USA HISTORY

Detailed explanation-1: -What is an entrepreneur? “robber barons” because of their ruthless tactics used to destroy competition and pay low employee wages. Two of the most successful entrepreneurs in this era were Andrew Carnegie and John D. Rockefeller.

Detailed explanation-2: -“Robber Barons” or “Captains of Industry”? Robber barons used ruthless tactics to destroy competition and keep workers wages low. Dominated steel industry by owning iron ore fields, coal mines, and steel mills.

Detailed explanation-3: -In a free enterprise system, individuals are free to produce and sell whatever they wish; they are also free to buy and use whatever they can afford. Individuals therefore enjoy the freedom of making their own economic decisions.

Detailed explanation-4: -Powerful industrialists like Carnegie and Rockefeller were called both “Captains of Industry” and “Robber Barons” because. they worked closely with their competitors and charged consumers incredibly high prices. they provided good paying jobs, but produced unsafe products.

Detailed explanation-5: -Sherman Anti-Trust Act (1890)-federal law designed to stop monopolies from engaging in unfair practices that prevented fair competition.