From Poor to Rich

Usually when one thinks of a monopoly they think of the board the game. In class this week we learned that a monopoly is a single company that controls all business and sells a unique product in the market. We watched videos and read biographies on Andrew Carnegie and John E. Rockefeller. Both of these men were very successful and both owned large companies. Although it is only one business, actions that monopolies make can have huge affects on the common worker.


    Andrew Carnegie used to be very poor, but he rose his way up to becoming very wealthy and owning a steel business that later became a monopoly. In a bio we read in class it says  "Carnegie states his belief that every man's life should have two periods: the accumulation of wealth and then the distribution of that wealth back to the community. He maintained that rich men had a moral obligation to distribute their money for the public good with the same energy and systematic thoughtfulness they had to acquire it". Before Carnegie owned a monopoly he was very poor, at one point her worked in a textile mill making $1.20 a week. He slowly moved up in the business world and later became the second richest man in the world. He did this by owning a monopoly. He got the idea when he went on a trip in Europe; he noticed that the steel business was much more advanced than it was in the United States. This is when he decided to make his own steel business.  His business turned into a monopoly because he slowly bought out the other companies. He would lower the prices so other companies could not even compete. This affected the common worker because many people lost their jobs when they were bought out by Carnegie. But as Andrew states he believes that the second period in a mans life should be giving back to the community. After he became the second richest man in the world, he started donating to libraries, schools and hospitals. He gave millions of dollars to organizations helping out the common workers.

This image was found on Pbs.org http://www.pbs.org/wgbh/amex/carnegie/index.html

Unlike Carnegie, John D Rockefeller was born into a wealthy family, but he made his money from owning an Oil company. This monopoly later made him the wealthiest man of this time period. During the time of the depression he bought materials for very low prices which helped him out later. He also lowered the price of his oil so others could not compete, then he would buy out the competitors business. Later on both Carnegie and Rockefeller were know as Robber Barons, or cruel leaders during the industrial revolution who gained wealth in unfair ways. Many companies were upset from people loosing their jobs. Rockefeller did give back to his community by donating to education, medication, and science. This did help the public, but it did not make up for the hundreds of people who lost their jobs during the depression.

John D. Rockefeller http://www.pbs.org/wgbh/americanexperience/features/biography/rockefellers-john/

 Over all monopoly's can hurt and help the common worker. If it wasn't for Carnegie and Rockefeller the american steel and oil businesses would not have been as successful as they were. Although many lost their jobs, millions of dollars were donated from these two men for education medicine and other organizations, which helped out their community.