition where he first unveiled a steel refining method that changed the entire market. He produced a flawless two ton steel mold using steam engine driven machines. His fame led him to be the lead manufacturer of canons for Prussia and Germany. He was late Crowned king of Canons. He went on to buy railroad companies and coal mines which enabled him to control the steel from the source, to the shipping, to the manufacturing. By the turn of the century he had total control of the steel market in Europe.

**Monopolies**
All of these men had Monopolies in their business which allowed them to buy out their competition and in some cases set prices and production. The main factor in allowing for this was advances in technology. They allowed businesses to produce goods a lot cheaper and a lot faster leaving their competition behind and gaining a strong foothold in the industry. If other competitors couldn’t offer the same product for the same price then they would not gain any profit. It also allowed for businesses to communicate and ship their goods all over which allowed for one central headquarters instead of individual companies all over the continent. Also natural resources were a large contributor. Locations rich in the right resources made it easier for business to flourish. All of these allowed them to become true "Captains of Industry".

Before Industry
Before the Industrial revolution small private business ruled where prices varied across the country and most goods were limited by region. Goods were produced on a local level and many were only affordable to the rich.

Impact of Industry
After the industrial revolution, corporations controlled products and produced them faster and more efficiently making them more available to the people. Now, monopolies ruled entire industries and controlled markets. Stocks allowed people partial ownership in business and allowed businesses to buy newer and better technology. For the first time huge amounts of profits were being made and the majority of the Wealth was controlled by fewer people.

= **In the end** = New huge industries built hundreds of factories to produce their goods. These factories required thousands of people to operate and opened up many job opportunities. These new monopolies now could afford steam powered machines and the latest technology driving the price of goods down. This new industry revolutionized the economy creating the first stocks and bonds available for purchase. People such as Carnegie gave away millions to charities and set up organizations that contributed to medical advances. Many people view the Captains as evil, immoral, human beings whose only goal was to make a profit through whatever means necessary. While there were some sneaky deals being made, the Captains overall had a positive impact on the country turning it into what it is today.