THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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bought titles of nobility from foreign govts
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were ruthless in dealing with competitors
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stole money from state and local governments
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gained their wealth by illegal means
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Detailed explanation-1: -Once bagged the title of ‘richest person in the world, Rockefeller is a typical example of a Robber Baron. He was responsible for monopolizing the US’s oil industry. John colluded with the railroad companies and gradually pushed away other players in the oil industry. He used hefty shipping costs as leverage.
Detailed explanation-2: -The term “robber baron” dates back to the Middle Ages and carries a negative connotation. Robber barons typically employed ethically questionable methods to eliminate their competition and develop a monopoly in their industry. Often, they had little empathy for workers.
Detailed explanation-3: -During the Industrial Revolution, the term Robber Baron, was used to describe a person who made, what some considered, excessive amounts of money in business. It was an insulting term used for a person who was thought to have used unfair business practices and showed little empathy for the common factory worker.
Detailed explanation-4: -Included in the list of so-called robber barons are Andrew Carnegie, Cornelius Vanderbilt, and John D. Rockefeller. Robber barons were accused of being monopolists who earned profits by intentionally restricting the production of goods and then raising prices.