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Title: The Myth of the Robber Barons by Burton W. Folsom ISBN: 0-9630203-1-5 Publisher: Young Amer Foundation Pub. Date: June, 1993 Format: Paperback List Price(USD): $11.95 |
Average Customer Rating: 3.56 (16 reviews)
Rating: 5
Summary: A contrast between political and market entrepreneurs
Comment: A central purpose of this book is to distinguish between 19th century political entreprenuers, who gained monopolies by co-opting the legislature and judicial apparatus of the state, and market entrepreneurs, who built railroads with private money or who developed a competitive presence in, for example, the early 19th century steamship business. The book discusses how J.D. Rockefeller reduced the cost of kerosene for millions of American consumers, which allowed them to light their homes without using whale oil. The book discusses the 30 year oil price war with the Russians in Baku (1885-1915), which drove Rockefeller to relentlessly reduce prices in order to compete in international markets; all the while thousands of American jobs hung in the balance. There are seven different chapters on different American economic events which unfortunately aren't given thorough enough coverage in the history departments of our universities. But, that does not diminish the importance of these events in the development of America and the stage they set for the continuing increase in living standards for the common man. By changing the debate from "big business is bad and workers are good" to a dialogue that puts the collusion of big business, big labor, and big government in sharper perspective, Folsom does the reader an important service. A terrific book.
Rating: 5
Summary: Revealing the Truth About America's Greatest Entrepreneurs
Comment: This book underscores the truth about men like Andrew Carnegie, John Rockefeller, Cornelius Vanderbilt, etc. They all had one thing in common, viz., they became fabulously wealthy by reducing prices. In each case, Folsom demonstrates how they took a product or service that was available only to the most affluent members of society because of high cost and made it available to everyone at greatly reduced cost.
As a specific example, Folsom observes that "Even after twenty years in the oil business, 'the best illuminator [kerosene] at the lowst price' was still Rockefeller's goal; his Standard Oil had already captured 90 percent of America's oil refining and had pushed the price down from 58 cents to eight cents a gallon." He did this by reducing costs and absorbing less-efficient competitors, often under terms that made the absorbed competitor's founders very wealthy. This is capitalism at its very best!
But, this doesn't seem to be good enough for liberal historians---to be politically correct, rich folks must emulate Andrew Carnegie and give away all of their wealth upon their death. Too bad John Rockefeller didn't follow this model for he would have spared us the likes of Nelson and Jay!
Even if the so-called Robber Barons were mean and nasty individuals, what difference does it make? They helped make America great, and that is a fact. But, I suppose it depends on what the meaning of "is' is.
Rating: 4
Summary: Great antidote to common history texts
Comment: Folsom picks out six success stories - of Vanderbilt's success against government-chartered monopolies, of the Scranton's success in challenging English steel manufacturers, of J. J. Hill's victory over subsidized transcontinentals and subsequent undoing by anti-trust laws and rate regulation, of Rockefeller's nearly unknown struggle against foreign oil, of Charles Scwhabb's rise and fall as a steel manufacturer, and of Andrew Mellon's success as a taxcutting Treasury Secretary - and uses these to illustrate how historians lump economic entrepreneurs and political entrepreneurs together, and fail to teach us the correct lessons. Economic entrepreneurs are those whose vision, energy, talent, and willingness to take risk increase the size of the pie for all, while political entrepreneurs are those who beg for public assistance, squander it, resort to graft and influence peddling, and bring the wrath of the public down upon their ears as well as upon the economic entrepreneurs. Usually, it is the economic entrepreneurs that take the worst beating. In his effort to show the positive contributions of these individuals, Folsom fails to answer or even tell some of the infamy associated with men such as Vanderbilt ... but then, one of the points that he makes is that mainstream history books are full of this type of innuendo and rumor.
The reviewers complaining about the oversights fail to appreciate Folsom's intended audience or purpose. He is specifically pointing out problems with history texts, not trying to write an unassailable, definitive history of each of these industries.
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Title: The Robber Barons by Matthew Josephson ISBN: 0156767902 Publisher: Harvest Books Pub. Date: June, 1962 List Price(USD): $17.00 |
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Title: FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression by Jim Powell ISBN: 0761501657 Publisher: Crown Forum Pub. Date: 23 September, 2003 List Price(USD): $27.50 |
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Title: Capitalism and Freedom by Milton Friedman, Rose D. Friedman ISBN: 0226264211 Publisher: University of Chicago Press Pub. Date: November, 2002 List Price(USD): $13.00 |
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Title: The Law by Frederic Bastiat ISBN: 1572460733 Publisher: Foundation for Economic Education Pub. Date: October, 1998 List Price(USD): $3.00 |
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Title: Human Action: A Treatise on Economics by Ludwig von Mises, Ludwig von Mises ISBN: 0930073185 Publisher: Fox & Wilkes Pub. Date: January, 1997 List Price(USD): $24.95 |
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