Monopolies And The Steel Industry Analysis

Another issue involving greed in the economy is big businessmen are starting to offshore jobs to other countries in order to obtain more profits. Since labor costs in other countries are much cheaper, business owners are now deciding to do operations in China. The working standards are much lower in these other countries therefore the company is able to produce more. This leads to the abuse of workers overseas which gives the businesses bad public relations. Other countries do not have the same piracy protections that the United States has so companies can lose their valuable information. The offshoring causes American people to lose jobs at home, causing a whole class a people especially in the Midwest to become unemployed. When these people

The rise of the industrial revolution in the United States started the growth of the ideals of big business and the establishments of monopolies. Big business owners such as Andrew Carnegie, started to control all aspects of the steel business through vertical and horizontal integration. The problem with monopolies was that there was no competition in the market, causing steel prices to sky rocket. This made it very hard for everyday people to afford products in the economy. Workers in the steel industry were succumbed to being paid low wages since there was no other companies to work for. This also affected working conditions and hours for the proletariat since they were forced to either work in the terrible conditions or be unemployed. “Andrew Carnegie was so greedy that he cared more about loss of production than the loss of lives.” (Pittsburg 1) Employees were put to work for 12 hours a day and 7 days a week which led to complete exhaustion. Overworked employees led to many health issues that caused an unsanitary society. The upper class has such a large percentage of the wealth that they were able to influence elections by paying people or giving benefits to people who voted for a particular candidate. This greed indicated how the upper class took full control of all aspects of the society causing the lower class to suffer. Full capitalistic societies hinder innovation, as no competition in business causes no need for the changing or improving products. (Amadeo 1) This can lead to the stagnation of improving the standard of living in a society causing the society to never progress. The upper class will have full control of the market making the people of the lower class to have little to no opportunity to improve their situation and innovate to better