Industrial Revolution And Free Market Essay
Professor Daniel Byrne
14 September 2014
Industrial Revolution and Free Market After the civil war in the 1860’s, America’s population grew tremendously and almost tripled. In the latter years of the nineteenth century, the United States went through an industrial revolution that is known as the Second Industrial Revolution, the first being in Britain in the eighteenth century. During the revolution in America, huge industries began to control the economy. A few industrial titans took advantage of this free market economy. Wealth became very concentrated during this time. During the American industrial revolution, there was a social discussion about the negative effects of free market capitalism and the concentration of wealth that addressed the issues of whether the concentrated power and wealth is beneficial to society, if the powerful elite can be depended on to be charitable, and if democracy can be upheld when a small majority holds the wealth and power.
Andrew Carnegie, John D. Rockefeller, and J.P. Morgan were some of the leading entrepreneurs that reaped the benefits of the free market capitalism. Andrew Carnegie made his fortune through the steel industry. John D Rockefeller controlled nearly the entire oil industry with his Standard Oil Company, making him one of the wealthiest men of all time. J.P. Morgan accumulated his wealth through investment banking and eventually buying Carnegie’s steel company. The idea of a free market was to have…