Business Efficiency

Although monopolies increased business efficiency as well as successful industries, it unfortunately led to the abuse of power of such companies, having workers struggle under dangerous working conditions as well as giving them low wages for working long harsh hours within the company during the Gilded age.

The Gilded Age was the modern industrial evolution during the late nineteenth century. Many companies such as oil rigs, steel, and railroads were big booming businesses during the Gilded Age, creating one of the many few millionaires well known during the time. For example, "...the man of wealth thus becoming the mere trustee and agent for his poorer brethren, bringing to their service his superior wisdom, experience..." ( Doc. 1) One of the captains of industry, Andrew Carnegie, a scottish entrepreneur, was well known for his famous "Carnegie Steel." Being poor from the past and now one of the few millionaires during the time, reveals that, any man, from either low or middle class, has the potential to bring their way up upon the industrial ladder. One of the few ways Carnegie has led himself into creating a popular business was his immunization towards his competition. Carnegie's steel was one of the largest industrial company in the world by 1980. Various buildings and bridges at the time were undergo construction and the only steel company at the time was Carnegie's steel, so being the sole company for a certain product gave Carnegie the advantage and boosted his business charts. Many of the few businesses and industries during the time has found many ways to create an uproar within the economy system during the time. For instance, "....merged it with the other railroads.......he focused on improvising service and on upgrading capital equipment" .(Doc. 5) Cornelius Vanderbilt was well known for owning various Railroads, and merging them together as one. Therefore, his purpose for doing so is to have complete authority to all of the railroads but in one unison. Thus making a total whopping of $800 million dollar worth of tracks and he cut prices to get businesses leading to his wealth and growth of industry. Both of these well known entrepreneurs has created an enormous impact during the Gilded age. Giving jobs to many of the lower class as well as notable growth in technology and industries. The increase of worker allowed those who lived in the urban society to produce money through labor within their factories. Along with other entrepreneurs, John D. Rockefeller, Jay Gould, JP Morgan, etc., they all have created opportunities to improve the lives of the American society. Because of this they all had created strategies in order to promote their business to the top of the economics chart. These entrepreneurs were the original or either progressed further through their product and industries, thus allowing them to control the prices of their products. With this much power of their