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Rise of big business - Essay Example

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Name: October 17th 2012 Rise of Business after the Gilded Age Enormous economic thrive characterized the Gilded Age, which established ruthless pursuit of profits, corruption in the government, and vulgarity in taste and manners…
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Rise of big business
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Rise of big business

Download file to see previous pages... Presence of abundant iron ore provided found use as railroad ties, bridges and buildings, while coal replaced wood as fuel to drive steam engines, replacing wood. Moreover, factories that had been built by the Union were not shutdown after the war ended, but were converted for peacetime purposes. The agricultural industry represented a significant portion of the American economy, which saw the increased output in production of key crops such as wheat and corn. Therefore, this prompted an increase in demand for labor to fill various positions mills, mines and factories, which were serviced by the huge waves of immigrants at the time (Tindall and Shi, 838-840). Distinctive Features of Businesses Before the industrial revolution, goods were manufactured using traditional ways by mean of cottage industries. Moreover, these goods were produced in small-scale quantities, as the rate of production was slow and inefficient. This all changed with the introduction of manufacturing factories, which enhanced efficiency, increased production and boosted the economy. Despite the heavy profits gains, the workers did not enjoy much of it, as their wages were low, in addition, they were also required to work long hours and in unhealthy and dangerous working conditions. The businesses received complaints concerning the lack of having good working environment, since in the factory system, large numbers of workers were brought together in a bid to increase productivity through specialization. However, materials and semi-finished goods were often carried from one place to another for further processing or packing. Businesses benefited from new inventions, which boosted production at a cheaper rate, thus raising the profit margins. Railroads provided an exceptional opportunity to expand the market generating more profits with the growing demand of goods and services. Thus, the growing network of transport led to the establishment of towns, which would serve as new stations for businesses and industries. Therefore, the growing industries created job opportunities for people, which improved their economic status. In addition, business organizations were formed through the formation of trusts, which specialized in the provision of different goods and services to the society. For instance, some family businesses specialized in banking services while others in the mining industry. This specialization ensured efficiency in production of goods and services, consequently, the leading businesses commanded a larger market share, which enhanced monopoly in the industry. However, this created economic powers among few families. During this period, the American political organization lacked vitality and productivity, as it was marred with corruption and moral decadency. Moreover, politicians, who would appoint their friends and supporters to government jobs, owned large businesses. This assured the politicians of a loyal group of supporters in future elections. This is in conflict with the Laissez-faire theory that the government should have a limited role business. Vertical and Horizontal Growth Vertical expansion of businesses is achieved when a company takes over its suppliers and distributors operations, gaining control over the quality and cost of production of its goods. Vertical growth in businesses ...Download file to see next pagesRead More
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