Industrial Leaders Controversy - Free Essay Example

Sample details Pages: 3 Words: 928 Downloads: 5 Date added: 2017/09/16 Category Industry Essay Type Argumentative essay Did you like this example? Industrial Leaders – Robber barons or Industrial Statesmen? The late 19th century industrial leaders have often been called industrial statesmen for the great economic power they brought to America. However, they have also been called robber barons† since they built this great wealth by abusing the system, their employees, and destroying their competitors. These kings of industry displayed characteristics of both industrial statesmen and robber barons. But which would better describe them? They had their faults, but overall these leaders should be respected for all they have done. The Gilded Age was a century known for having capitalism, corruption, and crude displays of wealth. Business leaders thought too much of their own money to notice the negative effect they had on the business market. Mark Twain named the Gilded Age – ‘gilded’ meaning ‘covered with gold’. He was one of the many people who believed that these business ow ners were robber barons and lived only for the making of their own money. Twain had said that the main goal for a man was to get rich – preferably in the most dishonest way. He strongly believed that millionaires like Rockefeller and Carnegie dishonestly received their high income. Likewise, William Sumner wrote â€Å"The captains of industry†¦ if they are successful, win great fortunes in a short time. † There was a huge difference – The captains of industry were well liked, while the millionaire robber barons. Andrew Carnegie, one of the top millionaires, was actually quite concerned for the public and their income. In fact, he wrote that the lucky wealthy should lead a simple life. Truth be told, he himself owned 40,000 acres of land and it was difficult to keep his moneymaking life modest. However, he was still one of the most humble of his fellow millionaire friends. He believed that civilization has greatly advanced and changed life conditions, yet he encouraged industrial and commercial competition. On the other hand, John D. Rockefeller, also known as the owner of Standard Oil Co. did not care much for modesty. His oil company proudly took over 90 percent of all oil businesses. Rockefeller spent a lot of time focusing on how his money could help humanity and how his business could profit. Before his death in 1937 and after making such a mind-blowing amount of money, he was generous enough to donate much of it to medical use, schools, and Baptist projects. These acts of total integrity put him in the spot right between â€Å"industrial statesmen† and â€Å"robber baron. † One would hope that the owner of railroads would be gracious toward humanity as well, but William Vanderbilt had no plans of being gracious whatsoever. His railroads did improve services, but in an interview with the Chicago Daily News in 1882 he would say, â€Å"Public be damned†¦ I don’t take any stock in this silly non sense about working for anyone’s good but our own† In respect to Rockefeller and Vanderbilt’s doings, Russell H. Conwell agreed that being rich was the best way to live. In his speech ‘Acres of Diamonds’, he declared that the majority of the rich were the most honest men you could find in the community. The rich became rich because they were the ones trusted with money, and therefore deserved it. Conwell and many others lived by the statement that it is one’s duty to get rich. Obviously, this helped them all think a little more of their money and did not help in the realization of how they were corrupting the government. Overall, the â€Å"industrial statesmen† prototype tended to protrude more than the â€Å"robber barons†. One could tell by their work that their efforts towards society were for the people and not at all for the money. For example, Tomas Edison; in a letter, he wrote that he would soon have the best and large st Laboratory. He was also sure that his company would make anything â€Å"from a ladys watch to a Locomotive. Edison showed great dedication for his work and the skilled workers he had. He knew the correct way to run a business and to pick the workers. He strove for better results, because it would help humanity. James Weaver can be labeled as an industrial statesman since his main desire was a good, capable business. In his novel â€Å"A Call to Action†, Walker discussed that trusts are in conflict with the common law. He stood behind his opinion that the main weapons of trusts are threats, intimidation, bribery, fraud, wreck, and pillage; all those in favor of trusts are robber barons. In conclusion, the Captains of Industry tried to organize new industries and provide better services as well. They also provided good jobs for the workers and gave much of their money to various charities. The Robber Barons, on the other hand, made millions of dollars without noticing th eir workers’ small incomes or donating a cent to a deserving cause. They were too busy checking the inflating prices, destroying competitors, and corrupting the government. However, characterizing the industrialists as a whole is completely uncalled-for, but an only be measured by an extent. Did they influenced Mark Twain in the naming of the Gilded Age or did they really did help out the U. S financially? The U. S had many factories and businesses that ran well, but they did not have unity. The economic world fell since there were constant wars between businesses and strikes between the people and the business. Like everyone else on this planet, they had flaws. However, the industrial leaders of the 19th century should be admired for their input into U. S. Don’t waste time! Our writers will create an original "Industrial Leaders Controversy" essay for you Create order

