Within a new age of American society in which technological electrical advancements had begun, the nation ha depended on iron for the building of railroads and frameworks of building. However, as an addendum to these advancements in society, Henry Bessemer - an englishman- and William Kelly- a man of Kentucky- had developed a new process that could supply this need further. The Bessemer Process, or the process in which steel is created by melting iron and adding carbon to remove impurities, had been put into place by Bessemer- making situations easier and cheaper. In this, there was increase in the production of steel, and a new age began. As New York City grew, there were a great number of detours as many worked in Brooklyn and lived in Manhattan. …show more content…
People who had grown up in poverty were becoming rich and the social classes of many were changing. Capitalism was born as businessman rushed into ways of growing their companies. With different perspectives, Historians truly view the leaders of the business in different forms. For one, some believe the leaders to be “robber barons;” in other words, it means that the leader had built their fortune by stealing from the public and driving competition into ruin. Nevertheless, some believed the leaders to be “captains of industry,” implying they were fair to the nation and in raising productivity, expanding markets, and establishing public structures. One of these leaders was John D. Rockefeller, a man who became one of the richest men in America in the oil business. As the leader of the Standard Oil Company, Rockefeller had much to give to the public and charities to benefit humanity as his goal. Another one of these leaders in Andrew Carnegie, a man who expanded the real of the steel business and also gave muc to the public. Much of Carnegie’s share to public eye went to education and public structures. Nevertheless, behind these nice images, they remain to be addressed as “Robber Barons” by …show more content…
After his death, Graham Sumner promoted a philosophy called social Darwinism, a concept that extended evolution to human society. They believed the government should stay away from business and that those who were the most productive would be the richest. Nevertheless, the government did not tax or regulate the relations with workers in business affairs. This, of course, led to competitive businesses that would become detrimental to society and the US economy. Within a short period of time, merely a small number of companies could compete with others; oligopolies, a market structure dominated by few profitable firms, and monopolies, a company with complete control over a service or product and had the ability to change prices to its desires, formed. Although some laws prevented this, there were more ways to take control over an industry. For example, industrialists would set up cartels- loose associations of businesses that create the same product. Though some would fall into ruin, many would achieve a more strategies to