Robber barons were wealthy and powerful American businessmen in the 19th century who amassed great wealth by creating monopolies over major industries, often through unethical means. They took over industries such as railroads, banks, steel, cotton, oil, tobacco, and liquor, and to monopolize these industries, they would use tactics such as creating trusts, exploiting workers, and disregarding customers or competition. The term "robber baron" was first used in the Middle Ages to describe businessmen who used unethical methods to monopolize industry and were known to exploit workers. During the Gilded Age, four men in particular created monopolies and gained vast wealth: JP Morgan, Cornelius Vanderbilt, John D. Rockefeller, and Andrew Carnegie.
There is still a debate in American history if these wealthy business tycoons are robber barons or captains of industry. They helped to create the idea of the American Dream, that hard work and good fortune would bring wealth. However, they also exploited workers, often children, with low wages, long hours, and dangerous working conditions. Some consider robber barons "captains of industry" and credit them with the growth of capitalism during the early 19th century, while others view them as ruthless and unethical.
