Considering that, at that point in time there were no proper business rules and regulations regarding the petroleum industry. According to Frost (2000), this resulted in instability in the market and what pushed Rockefeller to monopolize the industry. Unfortunately, Rockefeller adopted some unethical methods in order to acquire control which resulted in him controlling the prices which would no doubt benefit him. Although the intentions may have been to bring order, his actions were not justified as they also were against democracy.
Carnegie took an interest in the steel industry, that coupled with his interest in innovation is what drove him to produce steel that was cheaper than the other players in the industry. The investments he placed in creativity, innovation and science are what resulted in driving a lot of America’s structures (Frost, 2001). Carnegie was driven to improve certain facilities such as schools and libraries. According to Lumenlearning (n.d), John Pierpont Morgan was focused on investments that saw him finance one of the major steel companies which eventually merged with the steel company belonging to Carnegie. Along with other merges, it was believed that he and his partners were in a way monopolizing most finances as they owned a lot of lucrative businesses.
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Although these captains in the various industries were the ones who greatly assisted with the improvement and development of America, consequences were there. According to Lumenlearning (N.D), it was believed that some of these business men used certain practices in order to gain the upper hand in an industry. For instance, they would reduce their prices, which had a negative effect because workers’ pay was decreased. These price reductions displaced the competitors, once the competitors could not keep up, they would take over their businesses and bring about monopolies. The government responded to this issue of monopolies by passing acts that made it difficult for businessmen to form large businesses that could easily monopolize an industry. Additionally, it was to bring stability into the market and allow a certain level of regulation and control. The laborers who were being replaced by machines or receiving less pay decided to form unions and organized reforms to help combat their issues.
References
Frost, B. (2000). John D. Rockefeller: Infinitely Ruthless, Profoundly Charitable. Biography magazine . http://www.historyaccess.com/johnd.rockefella.html
Frost, B. (2001). Andrew Carnegie: Never Knowing Fatigue. Biography magazine . http://www.historyaccess.com/andrewcarnegie-h.html
Lumenlearning. (N.D). The Second Industrial Revolution. https://courses.lumenlearning.com/boundless-ushistory/chapter/the-second-industrial-revolution/
