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What is a robber baron?

A robber baron is a businessman who earns enormous wealth through ruthlessly exploiting workers. In the late nineteenth century, such people included John Pierpont Morgan, John D. Rockefeller, Andrew Carnegie, and Cornelius Vanderbilt. As a banker, John Pierpont Morgan (1837–1913) controlled numerous businesses, including the U.S. Steel Corporation and Equitable Life Assurance Society. During his lifetime, John Davison Rockefeller (1839–1937) was able to control 90 percent of the oil refineries in the United States through his Standard Oil Trust, which was later ordered dissolved for being an illegal monopoly (a person or company dominating the making and selling of a product or service). Andrew Carnegie (1835–1919) made millions in railroads, oil, and most importantly, steel. In 1900 he controlled 25 percent of U.S. iron and steel production. Cornelius Vanderbilt (1794–1877) made his fortune in the...

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1. Industrial Revolution