An Economic Boom

An example of science and technology put to use is the Bessemer process. The Bessemer process perfected the transformation of iron into steel. This in turn helped businesses like the railroads because they were able to make rail faster and more inexpensively.

Along with the economic growth of America came the creation of "Robber BaronsaE. These men were the wealthy heads of business whose often corrupt practices helped them gain even more wealth. Some of these robber barons included Rockefeller of Standard Oil and J.P. Morgan and his House of Morgan. Railroads were affected by the business styles of the robber barons with the use of rebates and drawbacks. Many other businesses were affected as well. These robber barons and their business styles led the way for monopolies. Monopolies threatened the railroads, steel, utilities and many other businesses. For example, when finished product makers threatened to start making raw steel, Carnegie Steel threatened monopoly by threatening to start making finished products.



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