Did the robber barons destroy a monopoly?

“The ‘robber barons’ helped consumers and, in one famous case, destroyed a monopoly.” O ne of the most prevalent myths about economic freedom is that it inevitably leads to monopolies.

What is a robber baron?

Robber baron, pejorative term for one of the 19th-century American industrialists and financiers who made fortunes by monopolizing huge industries. Those who credit U.S. capitalism’s growth to these tycoons call them ‘captains of industry.’ Learn more about the achievements and transgressions of the robber barons.

Are robber barons monopolists or philanthropists?

Robber barons were accused of being monopolists who earned profits by intentionally restricting the production of goods and then raising prices. On the other hand, some of the most famous of these tycoons became noted philanthropists later in life, giving away hundreds of millions of dollars to a variety of worthy causes.