Final answer:
Robber barons were influential industrialists who amassed wealth through exploitative practices, often hurting small businesses and workers. They formed trusts and monopolies, which led to significant economic power and business dominance. Their legacy prompted governmental regulation to prevent similar abuses in the future.
Step-by-step explanation:
During the Industrial Revolution, certain business magnates were termed robber barons for their unscrupulous methods of amassing wealth. These individuals, such as Jay Gould in the railroad industry, indulged in practices that were often seen as exploitative and damaging to smaller businesses and the working class. The activities of robber barons typically included forming monopolies, engaging in unfair business tactics, and having little regard for the consequences of their actions on broader society. Some, like Andrew Carnegie and John D. Rockefeller, balanced their harsh business practices with philanthropy, but their primary methods still aligned with those of typical robber barons, leading to immense personal wealth at the expense of competition.
Certain robber barons achieved dominance in their fields not only by improving their industries but also by eliminating competition—sometimes through the establishment of trusts and monopolies. They were known to manipulate the markets and lawmakers to suit their ends, consolidating businesses to control entire sectors, such as steel and oil refining. Their success often came at the cost of labor and small businesses, and in response, the government later introduced regulations to curb some of these excesses.