Economic Effects of Industrialization LT 3: I can explain the impact of industrialization on American economics. LT 4: I can explain the impact of industrialization.

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Presentation transcript:

Economic Effects of Industrialization LT 3: I can explain the impact of industrialization on American economics. LT 4: I can explain the impact of industrialization on American politics.

What is a monopoly? Monopoly—when a business is able to control all aspects in a particular industry and eliminate competition to maximize profit.

Horizontal Integration Business buys out the competition. – EX: AT&T buys T-Mobile

Vertical Integration Business buys out suppliers – EX: Oil companies

Holding Company A corporation created to buy out stock of companies – EX: Berkshire Hathaway

Trust Merger of companies where companies are controlled by a board of trustees in order to develop a monopoly. – EX: Standard Oil of Ohio

Impacts of Monopolies Allowed for major growth of industry Extreme profits were made Competition destroyed – Limits choice – Prices higher Large gap between owners and workers

Why were monopolies allowed? A.Laissez Faire business policies supported by the government. B.Close ties between business leaders and government leaders.

Economic Impacts U.S. becomes leading industrial power in the world. Despite poor conditions, more people are earning more money than before. This also encourages industrialization as more people have money to buy goods.