WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They amassed great wealth at the expense of their workers
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They engaged in scrupulous activities such as cut-throat competition
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They sought to create monopolies in their respective industries.
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They contributed great fortunes to philanthropic interests
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Detailed explanation-1: -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.
Detailed explanation-2: -Four men in particular created monopolies and gained vast wealth during the Gilded Age: JP Morgan, Cornelius Vanderbilt, John D. Rockefeller, and Andrew Carnegie. JP Morgan was born John Pierpont Morgan on April 17, 1837.
Detailed explanation-3: -Others saw them as Robber Barons because they were ruthless and self-centered entrepreneurs whose aggressive business practices destroyed the smaller competitors and drove many companies out of business.