Theu.s. Rockefeller And Andrew Carnegie Essay

1007 Words Dec 15th, 2015 5 Pages
Up until the beginning of the 1900s many marvelous and atrocious events occurred and America accomplished many innovative and futuristic milestones, all of which happened during industrialization, which heavily impacted the ever-changing identity of America. Despite some people being against these changes, the American spirit of optimism has still held strong. Domestic and international developments in the early 20th century have positively impacted the American identity of faithful optimism through numerous affairs throughout industrialization.
America‚Äôs economic growth soared dramatically from 1860, prior to industrialization, to the early 1900s. The country 's total wealth jumped from $16 billion to $88 billion in just 40 years. The U.S. patent office issued 440,000 patents between 1860 and 1900- twelve times more than during the preceding 70 years. The Gilded Age occurred in the same time industrialization and tycoons came about. Two major trusts were John D. Rockefeller and Andrew Carnegie. These monopolists manipulated the system through horizontal and vertical integration. Horizontal integration is essentially when a business owner buys out all of their competitors and is then able to have control over the prices of that product. This is what John D. Rockefeller did with Standard Oil. When there are no other competitors, when no one else is selling oil, the price of it can be set at any price and the public will still buy it. Vertical integration is when a business…

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