How Did Monopolies Affect The Industrial Economy

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Following the Civil War the United States turned into a huge industrial economy with the help of massive supplies of material, the growth of labor force, scientific management, and developments of new inventions and technologies, during this industrial growth many robber barons such as Andrew Carnegie, J.P Morgan, and John Rockefeller created monopolies in the oil and steel industries. During the late eighteen-hundreds after America was surpassing the Civil War the Industrial Revolution came along, massive supplies or timber, iron and oil help created big industries. The population in America grew from forty million in 1870 to seventy-ix million in 1900 and a third of the growth was due to immigration. With the mass growth of population industries had a greater variety of people to hire if there were problem with their current …show more content…

Technological innovations and national investments slashed the cost of production and distribution. In the late eighteen-hundreds Thomas Edison, a famous inventor, created small inventions every 10 days and big inventions every six months. He came up with electrical motors, storage batteries, electric locomotive and many other things that helped improve Americas growing industrial economy. During the Industrial Revolution the monopolies arrived to America with business men such as Andrew Carnegie who’s company controlled the steel market and then sold it to J.P. Morgan and John Rockefeller who’s company controlled the oil market. By 1900, the richest ten percent controlled over ninety percent of the nation’s wealth. These men were considered robber barons because they used unethical methods to get richer. They were accused of eliminating competition through predatory pricing and then over pricing when they had their monopoly. The also had their workers work in unconventional and unfair

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