USA HISTORY

Detailed explanation-1: -A monopoly is defined as a single seller or producer that excludes competition from providing the same product. A monopoly can dictate price changes and creates barriers for competitors to enter the marketplace.

Detailed explanation-2: -"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-3: -The term “robber baron” dates back to the Middle Ages and carries a negative connotation. Robber barons typically employed ethically questionable methods to eliminate their competition and develop a monopoly in their industry. Often, they had little empathy for workers.

Detailed explanation-4: -Andrew Carnegie: Robber Baron Or Captain Of Industry Carnegie frequently recognized as one of the wealthiest person ever. He made big bucks from oil business. He also led the growth of the American steel company in the late 19th century.

Detailed explanation-5: -Robber barons took over industries such as railroads, banks, steel, cotton, oil, tobacco and liquor. To monopolize these industries, they would use tactics such as creating trusts, exploiting workers, and disregarding customers or competition.