Often remembered for the controversial business practices that generated their massive wealth, the so-called "robber barons" were a group of American industrialists who dominated the Gilded Age—the tumultuous years of rapid industrialization between the end of the Civil War and the beginning of the 20th century. Prominent names include John D. Rockefeller, Andrew Carnegie, JP Morgan, and Cornelius Vanderbilt. By the 1890s, the top 1% of American families held an estimated 40% to 50% of the nation's wealth—today's top 1% holds about 32%.
> The robber baron who was murdered by his business partner. (More)
> Listen to the history of JP Morgan's sprawling life as one of the most influential American financiers and bankers. (More)
Originally a term for feudal lords who extracted illegal tolls or seized cargo from ships crossing their stretch of river in medieval Europe, "robber baron" was adopted in the mid-1800s to describe the exploitative practices of Gilded Age businessmen. These men amassed their wealth during a period of explosive growth in industrial monopolies and trusts, fueled in part by US railroad expansion. Their actions eventually spurred serious antitrust regulation—culminating in the Sherman Antitrust Act of 1890—that still defines how US monopolies are regulated today.
> Explore the history of the term "robber baron." (More)
> Why Ida Tarbell investigated John D. Rockefeller. (More)
> The business strategies robber barons used to grow their monopolies. (More)
Some argue that today's US wealth inequality echoes the Gilded Age, casting the top 1% and massive technology companies as modern robber barons. Meanwhile, many of the original barons are remembered for their business prowess, which helped shape the modern American economy by building connecting infrastructure across the country, as well as their lasting philanthropic efforts.
> Before his death, Carnegie had given away roughly 90% of his fortune. (More)
> Ayn Rand's defense of the robber barons. (More)
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