In his book The Myth of the Robber Barons, Folsom distinguishes between political entrepreneurs who ran inefficient businesses supported by government favors, and market entrepreneurs who succeeded by providing better and lower-cost products or services, usually while facing vigorous competition.

Includes material on John D. Rockefeller, J. Pierpoint Morgan, Cornelius Vanderbilt, William H. Vanderbilt, Andrew Carnegie, E.H. Harriman, Jay Gould, Jim Fisk, Jay Cooke, Daniel Drew, Henry C. Frick, James J. Hill, Charles M. Schwab, Henry Villard, Standard Oil Company, trusts.

Robber Barons and Wretched Refuse explores the connection between the so-called robber barons who led American big businesses during the Gilded Age and Progressive Era and the immigrants who composed many of their workforces. As Robert F. Zeidel argues, attribution of industrial-era class conflict to an "alien" presence supplements nativism—a sociocultural negativity toward foreign-born residents—as a reason for Americans' dislike and distrust of immigrants. And in the era of American industrialization, employers both relied on immigrants to meet their growing labor needs and blamed them for the frequently violent workplace contentions of the time. Through a sweeping narrative, Zeidel uncovers the connection of immigrants to radical "isms" that gave rise to widespread notions of alien subversives whose presence threatened America's domestic tranquility and the well-being of its residents. Employers, rather than looking at their own practices for causes of workplace conflict, wontedly attributed strikes and other unrest to aliens who either spread pernicious "foreign" doctrines or fell victim to their siren messages. These characterizations transcended nationality or ethnic group, applying at different times to all foreign-born workers. Zeidel concludes that, ironically, stigmatizing immigrants as subversives contributed to the passage of the Quota Acts, which effectively stemmed the flow of wanted foreign workers. Post-war employers argued for preserving America's traditional open door, but the negativity that they had assigned to foreign workers contributed to its closing.

"After losing his fortune and being jailed for financial improprieties in Philadelphia, Yerkes schemed his way out of prison. With his boundless ambition and entrepreneurial genius intact, he relocated to Chicago and made millions from questionable financial transactions, while at the same time forging one of the world's finest mass transit networks. Despite various philanthropic efforts, Yerkes and his methods were fiercely opposed by the press and public, and he left Chicago a bitter man. Moving to London, he organized much of the Underground, battled J. P. Morgan, and romanced Emilie Grigsby, the love of his life, before succumbing to kidney disease in 1905.".

A Pulitzer Prize-winning journalist “plunges into the battles and escapades of the entrepreneurs . . . who created the national rail system . . . engrossing” (The New York Times). In 1869, when the final spike was driven into the transcontinental railroad, few were prepared for its seismic aftershocks. Once a hodgepodge of short, squabbling lines, America’s railways soon exploded into a titanic industry helmed by a pageant of speculators, crooks, and visionaries. The vicious competition between empire builders such as Cornelius Vanderbilt, Jay Gould, J. P. Morgan, and E. H. Harriman sparked stock market frenzies, panics, and crashes; provoked strikes that upended the relationship between management and labor; transformed the nation’s geography; and culminated in a ferocious two-man battle that shook the nation’s financial markets to their foundations and produced dramatic, lasting changes in the interplay of business and government. Spanning four decades and featuring some of the most iconic figures of the Gilded Age, Iron Empires reveals how the robber barons drove the country into the twentieth century—and almost sent it off the rails.

*Includes pictures *Includes the business magnates' quotes about life and work *Includes online resources and a bibliography for further reading The Gilded Age and the dawn of the 20th century are often remembered as an era full of monopolies, trusts, and economic giants in heavy industries like oil and steel. Men like Andrew Carnegie built empires like Carnegie Steel, and financiers like J.P. Morgan merged and consolidated them. The era also made names like Astor, Cooke, and Vanderbilt instantly recognizable across the globe. Over time, the unfathomable wealth generated by the businesses made the individuals on top incredibly rich, and that in turn led to immense criticism and an infamous epithet used to rail against them: robber barons. Dozens of men were called "robber barons," but few of them were as notorious as Cornelius Vanderbilt, who also happened to be one of the nation's first business titans. Vanderbilt was a railroad and shipping magnate at a time that the industry was almost brand new, but he rode his success to become one of the richest and most powerful men in American history. When historians are asked to name the richest man in history, a name that often pops up is that of John D. Rockefeller, who co-founded Standard Oil and turned it into the first real trust in the United States. Rockefeller had been groomed ambitiously by a huckster father nicknamed "Devil Bill," who was just as willing to cheat his son as an unsuspecting public, and John certainly chased his dreams of living long and large. Rockefeller forged his empire in the first few decades of his life and nearly worked himself to death by the time he was 50, which helped compel him to retire for the last several decades of his life. At one point, Rockefeller's wealth was worth more than 1.5% of the entire country's gross domestic product, and by adjusting for inflation, he is arguably the richest man in American history if not world history. When robber barons across America took the reins of vast industries, they needed financing, and many of them turned to the most famous banker of all: John Pierpont Morgan. It was J.P. Morgan who bankrolled the consolidation of behemoth corporations across various industries, including the merging of Edison General Electric and Thomson-Houston Electric Company, which subsequently became General Electric, still known simply as GE across the world today. Similarly, he financed Federal Steel Company and consolidated various other steel businesses to help form the United States Steel Corporation. While critics complained about the outsized influence that these gigantic businesses had, Morgan's massive wealth also gave him unprecedented power in the financial sector and the ability to deal with politicians. In fact, Morgan played an important part in the Panic of 1907 and the subsequent decision to create the Federal Reserve as a monetary oversight. Ironically, one of America's most famous robber barons, Andrew Carnegie, epitomized the American Dream, migrating with his poor family to America in the mid-19th century and rising to the top of the business world in his adopted country. A prodigious writer in addition to his keen sense of business, Carnegie was one of the most outspoken champions of capitalism at a time when there was pushback among lower social classes who witnessed the great disparities in wealth; as he once put it, "Upon the sacredness of property civilization itself depends-the right of the laborer to his hundred dollars in the savings bank, and equally the legal right of the millionaire to his millions." In a similar vein, he said, "Those who would administer wisely must, indeed, be wise, for one of the serious obstacles to the improvement of our race is indiscriminate charity."