The Myth of the Robber Barons: A New Look at the Rise of Big Business in America
by Burton W. Folsom
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Book Summary Information
Author: Burton W. FolsomForeword: Forrest McDonald
Edition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 1991
ISBN: 0963020315
Number of pages: 170
Publisher: Young America's Foundation
Book Reviews of The Myth of the Robber Barons: A New Look at the Rise of Big Business in America
Book Review: "Robber Barons" Ought to be Called "Productive Geniuses"
Summary: 5 Stars
Burton Folsom's The Myth of the Robber Barons is a short, but excellent book that argues that the mislabeled "Robber Barons" of the 19th century became wealthy not because they robbed anyone but because they offered quality products/services at record low prices. These productive giants made their fortunes because so many Americans chose to do business with them.
There are several values to gain from this book. First, you will learn several inspiring stories about how great industrialists amassed their fortunes through ingenuity, extended dedication and taking great calculated risks. You will learn about how Cornelius Vanderbilt defeated the Fulton NY/NJ steamship-transport monopoly by offering lower rates, earning a reputation for his punctuality, investing in faster and larger ships and providing ancillary services such as concessions. You will also learn about how Andrew Carnegie was obsessed with cutting costs, which led to him profitably carting off tons of steel shavings discarded from a competing steel plant owned by the Scrantons. Other business heroes covered in depth in this book are James J. Hill (who built the Great Northern Railroad without a penny of Federal aid), oil tycoon John D. Rockefeller, the Scranton steel family, Carnegie's right hand man Charles Schwab and Andrew Mellon, the Secretary of the Treasury whose laissez-faire policy recommendations allowed the 1920s to roar.
Another great value of this book is that it dispels a few common myths about capitalism. For one, Folsom correctly identifies that "Robber Barons" is an invalid concept. That is, "Robber Barons" includes market entrepreneurs (i.e., those who *created* their fortunes by revolutionizing an industry) with political entrepreneurs (i.e., those who made their fortunes through government aid or with political connections.) Examples of market entrepreneurs include Carnegie, Rockefeller, Hill, and Vanderbilt. Examples of political entrepreneurs include Henry Villard and Leland Stanford. Instead of subsuming all wealthy industrialists under a single category, Folsom suggests that we instead judge these industrialists based on *how* they made their fortunes.
A final great aspect of this book is that it offers a concise, essentialized history of what made these individuals great. Thus, an avid reader may absorb a healthy amount of introductory material without committing himself to reading an 800-paged biography.
If you enjoy this book, then I also highly recommend both Burton Folsom's "Empire Builders" and Andrew Bernstein's "The Capitalist Manifesto". To a lesser extent, I also recommend H. W. Brands' "Masters of Enterprise."
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