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Thread: How the Myth of the 'Robber Barons' Began—and Why It Persists

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    How the Myth of the 'Robber Barons' Began—and Why It Persists

    Simple, the myth was started by a communist with an erroneous attack on capitalism.

    How the Myth of the 'Robber Barons' Began—and Why It Persists

    ...The catalyst for this negative view of American entrepreneurs was historian Matthew Josephson, who wrote a landmark book, The Robber Barons. Josephson, the son of a Jewish banker, grew up in New York and graduated from Columbia University, where he was inspired in the classroom by Charles Beard, America’s foremost progressive historian—and a man sympathetic to socialism. “Beard was nothing less than a spellbinder,” Josephson recalled, and Beard’s lectures helped guide him on a path to radical politics.

    ...Josephson began research for his book in 1932, the nadir of the Great Depression. Businessmen were a handy scapegoat for that crisis, and Josephson embraced a Marxist view that the Great Depression was perhaps the last phase in the fall of capitalism and the triumph of communism. In a written interview for Pravda, the Soviet newspaper, Josephson said he enjoyed watching “the breakdown of our cult of business success and optimism.” He added, “The freedom of the U.S.S.R. from our cycles of insanity is the strongest argument in the world for the reconstruction of our society in a new form that is as highly centralized as Russia’s. . . .”

    When propaganda is the goal, accuracy is the victim. The Robber Barons is riddled with factual errors. On page 14 alone, Josephson makes at least a dozen errors in his account of Vanderbilt and the steamships. Here is one sentence with three errors:
    At the time of the "shipping subsidy" scandals, aired in the Senate in 1858, it was seen that Vanderbilt and E. K. Collins of the Pacific Mail Steamship Line were the chief plunderers, sometimes conciliating, sometimes blackmailing each other.

    First, E. K. Collins was never the head of the Pacific Mail Steamship Line; in fact, he had no connection with it at all. Second, Vanderbilt and William H. Aspinwall, the actual head of the Pacific Mail Steamship Line, were never “blackmailing each other.” Third, the Pacific Mail Steamship Line, not Vanderbilt, was the “chief plunderer.” Vanderbilt had no subsidy, and the Pacific Line did. In fact, Vanderbilt, through his low prices, exposed the federal subsidy as a scandal.
    It goes on to tell the story of how Josephson visited Russia and sang the praises of Stalin. What was in fact "Stalin’s brutal collectivization."

    Other authors just follwed Josephson's popularity unquestioningly and their beliefs in Marxism.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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    littlejohn (09-25-2018)

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    Cool post!!


    It is too bad the Robber Barons book you cited has those issues. Also perhaps unfortunate that it comes across as an advertisement for Marxist Theory.
    I say this because the concept of "Robber Barons," and the related sub-concept of "the company store," are both important things for people to know.
    In my current thinking (always a WIP) the folks who need to do a deep dive on those concepts are those who want to support Capitalist Theory while avoiding the pitfalls.
    I used the word "unfortunate" earlier -- because many (not all) folks needing to understand these concepts, and how they are arrived at, very often get turned off, and stop studying if they detect being subjected to anti-capitalist propaganda. (aka the mere mention of the word "Marx")

    I submit, even those, maybe especially those who are big time Adam Smith fans will find it valuable to get some first hand exposure.
    A proposal for a Capitalist-like economic strategy that does not end with the company store scenario, would be hugely significant.

    --jm

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    Quote Originally Posted by littlejohn View Post
    Cool post!!


    It is too bad the Robber Barons book you cited has those issues. Also perhaps unfortunate that it comes across as an advertisement for Marxist Theory.
    I say this because the concept of "Robber Barons," and the related sub-concept of "the company store," are both important things for people to know.
    In my current thinking (always a WIP) the folks who need to do a deep dive on those concepts are those who want to support Capitalist Theory while avoiding the pitfalls.
    I used the word "unfortunate" earlier -- because many (not all) folks needing to understand these concepts, and how they are arrived at, very often get turned off, and stop studying if they detect being subjected to anti-capitalist propaganda. (aka the mere mention of the word "Marx")

    I submit, even those, maybe especially those who are big time Adam Smith fans will find it valuable to get some first hand exposure.
    A proposal for a Capitalist-like economic strategy that does not end with the company store scenario, would be hugely significant.

    --jm

    Robber Barons and company stores are two issues.

    Robber barons were created in collusion with the government during the Progressive era. They are not a product of capitalism unless you consider state capitalism capitalism, in which case I'll say free market.

    I think company stores were a bad deal for workers but, like the Barons, could only have happened with the government's support of monopolies.

    In short, Barons, company stores, monopolies do a great deal of harm, but they require a big centralized government to create and support.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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    Quote Originally Posted by Chris View Post
    Robber Barons and company stores are two issues.

    Robber barons were created in collusion with the government during the Progressive era. They are not a product of capitalism unless you consider state capitalism capitalism, in which case I'll say free market.

    I think company stores were a bad deal for workers but, like the Barons, could only have happened with the government's support of monopolies.

    In short, Barons, company stores, monopolies do a great deal of harm, but they require a big centralized government to create and support.
    Great topic. Since you seem to have your $#@! together, I'm gonna go catch up so I can hang, in particular on state capitalism which is a new term for me.
    Why is this interesting to me? I have been asked to compare and contrast the ideas and actions of the Progressive era you mentioned with a more contemporary set of occurrences including monopolies in disguise, a government collusion sponsored by none other but including China too, a Baron named Google, a company store named Amazon (also a Baron?), and a partridge in a pear tree named Walmart.

    We'll see where it goes.
    In Arnold's voice -- I'll be back.

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    Libertarian socialist Noam Chomsky applies the term "state capitalism" to economies such as that of the United States, where large enterprises that are deemed "too big to fail" receive publicly funded government bailouts that mitigate the firms' assumption of risk and undermine market laws and where the state largely funds private production at public expense, but private owners reap the profits.[13][14][15] This practice is often claimed to be in contrast with the ideals of both socialism and laissez-faire capitalism.[16]

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    Quote Originally Posted by Chris View Post
    Robber Barons and company stores are two issues.

    Robber barons were created in collusion with the government during the Progressive era. They are not a product of capitalism unless you consider state capitalism capitalism, in which case I'll say free market.

    I think company stores were a bad deal for workers but, like the Barons, could only have happened with the government's support of monopolies.

    In short, Barons, company stores, monopolies do a great deal of harm, but they require a big centralized government to create and support.
    It’s called crony capitalism. Government playing favorites.
    When Donald Trump said to protest “peacefully”, he meant violence.

    When he told protesters to “go home”, he meant stay for an insurrection.

    And when he told Brad Raffensperger to implement “whatever the correct legal remedy is”, he meant fraud.

    War is peace.

    Freedom is slavery.

    Ignorance is strength.

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    Quote Originally Posted by littlejohn View Post
    Great topic. Since you seem to have your $#@! together, I'm gonna go catch up so I can hang, in particular on state capitalism which is a new term for me.
    Why is this interesting to me? I have been asked to compare and contrast the ideas and actions of the Progressive era you mentioned with a more contemporary set of occurrences including monopolies in disguise, a government collusion sponsored by none other but including China too, a Baron named Google, a company store named Amazon (also a Baron?), and a partridge in a pear tree named Walmart.

    We'll see where it goes.
    In Arnold's voice -- I'll be back.

    Great, glad you like it.

    State capitalism is just a term for state interference in the market. The US is mixed free and fixed (regulated). China has adopted state capitalism, it give the people economic freedom but could in an instant pull back, especially if, as Friedman argued, economic freedom leads to other freedoms.

    A great book on the Progressive Era is Murray Rothbard's recently publish book by that name.
    Tradition is not the worship of ashes, but the preservation of fire. ― Gustav Mahler

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