Monopolies In Industry In The 1800s

Monopolies in Industry The government should break up Standard Oil’s monopoly. “Industry in the late 1800s was dominated by trusts. Successful trusts became monopolies, which had negative effects on workers and consumers. Monopolies benefited leaders of business but were detrimental to workers and consumers.” (Lesson). So, in other words, monopolies only really benefited those that were high up in their career, and made it even worse for people that worked for the business or people that purchased from them. Industry in the late 1800s changed a lot, people invented many things that we have advanced and still use today. Trusts were set up by many industry leaders, they were designed to help get rid of competition between companies and try

Just because the owner of the companies profited from monopolies doesn’t mean that everyone else did. The owner of the business can increase gas prices as high as they want if they own all the gas companies in that area. People most likely wouldn’t drive out of their way just to get cheaper gas, so they are stuck paying a lot for gas. The owners would normally try to keep their gas prices lower than those around them so more people would buy from them but when you take out the competition they can raise the prices and get more money than before. On the other hand, people that might argue that the government shouldn’t break up Standard Oil’s monopoly say things like, “If they worked to get there, than they deserve it, and if they don’t go crazy on prices, then its okay” (Debate). You might think that at first, but what if you were the owner of all the gas companies in your area, you have no competition for gas prices and it would be a great opportunity to get more money. Nine times out of ten people would more than likely chose to raise the gas prices if they were in that situation. It’s all about power and money for most