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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They made unnecessarily risky investments.
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They stole money from the federal government.
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They robbed from the rich to give to the poor.
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They used ruthless business tactics against their competitors.
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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: -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-3: -Andrew Carnegie and John D. Rockefeller were considered to be captains of industry because with their profits from either their steel company or standard oil company, they give back to the society instead of themselves. They believed in the idea that people give in to you, in which you must give out as well.