: How Industries transformed and corporations developed during the Gilded Age
The Gilded Age saw America transforming into an urban country from a rural nation during the late 19th century. Alexander Graham, through his telephone invention in 1876, quickened the economic and social lifestyle of citizens. Sixteen million telephones were operating in America half a century after its invention (Field). The linotype composing machine developed in 1886, as well as the rotary press and paper-folding machine, transformed the printing press, allowing printing of 240,000 eight-page newspapers within one hour. Also, Mergers and corporations in the steel and iron industries were formed, changing the monopoly of dominating companies in these industries. The United States Steel Corporation and the standard Oil Company are among the initial and robust corporations of the Gilded Age. Amalgamation was a trending change in the industrial fields. Aggressive businessmen began to set apart individual industrial domains. A 1904 survey indicates over 5000 previously independent concerns were merged down to about 300 industrial trusts. These corporations owned deep reservoirs of resources, including capital and other assets giving them permanence and continued control. Investors were attracted to these corporations and business enterprises partly due to the forecast profits and also due to their limited liability in the event of business failure. The transport and communications fields experienced notable changes following the amalgamation of companies in these industries. Western Union, which was a leader in telegraphy, merged with the Bell Telephone system and later on the American Telephone and Telegraph Company followed. Cornelius Vanderbilt fused 13 separate railroads into a common 800-kilometer line linking New York and Buffalo. Also, between 1860 and 1870, Vanderbilt acquired the lines heading to Michigan, Detroit, Chicago, and Illinois, forming the New York Central Railroad. He transformed America’s main railroads to truck lines and systems managed by a few men.
Essay3: Factors that led to Rapid Industrialization and Urbanization during late 19th century
Different factors led to the quick industrialization during the late 19th century, including the wide railroad expansion, which led to rail companies receiving substantial capital and land, close to 200 million acres, from the government. Furthermore, George Westinghouse air brake invention made these trains dependable and safe. Later on, the advancement of dining cars and Pullman sleeping cars contributed to making rail travel more comfortable. Also, as America turned into an industrial nation, a huge number of immigrants moved into the cities, including New York and Chicago searching for work, resultantly contributing in the rapid urbanization of America. By 1900 close to half of America’s population resided in major cities (Field). Most cities were not prepared for the quick growth in population. It led to slums and tenements springing up countrywide due to the limitation in housing. Subsequently, poor sanitation, lighting, heating, and medical care became prevalent, leading to millions succumbing to preventable diseases. Another factor is the emergence of corporations from dominating companies merging. It contributed to industries controlling both production and markets, enhancing profits in these industries. Trusts were established, which comprised of combined corporations. These trusts made large scale combinations possible and also led to a central administration and control of resources as well as pooling patents. Their scaling resource for capital gave corporations the capacity to expand. In addition, the poor wages that workers received allowed industries and enterprises to retain more of the profits and hence sufficient capital to invest and expand.