How did american industrial leaders accumulate wealth during the late 1800s? a. by inventing new technology b. by developing new farming techniques c. by using mainly slave or forced labor d. by creating monopolies and establishing trusts?
In the late 1800s, there is only little companies and business sectors that exist in united states.
Because of this, it is really easy for wealthy people with large influences to eliminate all competitions and dominate the market for a certain commodity.
By creating monopolies and establishing trusts.
By the late nineteenth century, trusts and monopolies had taken over the American economy. This meant consumers were obliged to face high prices for everyday products, and a reform of regulations in the industry began to be demanded.
A trusts is an organization of many businesses within the same business that by combining forces, gain control over production and distribution of certain good, in order to limit competition.
Monopolies are companies that hold total power over an area of the economy, and can, therefore, set any price.
American industrial leaders accumulate wealth during the late 1800s by establishing trusts and creating monopolies in industries.
During the time of late 1800s in America there existed small companies and business sectors. So, it was easier for richer people to reduce the competition and took control over business of a particular commodity. They have a good control over individual industries which restricts small business to move and also making it difficult for them to stay in the industry. Industrial Revolution in United States is a shift from technical or technology based industry to manual labour based industry which in turn lead to increase in the production rate and economy of U.S.A. It signified shifting from agrarian to industrial economy. This was widely accepted and was the result of Samuel Slater’s introduction of Britain’s industrial methods in textile manufacturing. It was first originated in Western Europe in late 1700. As the demand of U.S. resources increased canals and rail roads became very significant and it became important to economic growth due to lesser population specially in areas where resources are rich. This led western world and specially U.S.A. to the frontier which compelled U.S.A. to expand its technological capabilities which led to Industrial Revolution.
1. What contributed to the downfall of china’s republic?
2.when wiki began, which country controlled Korea?
Grade: High School
Subject: Political Science
Keywords: small companies, business sectors, control, business of particular commodity, economy of U.S.A. Samuel Slater’s, textile manufacturing, technological capabilities.
D) by creating monopolies and establishing trusts
Monopolies are usually set up in order to eliminate other companies trying to compete with the solely approved company.
This means only one company renders the service and then the returns are always very high and maximal due to zero competition.
This helped them accumulate wealth.
The trust is like a will but it takes effect after it is created unlike the will which takes effect after the individual dies.
A trust helps in the efficient management of one’s property and wealth which also helped the American industrial leaders in the sustenance of the wealth.