How the Economy Came to Be Dominated by Giant Trusts

1. Describe how the economy came to be dominated by giant trusts, such as those headed by Carnegie and Rockefeller in the steel and oil industries, and the growing class conflict it precipitated.

Andrew Carnegie was the creator of Carnegie steel. Carnegie used vertical integration. This meant buying all the steps needed for production. This made production cost cheaper so profit higher. John D. Rockerfeller founded standard Oil and was a philanthropist who contributed to a lot of research in field like education medicine and science. He was the first American businesses trust. With men like these people getting richer, the poor became poorer.

2. Describe how new technological inventions fueled new industries and why American manufacturers increasingly turned toward the mass production of standardized goods.
There were a lot of cheap resources like oil coal and gas. There was also a lot of western land. The industrial transformation was also caused by a lot of new technologies. These include the telegraph and telephone. Innovations like electricity also caused this. Transportation like the railroad also did this. All of these things made it so companies could produce things faster.
3. Indicate how industrialists and their intellectual and religious supporters attempted to explain and justify great wealth, and increasing class division through natural law and the Gospel of Wealth.

They believed in a survival of the fittest idea. They thought that the rich were fit to live in a society based on social Darwinism. This meant everybody had to compete to get to the top.

4. Explain why the South was generally excluded from American industrial development and remained in a Third World economic subservience to the North.

Industurlization was based on the idea of lots of natural resources and land. The south was a very established rural area. The resources had mostly been used and there wasn’t a lot of land left for factories.