Big Business: Monopolies In The Gilded Age

The term “Big Business” was first coined in the 1800’s, used as an insult against companies that controlled the market, like monopolies. Monopolies are bad because they allow one company/organization/individual to produce a product and sell it for whatever price they want because the product has their name on it. Certain businessmen, like the richest political and business tycoons, Rockefeller, Carnegie, Vanderbilt, Ford, Morgan, etc. were able to capitalize on the 5 biggest industries which were oil, steel, railroads, automobiles, and textiles. These men were entrepreneurs that took America into the Gilded Age and created some of the biggest companies of the era, most of which are still around today and dominate the industries.

Rockefeller

Rockefeller also founded the University of Chicago, the Museum of Modern Art, Rockefeller University, and Rockefeller Plaza (30 Rockefeller home of many famous television shows and films). He was a Social Darwinist who believed in

He is also known for introducing the assembly line to modern industry, which were and still are very significant because they enhance production by being able to split up- tasks between workers in order to keep production going and keep the needs for workers simply to basic skills. His cars were ones that many middle-class Americans could afford, so they sold very well and he made a lot of money. He introduced the famous Model T car to American society, and they became a legendary part of popular culture. He had an idea of mixing mass production of products with high wages to workers. This worked well for his company. He introduced a new type of workday to his employees, being an 8-hour day workday, resulting in a 40-hour workweek, because he believed that production was a result of the work that the workers were putting in, so if the employees had more leisure time, they might be more persuaded to work