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7 October, 20:56

What contributions to American society were made by business Leaders such as Andrew Carnegie and others referred to as "robber barons"

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  1. 7 October, 22:27
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    Robber barons were accused of eliminating competition through predatory pricing and then overcharging when they had a monopoly. The term combines the concept of a criminal robber with an illegitimate aristocrat baron. The term "robber baron" contrasted with the term "captain of industry," which described industrialists who also benefitted society. Nineteenth-century robber barons included J. P. Morgan, Andrew Carnegie, Andrew W. Mellon, and John D. Rockefeller. In order to prevent single companies from developing a monopoly over an entire industry, public officials during this era put passing and enforcing strong antitrust laws high on their agenda. The term "robber baron" was applied to powerful nineteenth-century industrialists who were viewed as having used questionable practices to amass their wealth. On the other hand, "captains of industry" were business leaders whose means of amassing a personal fortune contributed positively to the country in some way.
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