Term Paper on The Industrial Revolution

This essay has a total of 789 words and 3 pages.

The Industrial Revolution

Americans faced many hardships during the turn of the century. As our Nation was adjusting
to the new technological advances they were making during the Industrial Revolution, it
seems that some people were simply looked over in this new "rat race". There were many
problems that accompanied the new century, perhaps one of the largest though, was the
expansion and dominance of big businesses. As though it may seem that large businesses may
be a good thing, because of our dependence on them today, we simply weren't ready for them
a hundred years ago. Many big businesses had created monopolies, used Taylorism, and
caused what was called a boom bust economy. These three events also forced many people to
try and resolve these problems associated with the tremendous rise of big business.

In search for great power, and the will to expand, many businesses created large
monopolies, meaning that all markets are dominated by one or two firms. For example, by
1900, approximately 98% of the oil industry was owned solely by Standard Oil Company.
Because Standard Oil owned so much and people depended on this resource, this company
could charge a little or as much as they wanted, with no worries of losing business,
merely because people had no where else to go. Another problem with monopolies is that it
leaves very little room for smaller business to run, so the small business that were once
relied upon, are now out of production.

Big companies also used a method called Taylorism to stay in control. Taylorism, named
after a man called Fredrick Winslow Taylor, facilitated unskilled labor by copying what
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