Us history
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- During the Glided Age , America’s economy grew over 400%. The monopoly and trusts contributed to the economic development. However, it also brought negative consequences such as creating bad labor conditions. Moreover, the owners of the monopolies only became extremely rich while the others were barely earning money. The monopolies were harsh to the people because people had to buy from the specific place no matter how expensive it is.
- ”Standard oil” was one of the main monopoly during the Glided Age which was developed by Rockefeller. He realized the fact that oil is essential for Americans. By creating a monopoly for oil, he was able to force consumers to buy his product although it was expensive. To prevent situations like this, a new law was made to make all trusts and monopolies illegal.
- However, this was not enough to stop monopolies. Even more monopolies were made after such as the railroad industry . One more major issue of monopolies and trusts were that it does not match with the idea of capitalism. In a capitalist society, every single business should have equal chances based on the competition. However, in the case where monopolies exist, competition could not happen.
- Fortunately, the president Theodore Roosevelt was really determined to solve this problem of monopolies and trusts. Therefore, he argued to deal each trusts based on individuals which was not accepted by the congress. The next president Woodrow Wilson made a department in the government in order to protect the citizens from unfair companies and prices.
- The owners of the monopolies are being called as robber barons since they earned a huge amount of money by doing unethical business acts and it is certain that all the publics who have experienced the extreme price of their products will agree in that point . Moreover, the owners such as Rockefeller was found to provide harsh working environment to the workers and a lot of people even died during work.
- As a conclusion, Monopolies corrupt the economics and politics. It is inefficient and harsh for the publics who have no choice where to buy it from. The negative consequences of monopolies show the reason why it should be banned .
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