Consequences of the industrial revolution on the growth of big business
In the 1800s, the United States began to industrialize, transitioning to new manufacturing processes. As this occurred, business started to grow, driving industrialization and helping to foster the belief that America was the "land of opportunity" where anyone who worked hard could become rich. However, the growth of big business created a vast imbalance between the rich and the poor.
As new machines and technologies were being invented, people started to use these to their advantage, creating their own businesses. People such as Andrew Carnegie and John D. Rockefeller used new inventions to start their own companies. Carnegie started a steel company and Rockefeller started an oil company. Their companies bought smaller companies, getting rid of competition. Standard Oil, Rockefeller's company, became a monopoly. Monopolies could charge higher prices or provide poor service because consumers didn't have any other choices, as Standard Oil owned ninety percent of America's oil. This was a problem as more company owners only cared about the amount of money they were making and not the quality of the service.
As more and more of these big businesses popped up, a greater and greater imbalance between the rich and the poor was formulated. The company owners of these monopolies were raking in all of this money whereas the working class were stuck working in the factories, barely making any money, and putting their lives in danger. The growth of big business was definitely a major result of the Industrial Revolution.
Karalyn Robinson
As new machines and technologies were being invented, people started to use these to their advantage, creating their own businesses. People such as Andrew Carnegie and John D. Rockefeller used new inventions to start their own companies. Carnegie started a steel company and Rockefeller started an oil company. Their companies bought smaller companies, getting rid of competition. Standard Oil, Rockefeller's company, became a monopoly. Monopolies could charge higher prices or provide poor service because consumers didn't have any other choices, as Standard Oil owned ninety percent of America's oil. This was a problem as more company owners only cared about the amount of money they were making and not the quality of the service.
As more and more of these big businesses popped up, a greater and greater imbalance between the rich and the poor was formulated. The company owners of these monopolies were raking in all of this money whereas the working class were stuck working in the factories, barely making any money, and putting their lives in danger. The growth of big business was definitely a major result of the Industrial Revolution.
Karalyn Robinson
Standard Oil Political Cartoon