THE TERM "ROBBER BARONS" IS USED TO DESCRIBE MANY INDUSTRIALISTS OF THE 19TH CENTURY MAINLY BEVAUSE THEY ?

The term robber (criminal) baron (illegitimate aristocracy) is used to describe many industrialists of the latter part of the 19th century mainly because they grew rich as a result of the exploitation of low wages, governmental influence, and natural resources.

Robber barons were also accused of selling products at very low prices, buying out competitors, and then raising prices much higher than the original ones after the competition was eliminated.

Businessmen historically called robber barons:

John Jacob Astor (real estate, fur)
Andrew Carnegie (steel)
J.P. Morgan (industrial consolidation, finance)
John D. Rockefeller (oil)
Charles M. Schwab (steel)
Cornelius Vanderbilt (railroads, water transport)

Bruce Springsteen blasted US and German bankers during his recent Berlin concert calling them “greedy thieves” and “robber barons”.

The President Obama re-election campaign was just accused of painting former Massachusetts Gov. Mitt Romney as a robber baron who is out to “make the rich richer at the expense of the “poor and middle class.”