What Are The Advantages And Disadvantages Of The Industrial Revolution And Monopolies?

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The Industrial Revolution was the rapid development of industry that took place in America in the late 1800s and 1900s. It was an enormous change for the U.S .It took place in 1865, when Samuel Slater opened the first industrial mill in the US. The Industrial Revolution ended in 1901. The Revolution was a transition from the olden age to the new manufacturing age we have now. There were a lot of advantages and disadvantages to the community. For example, rich people lived in better conditions and they didn’t have to work all day . The poor people worked day and night, while they were struggling to meet the family needs (Tomlins). Overall, the event was good for the rich, but the poor suffered through the time period. While the Industrial…show more content…
Monopolies take total control of a type of industry by one person or one company .One of the big trusts that was formed was called the Oil Trust. The Oil Trust was the first trust(Trust-Busting). “These trusts were controlled by John.D. Rockefeller, he controlled 90% of oil in the US with the help of monopolies”(Black). The Railroads were included in the monopolies. The railroads was big part why oil trust formed. Rockefeller made secret deals with the railroads owners, so other competitors won’t be able to transport their oil. The owners made secrets deals with business owners for their profit. If the owner didn’t agree with Rockefeller, then he went to another railroad owner and drove the other owners out of business. So one person owned most of the companies in one area .This was how railroads became a big part of monopolies. Another trust that were formed was called the steel trust controlled by Andrew Carnegie. “Andrew Carnegie found a better and easier way to make steel from a British inventor” (Andrew Carnegie Forms the Carnegie Steel Company: 1889). Carnegie owned most of the steel companies in the US. He sold his steel in throughout the U.S and earned $40 million per

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