The Misunderstanding of Historians on Robber Barons in The Myth of the Robber Barons by Burton Folsom Essay

The Myth of the Robber Barons by Burton Folsom describes the specific qualities and actions of industrial leaders during the gilded age. Previously, Carnegie, Rockefeller, and Vanderbilt were understood as robber barons who caused corruption, monopoly, and price increases on their goods and services for ill purposes. The mainstream historical narrative originates from the book The Robber Barons written by Matthew Josephson in 1934, and textbooks today mostly agree with his perspective. On the other hand Burton Folsoms book, The Myth of the Robber Barons, argues that the people named robber barons actually tremendously helped America and are not responsible for things attributed to them by Josephson. Folsoms book asks the question How did the robber barons conduct their business?and answers it by showing how most so-called robber barons actually spurred innovation, lowered prices, and moved America into international trade all of which generally increased the average persons standard of living. The Myth of the Robber Barons by Burton Folsom delineates the misunderstanding of most historians regarding the robber barons to persuade the general public of the merits of capitalism and to make the historical record more correct in his eyes. The scope of Folsoms book centers on the lives of the men named robber barons and their respective industries. Folsom thinks that it is necessary to describe the lives of the robber barons, from their religious beliefs to business innovations, to help better understand their personalities and how they thought and approached business. Folsom believes their innovation, competition, alleged monopolization, and the prices they set are important facts to prove his thesis. He also finds it important to construct a clear definition of the robber baron. As discussed later, Folsom provides clarifications on how entrepreneurs should be categorized. Folsoms scope details the lives of the men that are called robber barons, their industries, and their competition.To prove his thesis, Folsom relies on distinctive terms as well as biographical and economical evidence . To better...

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