Who Were the Robber Barrons?

"Robber barons" was a name given to a group of 19th century U.S. industrialists, such as Andrew Carnegie and John D. Rockefeller, who amassed enormous personal fortunes. The morality of their actions and their ultimate effect on history is still widely debated.

Business Practices

Robber barons were known to engage in anti-competitive business practices that, by stifling competition, where immensely profitable. John D. Rockefeller, for example, used the company Standard Oil to maintain a monopoly on the domestic oil industry by blocking other smaller companies from entering the market.

Significance

According to Investopedia, some argue that robber barons are directly responsible for the United State's current economic influence. By directly investing in nascent industries, such as the railroad and petroleum companies, these entrepreneurs were able to grow the U.S. economy, allowing a higher standard of living.

Considerations

After creating their fortunes, many so-called "robber barons" went on to give billions away in the form of philanthropy. Many went on to found universities, such as railroad tycoon Leland Stanford, who founded Stanford University, and tobacco industrialist Washington Duke, who founded Duke University.

References

• Yarmouth School District: Who were the Robber Barons?
• Investopedia: Robber Barons Definition
• Ludwig von Mises Institute: The Truth About the "Robber Barons"
• New American: Railroads, Robber Barons, and Unbridled Capitalism