The robber barons utilized and manipulated the idea of trusts and decimated even the smallest competition, making their industry into a monopoly. This eventually led to the Sherman-Antitrust Act.
Chat with our AI personalities
In the latter half of the 1800s, businesses were doing pretty much what they wanted, including building monopolies, paying low wages, and allowing terrible working conditions. Government did little to stop it for a long time. Around 1890, the Progressives in government decided to put a stop to a lot of the abuse. The government started to regulate several business practices including making monopolies illegal. Businesses were not happy and have been fighting government regulations in one form or another ever since.
£20,000 in 1800's money would amount to £968,000 of purchasing power today 2011. ( One 1800 GBP (£) = £48.40 today.)
4554840
In the late 1800, farm profits declined in part because of the demand for farm produce declined.
cotton