RP302 The Barons Who Built America

 RP302 The Barons Who Built America

Imagine an era when people went from rags to riches and then back to rags in mere weeks. Imagine politicians that could be bought and sold like stock. This was America's Gilded Age of the 1870s and 1880s. It was the age of the robber barons.
Robber barons were American businessmen who became incredibly wealthy in the period following the American Civil War. They made their fortunes building the railroads, oil fields, banks, steel mills and ports that eventually helped America become a global economic power. As the "robber" in their name suggests, some of them were willing to bribe, steal, and cheat in order to squash all of their competitors and establish monopolies.
Jay Gould is one of the more notorious examples of a robber baron. He was born in 1836 and worked as a small-time businessman until his father-in-law appointed him manager of a struggling railroad. This opportunity marked the beginning of a career that was characterized by buying and selling railroad companies, often at the expense of the public. Mr. Gould was known to bribe public officials whenever his companies needed certain legislation passed. In 1869, he and his notorious partner, Jim Fisk, triggered a market panic by attempting to establish a monopoly on American gold. He was even involved in a conspiracy to kidnap a shady investor who had once accepted a bribe from him and then fled to Canada. According to a 2009 list on a popular American business website, Jay Gould is the eighth worst CEO in American history.
Not all of the robber barons were as shady as Jay Gould. In fact, some of them used their fortunes to improve society. Andrew Carnegie made a fortune in the steel industry and came to be regarded as the second-richest man in history. However, Mr. Carnegie believed that "a man who dies rich dies disgraced." This philosophy led him to donate most of his money to social causes before his death. Mr. Carnegie built public libraries in not just the United States, but Canada, Ireland, and Australia as well. He also donated large sums to schools and universities throughout America.