From Invention to Industrial Growth

As the three tycoons profiled in this section illustrate, the end of the nineteenth century was a period in history that offered tremendous financial rewards to those who had the right combination of skill, ambition, and luck. Whether self-made millionaires like Carnegie or Rockefeller, or born to wealth like Morgan, these men were the lynchpins that turned inventors’ ideas into industrial growth. Steel production, in particular, but also oil refining techniques and countless other inventions, changed how industries in the country could operate, allowing them to grow in scale and scope like never before.            It is also critical to note how these different men managed their businesses and ambition. Where Carnegie felt strongly that it was the job of the wealthy to give back in their lifetime to the greater community, his fellow tycoons did not necessarily agree. Although he contributed to many philanthropic efforts, Rockefeller’s financial success was built on the backs of ruined and bankrupt companies, and he came to be condemned by progressive reformers who questioned the impact on the working class as well as the dangers of consolidating too much power and wealth into one individual’s hands. Morgan sought wealth strictly through the investment in, and subsequent purchase of, others’ hard work. Along the way, the models of management they adopted—horizontal and vertical integration, trusts, holding companies, and investment brokerages—became commonplace in American businesses. Very quickly, large business enterprises fell under the control of fewer and fewer individuals and trusts. In sum, their ruthlessness, their ambition, their generosity, and their management made up the workings of America’s industrial age.            All images referenced in this podcast can be found at https://openstax.org/books/us-history/pages/18-2-from-invention-to-industrial-growth            Welcome to A Journey into Human History.    This podcast will attempt to tell the whole human story.       The content contained in this podcast was produced by OpenStax and is licensed under a Creative Commons Attribution License.     Access for free at https://openstax.org/details/books/us-history           Podcast produced by Miranda Casturo as a Creative Common Sense production.       No part of this podcast is made with generative AI         Voice narration provided by computerized text-to-speech through voicemaker.in       For those who prefer ad free listening other options of support are available.          https://www.spreaker.com/podcast/a-journey-into-human-history--5860966/support