The Myth of the Robber Barons

The Myth of the Robber Barons: A New Look at the Rise of Big Business in America by Burton W. Folsom,   Jr. Forrest McDonald (Foreword), Young America's Foundation, Paperback, 2018.

Market versus Political (Crony)

The author makes a distinction between market entrepreneurs and political entrepreneurs. Market entrepreneurs make money by producing a better product or service at a cheaper price. Political entrepreneurs make money by bribing politicians. Only the latter kind should be properly called robber barons. Robber barons engage in crony capitalism, not laissez-faire capitalism.

Market Entrepreneurs

• Cornelius Vanderbilt

• James J. Hill

• The Scranton family

• Charles Schwab

• John D. Rockefeller

• Andrew Mellon