USA HISTORY

Detailed explanation-1: -Among the richest of the rich were the so-called robber barons, whose extreme avarice drove them to use unethical business practices and exploit workers to create lucrative monopolies, and in the process amass fortunes that would amount to billions of dollars in today’s money.

Detailed explanation-2: -They connived with politicians to obtain advantages for themselves by controlling government and the law; they manipulated the public power for private gain. And the government was eager to oblige. This was done openly, and virtually everyone knew about it.

Detailed explanation-3: -It was later applied to many of the American industrial tycoons of the late 19th and early 20th centuries. Robber barons contributed to great economic and industrial expansion in the U.S. by building financial empires in key industries, such as railroads and steel.

Detailed explanation-4: -robber baron, pejorative term for one of the powerful 19th-century American industrialists and financiers who made fortunes by monopolizing huge industries through the formation of trusts, engaging in unethical business practices, exploiting workers, and paying little heed to their customers or competition.