Effects Of Monopolies In The Gilded Age
The Gilded Age was a period of time when economic change was happening. In this period many workers were affected since this is when monopolies were a thing and when many of the robber barons were paying extremely low wages to the workers even though they were extremely rich since they basically created monopolies which controlled most of the industry. Many robber barons paid such low wages and increased their prices, when most workers demanded much higher wages they said their business wasn't doing good and they couldn't pay more which in reality most were filthy rich. This would also happen In the late 1800s when robber barons were a group of rich guys who created monopolies. Their creation of monopolies would affect many workers since they got paid very low wages in addition to other working rights not being respected. Monopolies controlled the whole market making these groups ridiculously wealthy. They would pay so low that many workers couldn't afford many necessities. Monopolies would also affect in other ways, monopolies also affected the industry it controlled the entire industry since the ones who created it are rich and have privileges, and the creators of monopolies who are robber barons would basically take advantage of workers they wouldn't give them much wage, they also use their influence with the government and thats how many got away with many of the things they did. …show more content…
The government also allowed this because many of these men have helped them with the debt they had and that is why monopolies were not really stopped by the government
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505 Words | 3 Pagessmall business were not able to reach all the resources they needed so monopolies really hurt them with there prices. I think that the government should break up standard oil's monopoly because they bring up oil prices and it hurts small business owners. oil monopoly was creating other monopolies and i think that if this was not stopped it would have ruined them once again. monopolies were trying to cut out other companies by lowering there prices till they went out of business, they would buy all of the resources so local businessmen can’t get their resources. By 1873 standard oil had required about 80% of refining captivity in cleveland.
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Monopolies During The Gilded Age
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