(due to the implementation of these new business practices). This period saw the rise of big corporations, such as Standard Oil and U.S. Steel, that monopolized industries and controlled prices.
One key practice that emerged during this time was vertical integration, where companies controlled all aspects of production, from raw materials to distribution. This allowed for greater efficiency and lower costs, as companies did not have to rely on external suppliers.
Another important development was the creation of trusts, which allowed multiple companies to consolidate resources and share profits, creating even greater monopolies. This practice led to increased wealth for a small group of industrialists, while leaving many workers in harsh conditions with low pay.
Overall, the new business practices of the second Industrial Revolution transformed America’s economy and led to immense growth and prosperity for some, but also created significant inequalities and challenges for many others.
The second Industrial Revolution was not just marked by new inventions. New business practices were invented that transformed America’s economy. Between 1869-1910, the value of American manufacturing rose $3 billion to $13 billion
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