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Late 19th century - Late 19th century(Gilded age Big...

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Late 19 th  century (Gilded age) 13/02/2008 10:02:00 Big business, rise of corporate capitalism Andrew Carnage, John D Rockefeller (tycoons) Carnage: US Steel  Largest corporations were forming trusts: monopoly control over American  economy Ownership of the railroad network was concentrated by JP Morgan   Argument: the consolidation of big firms was natural and inevitable, brought an  end to the wasteful and chaotic competition, more efficient production of goods and  services—lower prices, higher wages.  Critics: Small businessmen, consumers, farmers, industrial workers. “robber barons”: tycoons, used their economic power to illegally smash their  competitors, the public, and their stock holders; Not improving America, paralleled by  poverty. The rule of the robber barons had lowered the morality of the entire nation.
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