The First Era Of Industrialization - 1625 Words

In the 1760s, the United States began its first major period of rapid industrialization. Everyday there was a new factory built, a new machine created, a new industry expanded. The effect of industrialization was so massive that even songs were written about this period. One song depicted a man who could â€Å"hatch eggs by thousands; all by steam†.[1] With more factories and more efficient means of production, more commodities became available to the public for consumption. The first era of the industrial revolution drastically changed the way America functions as a consumer society. The second period of industrialization altered how America functions as a capitalistic society. After the Civil War, the next era of industrialization began in†¦show more content†¦Through offers made in cash or Standard Oil stock, Rockefeller was able to persuade other oil refineries to sell their business to him. Those who refused were specifically targeted by Rockefeller and put out o f business through various means.[3] [4] Andrew Carnegie, a man who made his fortune in the steel industry, used a method similar to Rockefeller’s- vertical integration. Vertical integration is the domination of an industry in which all steps of the process of a product are bought out. Carnegie did this, buying every stage for steel production, from iron mines to rolling mills. By owning every aspect of the steelmaking process, Carnegie â€Å"was able to supply his product at a cost less than that of his competitors†, thus running them out of business. Carnegie’s ability to produce more goods at a cheaper cost is known as the economy of scale.[5] [6] Political corruption was another common and favorable tactic amongst business owners. To prevent business-harming laws from being legalized or to pass beneficial laws, businessmen often bribed politicians â€Å"at the local, state, and national level†.[7] Politicians were given company stock, funds for elections, and free or reduced materials. Today historians most commonly associate the railroad industry with political corruption. To gain their business favor, railroad companies would offer free passage to