WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
ROBBER BARONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Captain of Industry
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Robber Baron
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Either A or B
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None of the above
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Detailed explanation-1: -By 1890, the richest nine percent of Americans held 75 percent of the nation’s wealth. The average yearly income for a worker was $380. Andrew Carnegie had a yearly income of $25 million by 1900. Between 1860 and 1890, the U.S. Patent Office issued over 400, 000 patents.
Detailed explanation-2: -After his retirement, Andrew Carnegie donated most of his money (over $350 million) to establish libraries, schools, and universities, as well as a pension fund for former employees.
Detailed explanation-3: -Many so-called robber barons-James J. Hill, Andrew Carnegie, Cornelius Vanderbilt, and John D. Rockefeller-became wealthy entrepreneurs through product innovation and business efficiency.
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.