Were the American Industrialists “Captains of Industry” or “Robber Barons”?

Standard Oil Trust once controlled 90% of the oil industry. The U.S. gov’t deemed it a monopoly under the Sherman Anti-Trust Act.

Opposing Perspectives Captains of Industry :)Robber Barons :( Hard work innovative Created jobs increased production cheap products philanthropy exploited labor created monopolies/sabotaged competitors corrupted the government greedy

Justifications for Extreme Wealth Social Darwinism –based on darwin’s theory of evolution (“survival of fittest”) –applied to people and companies –supported laissez-faire economics “Gospel of Wealth” (Carnegie) –the hard-working rich responsible for the poor