N kavya
The super rich industrialists and financiers such as John D. Rockefeller, Andrew W. Mellon, Andrew Carnegie, Henry H. Rogers, J.P. Morgan, Cornelius Vanderbilt of the Vanderbilt family, and the prominent Astor family were labeled as “robber barons” by the common people.
A 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. Robber baron is a term that is also sometimes attributed to any successful businessperson whose practices are considered unethical or unscrupulous. This behavior can include employee or environmental abuse, stock market manipulation, or deliberately restricting output to charge higher prices.
These practices included exerting control over natural resources, influencing high levels of government, paying subsistence wages, squashing competition by acquiring their competitors to create monopolies and raise prices, and schemes to sell stock at inflated prices to unsuspecting investors. The term combines the sense of criminal (“robber”) and illegitimate aristocracy (a baron is an illegitimate role in a republic). This monopoly was achieved in part by crushing rivals and systematically cheating Native Americans of fur pelts.
During 19th century the chief complaint that was capitalists were becoming monopolists. Fear over the robber barons and their monopoly practices increased public support for the Sherman Antitrust Act of 1890 (The Sherman Anti-Trust Act authorized the federal government to institute proceedings against trusts in order to dissolve them). Many so-called robber barons. became wealthy entrepreneurs through product innovation and business efficiency. Of the goods and services they provided, supply grew, and prices fell rapidly, greatly boosting Americans’ standards of living. This is the opposite of monopolistic behavior.

Some Of The Major Robber Barons -:
1. James Fisk, one Wall Street’s first great financiers, accumulated much of his fortune by fraudulent stock market practices. The venture brought them vast sums but led to a securities market panic that began on September 24, 1869, a day that was long remembered as Black Friday.
2. Leland Stanford became involved in Republican politics in California and was elected governor in 1861. With three colleagues, he formed the Pacific Association and used their combined assets to bribe congressmen and others with political influence in the country’s capital. In return, the association was provided 9 million acres (3.6 million hectares) and a $24 million loan financed by federal bonds.
3. John D. Rockefeller made his immense riches from monopolizing America’s oil industry. Conspiring with refinery owners, he helped found what became known as the Standard Oil monopoly. Those who stubbornly resisted were confronted with price wars. By 1890, the Rockefeller trust controlled approximately 90 percent of the petroleum production in the United States, a situation that led to the passage of the Sherman Antitrust Act that same year.
4. J.P. Morgan who organized a number of major railroads and consolidated the United States Steel, International Harvester, and General Electric corporations
5. Andrew Carnegie who led the enormous expansion of the American steel industry in the late 19th century; shipping and railroad magnate
6. Cornelius Vanderbilt, Industralist
7. George Pullman the inventor of the Pullman sleeping car
8. Henry Clay Frick who helped build the world’s largest coke and steel operations.
Common criticisms of the early robber barons -:
Poor working conditions for employees, selfishness, and greed. Some robber barons including Robert Fulton, Edward K. Collins, and Leland Stanford earned their wealth through political entrepreneurship. Many wealthy railroad tycoons during the 1800s received privileged access and financing from the government via extensive use of lobbyists.

The major considerations of robber barons are – :
•While robber barons took advantage of their workers, they sometimes offered better working conditions than the norm of the day
•Some tycoons rank among the most noted philanthropists of all time. Rockefeller donated around 10% of every paycheck he ever earned.
•Railroad tycoon James J. Hill publicized and provided free education about crop diversification, and would transport immigrants at reduced rates if they promised to farm near his railroads.

























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