WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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made large charitable donations to worthy causes
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sought to maximize their profits by eliminating competition and exploiting workers
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attempted to stimulate the economy by keeping the prices of their products as low as possible
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opposed the entry of poor and uneducated immigrants into the US
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Detailed explanation-1: -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.
Detailed explanation-2: -Instead of physically robbing individuals, the 19th century robber barons were said to have stolen control over natural resources, paid unfairly low wages, and pushed out their competition using questionable business practices.
Detailed explanation-3: -Key Takeaways. “Robber baron” is a term used frequently in the 19th century during America’s Gilded Age to describe successful industrialists whose business practices were often considered ruthless or unethical.
Detailed explanation-4: -The term robber baron derives from the Raubritter (robber knights), the medieval German lords who charged nominally illegal tolls (unauthorized by the Holy Roman Emperor) on the primitive roads crossing their lands or larger tolls along the Rhine river.
Detailed explanation-5: -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. With fewer business regulations than there are today, robber barons were able to amass great wealth.