Transform america''s economy in the nineteenth century, History

Assignment Help:

How did giant corporations transform America's economy in the second half of the nineteenth century?

In the second half of the nineteenth century, America's industrial corporations grew to enormous size. The first large business corporations were railroad companies, which grew rapidly beginning in the 1850s. In 1860, the U.S. had 30,000 miles of railroad track. The transcontinental line was finished in 1869, linking the Atlantic and Pacific oceans by rail. By 1900, the nation had more than 200,000 miles of track, more than half of the railroad mileage in the world. Railroad companies and owners exercised tremendous influence not only in American business, but in politics as well.

The growth of railroads contributed to the growth of other industries. Steel production also grew rapidly in the late nineteenth century. The Bessemer converter, an important innovation, enabled manufacturers to purify iron into steel much more efficiently. Steel production increased by ten times between 1877 and 1892, and much of this steel was made into rails for American railroad tracks. Andrew Carnegie, the nation's leading steel magnate, became the wealthiest man in the world. In 1901, financier J.P. Morgan purchased Carnegie's company for $450 million dollars and created the U.S. Steel Corporation. Carnegie, who came to the U.S. as a poor Scottish immigrant, devoted his later years to charitable pursuits, donating money to build libraries and to other public causes.

Other industries, such as copper (used for electrical wire), oil, and coal also grew quickly between 1850 and 1900. John D. Rockefeller entered the oil business in the 1860s in Ohio, and founded the Standard Oil corporation in 1870. Rockefeller expanded his company, gaining ownership not only of oil wells, but of refineries, warehouses, and transportation. By the 1880s, Rockefeller controlled 90 percent of American oil production.


Related Discussions:- Transform america''s economy in the nineteenth century

Culture changed after contact with europeans, Choose a specific group of in...

Choose a specific group of indigenous people and briefly describe their culture prior to the arrival of the Europeans and how their culture changed after contact with Europeans

Points in favor of increased u.s. involvement overseas, Toward the end of t...

Toward the end of the nineteenth century, some American politicians and diplomats believed that the United States should become an imperialist power. Write a few sentences explaini

Explain which legislative body had the power of impeachment, Which legislat...

Which legislative body had the power of impeachment and wish body has the power to tire a impeached official?

What beliefs and values bound progressives together, What values and belief...

What values and beliefs bound progressives together? Explain several key examples of progressive reform.

History, Have the major tax cuts of 2001 accomplished their intended goals?...

Have the major tax cuts of 2001 accomplished their intended goals? I''m having trouble answering this question as I do research.

How did they influence the culture of the 1960s, Question 1 - Who were the ...

Question 1 - Who were the hippies and how did they influence the culture of the 1960s? Question 2 - Explain a current social movement that could be defined as a counter culture

Issues in current american politics, Do you think the issues that led to th...

Do you think the issues that led to the great compromise are present in current american politics? why?

Scope of the rights and protections in the u.s. constitution, 1)Who is resp...

1)Who is responsible for determinging the extent and scope of the rights and protections in the U.S. constitution? 2) The supremacy clause...a) controls whether congress or the sta

Scientific revolution of the 17th century, Without the scientific advances ...

Without the scientific advances pioneered previously in China and other parts of Asia and the Muslim world, would the Scientific Revolution of the 17th century been possible? Why o

What was the bill of rights? , What was the Bill of Rights? How did it chan...

What was the Bill of Rights? How did it change the original Constitution? The Bill of Rights, the first ten Amendments to the Constitution, was written in 1789 and ratified by

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd