BOOK REVIEW

Book Review: The Myth of Robber Barons by Forrest McDonald

Book Review: The Myth of Robber Barons by Forrest McDonald

This paper presents an analytical review of a book called The Myth of Robber Barons. This book is written by Forrest McDonald. This book demonstrates role of key entrepreneurs in economic progress of United States of America.

Burton Folsom's The Myth of the Robber Barons is a short, but excellent book that argues that the mislabeled "Robber Barons" of the 19th Century became wealthy not because they robbed anyone but because they offered quality products/services at record low prices. These productive giants made their fortunes because so many Americans chose to do business with them. There is a reason why capitalism can succeed in economic matters where government cannot. Government, by definition, is the nationalization of force. It can do nothing without the threat or use of force. It's major--often only--source of income is through coercive taxation, which is nothing more than forced requisitions from its citizens. Government's purpose, as so wisely noted by America's Founding Fathers and ignored by American politicians today, is the protection of property, the free use thereof that does not infringe upon the natural rights of others. Government can only use force to protect property--that's why government is so good at war and so wasteful when it comes to social issues.

The entrepreneurs are discussed in two groups: Market entrepreneurs and political entrepreneurs. The market entrepreneurs, such as Hill, Vanderbilt, and Rockefeller, thrived by producing the quality product at the competitive price. The political entrepreneurs such as Edward Collins were men who used their authoritative powers to succeed. They tried to gain subsidies, or in some way use government to stop competitors. The market entrepreneurs helped lead to rise of United States as the major economic power.

Folsom has ...