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How Did The Rise Of Big Industry Affect The Economy During The Gilded Age

688 Words3 Pages

At the onset of the late 19th century, the US experienced an influx of new industries, some of which were dominated by a single corporation. With the invention of the Bessemer process, the industries of steel, oil, and railroads boomed. These industries came to be dominated by the companies of industrialists such as Andrew Carnegie, John Rockefeller, and Cornelius Vanderbilt, respectively. America’s Industrial Revolution also spurred on the invention of electricity and other items that enhanced transportation and communication, which ushered in a new era of change for the US. During the Gilded Age, industry affected the social, economic, and political atmospheres through the monopolization of industries, the rise of Social Darwinism, and the …show more content…

George Rice, a small businessman who was ousted by Rockefeller’s oil monopoly, stated, “I am but one of the many victims of Rockefeller’s colossal combination… the railroads were in league with the Standard Oil concern at every point, giving it discriminating rates and privileges… against myself…” (George Rice, “How I Was Ruined By Rockefeller”). The account by Rice underlined how his business failed to compete with the alliance of Rockefeller’s company and the railroads. Since the Standard Oil company had an absolute monopoly, it would work with the railroad companies to crush any competition, like that of Rice. With the rise of large industry and their monopolization, the economy of the US was largely controlled by the dominant companies. It was extremely difficult for small businesses to gain a foothold in those industries, and as a result, those companies completely commanded the price of their products. Therefore, the economic atmosphere during the Gilded Age underwent these changes largely due to the industries. However, the social atmosphere wasn’t the only factor influenced by …show more content…

As described by the illustrator of a political cartoon about industry, “This frequently reproduced cartoon… depicts corporate interests… as giant money bags looming over the tiny senators at their desks in the Chamber.” (Captain of Industry and Robber Barons Political Cartoon). During the Gilded Age, the US government encouraged laissez-faire legislation and did not limit monopolization of industries. Captains of industry often paid politicians to protect their interests. Thus, the politics in the US changed to have a more favorable attitude towards big business, and legislation promoted such industry. Therefore, as industry sprang up in the US, the political atmosphere shifted towards pro-capitalism laws beneficial to business. Thus, in this way, industry played a vital role in changing the US’ political

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