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The term derives from the medieval German lords who illegally charged exorbitant Toll s against ships traversing the Rhine river (see Robber Baron ). There has been some dispute over the term's origin and use. It was popularized by U.S. political and economic commentator Matthew Josephson in 1934 during The Great Depression . The informal term Captains Of Industry may sometimes be used to avoid the negative Connotation s of "robber baron". IMPACT ON SOCIETY Some historians consider that the vast accumulation of wealth and power among the men known as robber barons constituted a substantial Mis-allocation Of Resources across society. The harsh reality of the existence of robber barons in the United States inspired the 19th century economist and sociologist Thorstein Veblen to write '' The Theory Of The Leisure Class ''. In this work, Veblen argues that the modern businessman is not different from a barbarian because he uses brute force, cunning and competitive skills to make money from others, and then lives off the spoils of conquests rather than producing things himself. Modern scholars, such as the Professor of Economics Robert Heilbroner , describe robber barons in a similar way. In his book '' The Worldly Philosophers '' Heilbroner claims that robber barons used deception, violence, kidnappings and extraordinary dishonesty to gain economic power and industrial supremacy. Hence they became known as robber barons. Other historians argue that the robber barons were essential to the transformation of the United States into a World Power , due to their significant investments in industry, infrastructure, and education. Novelist Ayn Rand stated that such men were among the "greatest benefactors of mankind who had ever lived". Although many of these men sought to retain their wealth and influence by establishing Dynasties , many of them also became noted Philanthropist s. New York City owes much of its Monumental Architecture and many of its Museums to the generous Patronage of these men, most notably Rockefeller Center , Grand Central Terminal , Cooper Union , The Frick Collection , Carnegie Hall and The Astor Library . Carnegie sought to encourage literacy and funded the establishment of 2500 Public Libraries across the U.S. and around the world. However, the robber barons contributed minor fractions of their wealth to charity, and during their lives they did not appear to have any particular inclination towards the perceived Common Good . Although men such as J. P. Morgan were sometimes noted for such Misanthropic statements as "I owe the public nothing", Morgan neverthless made significant contributions to the arts and universities. assaulting photographers (he hated being photographed due to facial Disfigurement caused by the Skin Disease Rosacea , and had all of his official portraits Retouched ).]] LIST OF BUSINESSMEN WHO WERE CALLED ROBBER BARONS
IN POPULAR CULTURE In popular American culture, robber barons were usually depicted as men in suits with black top hats and canes as typified by Rich Uncle Pennybags , the icon for the board game Monopoly . BOOKS
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