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Us Industrial Boom

In: Historical Events

Submitted By Cybrok
Words 585
Pages 3
Between 1860 and 1900, the United States went through a massive industrial boom due to the rapid increase of laborers and demand for oil, steel, cars, and other common products. Many of the big business owners developed a monopoly in their field of business, like oil or steel using vertical and horizontal integration methods to minimize production cost with increased speed while keeping prices high. Other factors that helped the industrial boom was rapid growth of the railroad system throughout the US.

One of the biggest helps to the industrial boom in the US is the adoption of the vertical and horizontal integration systems. These systems are a type of monopoly where a business would buy all of the contributing factors in the making of their products or buy all of the retail sellers. As explained in “The Genesis of the United States Steel Corporation” by E. S. Meade, vertical integration is when a business would buy every part of the process in making the product. For example, steel industries would buy up all of the mines, to the steel billets and steel rails to minimize the cost of making the product. Horizontal integration is when a business would buy out all of the retail sellers so there would be no competition so they could make lower quality products and increase the price without worry of competition. Andrew Carnegie was the owner of the Carnegie Steel Company, the biggest steel company of the time, he used vertical integration to minimize his production costs. Meanwhile, John D. Rockefeller used the horizontal integration method for his Standard Oil Company to buy out all retail competition so he could increase his prices.

Another factor to the growth of US industry was the rapidly growing nationwide railroad system developed and owned by Cornelius Vanderbilt, who monopolized the market. Because he was the only one, he was able to charge high…...

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