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Compare and contrast the attitudes of three of the following toward the wealth that was created in the US during the late 19th century?
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∙ 12y ago
3. Compare and contrast the attitudes of THREE of the following toward the wealth that was created in the US during the late nineteenth century.
- Rags to Riches
- Bootstrap Theory
- Distribution of the Wealth
Thesis:
Andrew Carnegie
Andrew Carnegie, one of the most innovative and business savvy men of his time, was very influential in creating a new attitude towards wealth when he became one of the richest men in the world.
• Began poor- worked his way to railroad steel producer
• method called vertical integration, where he controlled all aspects of manufacturing from extracting raw materials to selling the finished product
• created a mass production system that slashed traditional consumer prices and allowed him to become the world's largest industrial corporation
• Homestead Strikes - showed Carnegie's attitude towards unionized labor and the cheap workforce
• "The only noble use of surplus wealth, is this: that it be regarded as a sacred trust administered by its possessor for the highest good of the people" HE decides what to do with his money and what HE thinks is best for the people.
o Might not actually help them- libraries but can't read, performance halls but cannot afford tickets, etc.
Horatio Alger
Horatio Alger was an author of books (dime novelist) that were used to inspire poor young men to become wealthy industrialists like Andrew Carnegie by endorsing the myth of Rags to Riches.
• "Rags to Riches Myth" - emphasized the idea that if one was honest, hard working, and self disciplined, it was possible for anyone to be successful
• Many of the lower class Americans and new immigrants accepted the idea
• Alger's books read by many boys around the late 19th century to the early 20th century
Booker T. Washington
Booker T. Washington had a very similar stance on creation of wealth. Like Carnegie and Alger, he believed that, once one established a good economic base, one could rise in society.
• to fight segregation is pointless, concentrate on economic self help
• Bootstrap Theory
o develop black economic base and rights will follow
o first task of America's blacks must be to acquire useful skills such as farming and carpentry
o Once blacks proved their economic value, racism would fade.
• Tuskegee Institute- vocational training, allow blacks to gain knowledge for jobs they can have instead of formal education like math and literature
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∙ 12y ago
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