Enron Scandal And The Corporate Financial Frauds - 1374 Words

One of the biggest corporate financial frauds in history was Enron scandal, where the relationship between the company governance and their auditors - Arthur Andersen was one of the factors that helped the company hide its frauds, which eventually led Enron’s bankruptcy. The accounting firm was accused of not acting independently and misstating Enron s accounts such as keeping huge debts off balance sheets. Some believe that the auditors had gone along with Enron’s questionable accounting practices in order to maintain their work. As a result, the shareholders lost $74 billion further (further depressing the stock market), thousands of employees and investors lost their retirement accounts, and many employees lost their jobs. In addition,†¦show more content†¦These statements can serve as an adequate early warning material for the protection of investors and creditors. Therefore, improving auditors’ independence will increase the reliability of corporati ons’ published ï ¬ nancial statements and give assurance of that reliability to users of those ï ¬ nancial statements. Some of the ways to strengthen auditors independent is rotation of audit firms at regular intervals. Currently it is required that the rotation of the lead partner in an audit firm to be conducted every five years. However, this current law of rotating audit firms doesn’t address the real conflict in the auditor/audited relationship. Recent academic studies in both the U.S. and other countries suggest serious disadvantages to mandatory audit firm rotation. Key among them is the loss of the current auditor s cumulative knowledge of the company s business, processes, systems, people, and risks (Pwc.com). In the case of mandatory rotation of an audit firm rotation can be very expensive for both the audit firm and their client. Indeed, the expenses of this change could outweigh its benefits. So how can we further strengthen auditors’ independence? I would like to suggest a new policy that would prohibit companies from hiring managers and internal auditors from their external audit firms. Currently, SEC requires a one-year cooling off period before a company

DBQ Essay Eve of the Revolution free essay sample

The English government had increased taxes on goods and also made new acts, this anger the colonies and Increased a sense of unity, which helped form, what is now the united States of America. The French and Indian War, also known as the Seven Years War, was the first time the colonies united against a common enemy. In 1754 Benjamin Franklin proposed the Albany Plan of Union, his plan was to unite and place the colonies under a more centralized government. Even though the plan was not carried out, it was a step closer to the unification of the colonies.In fact, a famous political cartoon was publish y the Pennsylvania Gazette newspaper known as Join, or Die. This cartoon emphasizes that the colonies need to unite to survive; a snake cut up Into pieces and each piece being a different colony Illustrates the need for unification (Document A). After the end of the Seven Years War in 1763 Britain started increasing taxes and creating new acts in order to pay for the war damage; the Stamp Act in 1765, Tax Imports, the Tea Act In 1773 and the Intolerable Acts In 1774 are great examples. We will write a custom essay sample on DBQ Essay Eve of the Revolution or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page As a result the colonies boycotted, protested, and wrote protests to the king, this helped to unify the colonies even more than before. On February 1774 Richard Henry Lee declared the colonies as united and to have the right to defend their freedom and liberties from the English parliament (Document C). Additionally, on September 1774 the colonies formed the First Continental Congress In Philadelphia. They wrote the Declaration for the Causes of Taking up Arms to England that expressed that the colonies are prepared to fight for their freedom and liberty at any cost (Document E).Shortly after the first shot of the revolution was fire on April 18th, 1775 in Lexington ND Concord, and a year later the Second Continental Congress wrote the Declaration of Independence. These two major events show how the colonies were so strongly unify and had a sense of belonging. What also increased the need for independence and unity was that most of the colonists TLD identify with the British anymore, Hector SST. John Occurred wrote In Letters from an American Farmer that an American is someone who has left most of its European ancestry behind and learns new manners. Occurred believes that 1 OFF (Document H).Also, by 1775 most of the colonists wanted to rebel mostly do to Thomas Pained Common Sense pamphlet that convinced people to Join the Revolution. Later next year Edmund Burke wrote Notes for Speech in Parliament, which express similar ideas a Panniers Common Sense, Burke expressed that Britain could not rule the colonies because it was physically impossible do to the great distance that the ocean puts between them (Document B). Do to the great distance between the American colonies and England it made it easy for the colonies to create their own culture and leave European traditions behind.Even though most of the colonists were in favor of the revolution there were still some that were against it, the loyalists, or those who were neutral about it. Matter Bales states that politics is the same as always, false talk (promises), and that to choose whats better a ruler under their noses or one miles away (Document D). While Peter Oliver, a loyalist, refers to the revolution as an act of pride, ambition, and resentment towards the English parliament that has only been good to the colonist (Document F).Even though most of the colon ist were united and were in favored of he revolution, their were still a few that were loyal to the mother country. Throughout the years of 1750 and 1776, the colonies established the Continental Congress, declare independence, fought and protested for their freedoms and liberties, and created their own identity as Americans. Even though they still have more to come on their way the colonist managed to do great things. Overall, the colonies were able to unite against their common enemy, England, and gain independence from the strongest nation in the world at the time to form the United States of America.