Supporters argue, however, that industrialists prospered for mostly positive reasons. They worked hard and took advantage of new technology. Industrialists found new ways to finance and organize businesses for greater efficiency and productivity. And their success created jobs for millions of Americans. Shopkeepers, doctors, lawyers, and others in the growing middle class profited from the up-surge in business. Their living standards climbed along with the rising economy. But it would take years of struggle before workers shared in these benefits, as you will read in the next chapter. Perhaps the greatest inequality in American history occurred during the Gilded Age. This debate the overall impact of the industrialists may never be resolved. But one thing is clear. The industrial expansion of the late 1800s helped give rise to a vibrant economy and consumer society. Americans had access to an unprecedented abundance of goods and they kept demanding more. By the early 1900s, economic growth had helped make the United States one of the most powerful nations in the world. Summary Innovations in technology and business boosted American industry in the late 1800s. Large steel, oil, and railroad corporations dominated the economy, with little governmental control. Industrial expansion produced greater access to goods and services, and it improved standards of living for many Americans, but not all. Innovations and inventions Innovations, such as the electric light bulb and kerosene, spurred the growth of new industries. The telegraph and telephone brought modern communications to homes and businesses. The Bessemer process lowered the cost of steel and encouraged new forms of construction. New business techniques Business leaders formed corporations to attract capital from investors, who became owners by buying stock. They improved production methods in order to more goods in less time. By promoting horizontal or vertical integration, some leaders gained control of major industries. They also sought to reduce competition by forming monopolies and trusts. Laissez-faire The federal government generally adopted a laissez-faire policy toward business. This hands-off approach reflected a belief in social Darwinism. The Sherman Antitrust Act was only feebly enforced. The Gilded Age While industrialists amassed great fortunes, society was tainted by political corruption and a huge gap between rich and poor. Carnegie, Rockefeller, and Vanderbilt used some of their wealth to promote the common good. Historians debate their overall impact, noting increased industrial productivity but also unfair business practices.
Supporters argue, however, that industrialists prospered for mostly positive reasons. They worked hard and took advantage of new technology. Industrialists found new ways to finance and organize businesses for greater efficiency and productivity. And their success created jobs for millions of Americans. Shopkeepers, doctors, lawyers, and others in the growing middle class profited from the up-surge in business. Their living standards climbed along with the rising economy. But it would take years of struggle before workers shared in these benefits, as you will read in the next chapter. Perhaps the greatest inequality in American history occurred during the Gilded Age. This debate the overall impact of the industrialists may never be resolved. But one thing is clear. The industrial expansion of the late 1800s helped give rise to a vibrant economy and consumer society. Americans had access to an unprecedented abundance of goods and they kept demanding more. By the early 1900s, economic growth had helped make the United States one of the most powerful nations in the world. Summary Innovations in technology and business boosted American industry in the late 1800s. Large steel, oil, and railroad corporations dominated the economy, with little governmental control. Industrial expansion produced greater access to goods and services, and it improved standards of living for many Americans, but not all. Innovations and inventions Innovations, such as the electric light bulb and kerosene, spurred the growth of new industries. The telegraph and telephone brought modern communications to homes and businesses. The Bessemer process lowered the cost of steel and encouraged new forms of construction. New business techniques Business leaders formed corporations to attract capital from investors, who became owners by buying stock. They improved production methods in order to more goods in less time. By promoting horizontal or vertical integration, some leaders gained control of major industries. They also sought to reduce competition by forming monopolies and trusts. Laissez-faire The federal government generally adopted a laissez-faire policy toward business. This hands-off approach reflected a belief in social Darwinism. The Sherman Antitrust Act was only feebly enforced. The Gilded Age While industrialists amassed great fortunes, society was tainted by political corruption and a huge gap between rich and poor. Carnegie, Rockefeller, and Vanderbilt used some of their wealth to promote the common good. Historians debate their overall impact, noting increased industrial productivity but also unfair business practices.
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