Question

How did american industrial leaders accumulate wealth during the late 1800s?

Answer 1

American industrial leaders accumulate wealth during the late 1800s by establishing trusts and creating monopolies in industries.

Further Explanation:

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.

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Answer Details:

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.

Answer 2

Answer: By creating monopolies and establishing trusts.

Explanation:

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.