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Essay / Research Paper Abstract
A 6 page paper discussing wealth's effects on people using the Rockefellers, Andrew Carnegie and Warren Buffet as examples. The paper also considers whether the Gilded Age was destined to fail, concluding it was because it was not sustainable. Bibliography lists 7 sources.
Page Count:
6 pages (~225 words per page)
File: CC6_KSwarrBuffXt.rtf
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Unformatted sample text from the term paper:
Those whose families have been wealthy for some time often look down on those who have only recently come into a great deal of money and have not learned how
to "walk the walk." Others have greater internal worth and view money only as the tool it is. 1. How and why does wealth change people?
Whether wealth changes people depends in large part on the source of individuals motivations. Locus of control can be either internal or external; motivation
for working for great wealth can come from a variety of sources. The individual who seeks power, notoriety and apparent adoration is more likely to flaunt wealth and live
a lavish lifestyle than that one who views money as a tool rather than an end. The one who recognizes the influence of the conditions existing at the time
s/he builds great wealth also may be less likely to take on self-congratulatory attitude that maintains the individual has had total control and absolute influence in coming to great wealth.
John D. Rockefeller was known for values that included thrift, if not frugality. Indeed, one of the discoveries that made Standard Oil
so successful financially was that Rockefeller abhorred waste. The oil refining process at the time before he came to be involved in the industry and established Standard Oil yielded
a high degree of waste, which motivated Rockefeller to commission a solution. The resulting gains in yields possible from a barrel of oil provided Standard Oil with a windfall
in that its production costs were much lower than those of its competition though it could sell its products at the higher price that competitors sought because of their high
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