After the railroads the technology seemed to explode to the fast pace world we have today. But, the businessmen were still corrupted and didn’t have boundaries when it came to making
Business owners made lots of money from the railroads because they were able to transport goods farther and faster with ease. Although the railroads tremendously impacted businesses and therefore the economy, the native americans were negatively impacted because the railroads were being laid on “their” land. This caused distrust between the settlers and the natives because of the “disrespect” for the land. Because of the new ways of transportation, the industrial revolution took place causing skilled artisans to be replaced by unskilled workers that used large complex machines. The
Vanderbilt made millions using the railroad system and built an empire with them. The impact it had on the gilded age was the number of jobs it provided to the fresh-in immigrants. Vanderbilt knew that he could hire immigrants and they would work for not that much money and with these new railroads america will be shrunk for easier expansion of the immigrants.
This meant that they could bring goods to the people that couldn’t normally get them, because they were too expensive, or they had no way to get to them. Thousands of settlers began to utilize the Erie Canal to move west (OI). Also, the Canal led to New York having the busiest port in America (Doc. 1B). The New York State Canal Corporation states that “Within 15 years of its opening, New York was the busiest port in America, moving tonnages greater than Boston, Baltimore, and New Orleans combined”
This law increased custom duties by nearly 50% on imports of more than 20,000 types of goods. Many countries, as a retaliatory measure, also increased their import taxes. As a result, world trade fell sharply, which contributed to exacerbating the Great Depression. With overproduction still occurring, this international standstill only made to intensify the already critical situation. The tariff also increased living costs, limit exports and hurt investors as the high tariffs would make it harder for debtors to pay off loans, continuing to weaken banks.
Although it is true that substances such as alcohol can be abused, the prohibition of alcohol prevented the advancement of our society due to the corruption in public officials, negative effects on the economy, and increased crime rates. Prohibition was a major event in American history. It showed the weaknesses of morale in the United States, and how much people loved alcohol.
But the profit of building the railroads was hit and the railway industry began to decline. Railway was an urgent need to operating the goods but there wasn’t enough traffic to sustain them. Oil was another lucrative business during the Gilded Age. John Rockefeller saw an opportunity that seemingly everything required oil during this era: factory, machines, ships, and, later, automobiles. The application of oil made the train speeded up.
In recent years large companies have also been paying their workers higher wages. And the more profit a company makes the more it benefits the economy. “Americans think the U.S. economy benefits when big businesses or small businesses make a profit, although, by 84% to 64%, more consider small-business profits helpful”(Saad). Although those are some supporting facts for large businesses in America, they are too powerful and too rich. In the past and even in present time large companies generally hurt their consumers and workers.
The Gilded Age lasted from 1870-1900 The Gilded Age, which spanned the final three decades of the nineteenth century, was one of the most dynamic, contentious, and volatile periods in American history. America's industrial economy exploded, generating unprecedented opportunities for individuals to build great fortunes but also leaving many farmers and workers struggling merely for survival. Overall national wealth increased more than fivefold, a staggering increase, but one that was accompanied by what many saw as an equally staggering disparity between the rich and the poor. Industrial giants like Andrew Carnegie and John D. Rockefeller revolutionized business and ushered in the modern corporate economy, but also, ironically, sometimes destroyed
Steam was one alternative source of power. By the mid-19th century, commuter railways using steam locomotives connected affluent residents living in small suburban areas to places of work and entertainment in large cities. Although this was an innovation in terms of urban transport, steam as a power source presented many challenges. The public considered these steam locomotives to the noisy, thought they produced too much pollution, and other dangers associated with the technology to be nuisances. Another concern was that until the 1870s this form of travel actually cost more than the horse-car.