"The second Industrial revolution and historic happenings of that time"(Includes the idea of laissez fairieism and the New Deal)

Essay by katyseanCollege, UndergraduateA, January 2005

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The second Industrial revolution and historic happenings of that time

The second Industrial revolution was a time for social and government reforms. It was a time when capitalism strived and society's ways of thinking and governing were challenged. It also was a time when technological advances took place, significantly changing the life of the people.

This new economic order was controlled by monopolies and certain individuals who held great power due to their wealth. The poor remained poor while the rich flourished. Examples of this are with John D. Rockefeller and Andrew Carnegie. Rockefeller and Carnegie both owned monopolies and contributed to the economic changes that were brought forth in the second industrial revolution. Carnegie became the "father" of steel, integrating it into our railroad system. Jay Gould had originally dominated the railroad but due to his obvious lack of care for the people he was often hated and criticized for being a businessman and cashing in on the railroads rather than providing transportation.

The Americans made Carnegie popular, they were excited to steer away from Gould. "If Jay Gould was the man Americans loved to hate, Andrew Carnegie was one of America's heroes. The infamy of the one man and the popularity of the other testified to the country's ambivalent reaction to industrialism." (Pg.621, The American Promise) The railroad business flourished and all aspects were under Carnegie's control and he was also seeking all the benefits. Without any significant competition and the vast control Carnegie held, he was making extraordinary amounts of money and held enormous amounts of economic and political control. This was a prime example of a monopoly, as was Rockefeller with his oil business. Rockefeller made his fortune at a young age. Being the leading supplier of oil in America, and being a multi-millionaire already,