Though the term “robber baron” might bring to mind thieving men of nobility, it actually refers to a group of powerful American businessmen who rose to prominence during the Gilded Age, roughly from the 1870s through the early 1900s. This era was marked by rapid industrialization, urban growth, and sweeping economic change in the United States.

Figures such as John D. Rockefeller, Andrew Carnegie, John Jacob Astor, Cornelius Vanderbilt, and J.P. Morgan became enormously wealthy as they gained control over key industries like oil, steel, railroads, real estate, and finance. Their rise was fueled by technological innovation, the availability of cheap labor, and the lack of strong government regulation, which allowed them to dominate markets and eliminate competition.

Critics argued that these men amassed fortunes through ruthless, and sometimes unethical business practices. They often drove competitors out of business, paid workers extremely low wages, and used their immense influence to sway politics in their favor. For example, Standard Oil, founded by Rockefeller, grew so powerful that by 1900 it controlled about 90% of the country’s oil supply. Meanwhile, Carnegie’s steel empire relied on grueling hours and dangerous working conditions for laborers. Because of these practices, many Americans viewed them as exploiters—or “robber barons”—who grew rich at the expense of others.