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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Fair wages for workers
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Laissez Faire
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Spoils System
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None of the above
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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: -Carnegie utilized a vertical monopoly system in which his company produced, distributed and sold their product. This questionable practice, along with allegations of providing workers with inadequate wages, resulted in Carnegie being labeled a robber baron.
Detailed explanation-3: -#2 – John D Rockefeller 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.