John Jacob Astor's Rise and Legacy in the Fur Trade
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John Jacob Astor was born in Germany in 1763 and immigrated to America in 1783. He founded the American Fur Company in 1808 and built a trading post called Astoria in 1811. After selling Astoria after the War of 1812, he became the richest man in the world in 1847 with $78 billion. While he was highly ambitious and intelligent, he abused workers and made no notable social contributions. His career shows that one can be successful without virtues, as he will be remembered as unethical and ruthless.
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John Jacob Astor's Rise and Legacy in the Fur Trade
- 2. Born in 1763, Germany Migrated to America in 1783 Founded The American Fur Company (AFC) in 1808 Built a Trading Post Named Astoria 1811 Sold Astoria after the War of 1812 Became the richest man in the world in1847 ($78B)
- 3. EVALUATING ASTOR IN TERMS OF HIS MOTIVE, MANAGERIAL ABILITY & ETHICS MOTIVE • Always wanted to own something big and be a king • Highly ambitious MANAGERIAL ABILITY • leadership • Negotiation Skill • Intelligent prediction about the futureEthics • Abused workers • No mentionable social contribution
- 4. LESSON FROM HIS CAREER ABOUT RELATIONSHIP BETWEEN VIRTUE AND SUCCESS A person can be literary successful disregarding virtues. Wealth is just an attribute to success but the real success comes from the virtue Through out the mankind Astor will be remembered as a tyrant, unethical and ruthless business man
- 5. THE CHANGE OF THE ENVIRONMENT OF AFC IN 1830’S The then Cholera Change of taste Decreasing number of beaver
- 6. THE FORCES BEHIND THE CHANGE Industrial Revolution Technology Leadership Inequality Population Growth Globalization
- 7. THE IMPACTS OF THE FUR TRADE ON SOCIETY AT THAT TIME Cultural Technological NaturalLegal Government
- 8. THE MOST IMPORTANT STAKEHOLDERS OF THE NINETEENTH-CENTURY FUR INDUSTRY Workers • Native Indians Customers • Europeans & Americans Inhabitants • Fur Producing Areas
- 9. THE TREATMENT OF THE WORKERS BY THE STANDARD OF THOSE DAYS Treatment Indian culture was totally destroyed The ecology of the north American territories were extensively damaged Tribes were abused and destroyed by alcohol, venereal diseases and small pox etc.
- 10. THE JUSTIFICATION OF THE LEGACY OF THE AMERICAN FUR COMPANY • Fur trade shaped economic, political and cultural life • Created wealth, employment, tax revenue. • It reinforced central American values Positive Legacy • Traders undermined Indian cultures • Industry left extensive ecological damages • Unfair treatment to native workers • Spread of smallpox Negative Legacy
- 11. DIFFERENCES OF THE CAPITALISM BETWEEN NOW & THEN Those days Monopoly was allowed Workers were exploited Government was weak Laws were passed on behalf of businessman Now Monopoly is not allowed Abusing workers is not tolerated Governments are strong
- 12. THE MODEL THAT MATCHES WITH ASTOR’S BUSINESS Ruthlessly dominated over his workers Controlled the government and the legislator Dominated over his competitors Dominance Model
- 13. THANK YOU