Question

What contributions to American society were made by business Leaders such as Andrew Carnegie and others referred to as "robber barons"

Answer 1

Robber barons were accused of eliminating competition through predatory pricing and then overcharging when they had a monopoly.The term combines the concept of a criminal robber with an illegitimate aristocrat baron.The term "robber baron" contrasted with the term "captain of industry," which described industrialists who also benefitted society.Nineteenth-century robber barons included J.P. Morgan, Andrew Carnegie, Andrew W. Mellon, and John D. Rockefeller.In order to prevent single companies from developing a monopoly over an entire industry, public officials during this era put passing and enforcing strong antitrust laws high on their agenda. The term "robber baron" was applied to powerful nineteenth-century industrialists who were viewed as having used questionable practices to amass their wealth. On the other hand, "captains of industry" were business leaders whose means of amassing a personal fortune contributed positively to the country in some way.

Answer 2

Answer:

Business leaders such as Andrew Carnegie and others referred to as "robber barons" contributed to the development of an industrialized and capitalist American society.

Explanation:

Industrialists and business magnates such as Andrew Carnegie (Scottish-American) and Cornelius Vanderbilt (American) were often considered "robbers" due to their unscrupulous business practices, which included employee abuse, stock market manipulation or competition elimination. However, the view towards these men changed during the 19th century. They started to be seen as necessary revolutionary entrepreneurs who were improving the American society by leading the steel industry (Carnegie) and the transcontinental railroads and shipping (Vanderbilt). These contributions were of great value to the development of capitalism in the American society.