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Chapter 8 : The Rise of Industry |
The United States had all the necessary ingredients for industrial growth—abundant natural and human resources, money to invest, new inventions and technology, and new forms of business organization.
By 1900, huge corporations dominated the economy. Their efficiency resulted in cheaper production, higher quality, and lower prices that drove smaller competitors out of business. Corporations, monopolies, and trusts became the norm. Industrial leaders employed the philosophy of social Darwinism to justify their actions. The Sherman Antitrust Act, passed in 1890 to combat the growing power of monopolistic corporations, was ineffective.
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