Final answer:
Wealthy businessmen involved in buying land in the San Fernando Valley were real estate developers who utilized the breakup of large ranchos post the Mexican-American War. Their wealth generation depended heavily on the Los Angeles both private capital and government assistance, reminiscent of practices by so-called 'robber barons.'
Step-by-step explanation:
The wealthy businessmen buying land in the San Fernando Valley were often real estate developers and investors who capitalized on the breakup of large ranchos after the Mexican-American War. They profited by converting these expanses into suburban home lots for a burgeoning Los Angeles population.
Their relationship with the aqueduct is significant because the Los Angeles Aqueduct, engineered by William Mulholland, was pivotal in providing the necessary water resources to develop these lands.
Without the aqueduct, the growth of residential areas in the arid San Fernando Valley would have been impossible, which illustrates how these businessmen's fortunes were intimately tied to the successful delivery of water from the Owens River to Los Angeles.
These businessmen, including investors and those listed on major stock exchanges, have at times been referred to as "robber barons," especially by Midwest farmers who felt exploited by the differential shipping rates imposed by such powerful figures.
The consolidation of agricultural land and development in the San Fernando Valley, alongside the essential support of water from aqueducts, displays a transition towards industrialized urban centers that depended heavily on both privately sourced capital and government loans or grants for their growth.