USA HISTORY

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: -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.

Detailed explanation-3: -Cornelius Vanderbilt He was the first person to be called robber baron, in an article in “The New York Times” on February 9, 1859. Vanderbilt worked his way up through the shipping industry before going into business for himself, becoming one of America’s biggest steamship operators.

Detailed explanation-4: -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-5: -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.