Monopolies In The 1800s

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In the late 1800s, with the rise of the industrial revolution, there were business titans make millions and curating monopoly. These men were known as Robber Barons, like Cornelius Vanderbilt, J.P Morgan, Andrew Carnegie and John D. Rockefeller. These men were buying up every business that had any relationship with their companies to corner the market and create monopolies. These men had no restrictions on their business practices during this time. The U.S was a free market system, there were no government regulations or restrictions on trust and monopolies, which let the robber barons run free and do want they want. In the 1820s the U.S. produced only <5% of the goods in the world economy, by the 1880s the U.S. …show more content…

Without the Bessemer process the steel was too weak and expensive to build large structures. By using the Bessemer process Carnegie could make steel that was stronger and cheaper than the previous steel. Making it possible for skyscrapers and bridges to be built at a more economical and feasible cost. This allowed major cities to be able to have, a larger population and more productive economy. Once Carnegie began using the Bessemer process, he could supply enough steel for all railroad owners to replace all the old iron and contaminated steel railroad tracks. He was able quench our economies growing thrust of new steel as well during this time period. Carnegie was first able to build a 100-acre steel mill that could produce 225 tons a day. Shortly after that, Carnegie steel company could produce 10,000 tons of steel a month, which was needed to fuel the industrial revolution. Carnegie was able to build a empire by purchasing the steel mill, then the coal supplier and then the iron ore supplier. He could have full control over the steel market, that is one of the reasons that he was so successful in the steel industry was because of this …show more content…

Where would we be today without the robber barons? Without the robber barons, the U.S. economy would not have enabled to grow as large and as robust as it did. Robber barons may have been viewed as greedy, self-centered business titans, even though several of the robber barons were very generous towards education and charity. Andrew Carnegie single-handedly financed the building of all the public libraries in New York City. By the robber barons funding libraries, charities and college, this helped make our economy more educated and more prepared for what the future hold for us. The robber barons where able to make the U.S a world power in just 60 years, with the laws and regulations that are in place today that kind of exponential growth would not be possible. Roosevelt revamped trust busting laws tin order to stop the robber barons form can control the entire U.S economy. These laws were extremely effective in breaking up trusts and monopolies. By breaking up the trusts and monopolies it allowed competition between companies from all sides. Now an oil company would have to buy an empty barrel from one company, then fill the barrel with oil and use a different company to ship the barrel oil. Before, the trust was broken up the oil company would own the barrel marker the oil and the distributor. This would allow them to charge any price with no competition. The trust

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