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This rapid expansion created mass amounts of wealth for the nation. The 2nd Industrial Revolution that occurred in the late 19th and early 20th centuries resulted in a rapid industrialization of a once agrarian-dominated economic system. Over the next several decades, the nation experienced one of the greatest technological and manufacturing booms in the country’s history. They controlled the marketplace and fully embraced the philosophy of Social Darwinism and the belief in “survival of the fittest”.Īnti-trust legislation passed in the late 19th century combined with Teddy Roosevelt’s presidency finally began to break the stranglehold these monopolies had on society, and ushered in a new Progressive Era for Americans.įollowing the end of Reconstruction in 1877, domestic policy shifted from the social issues of slavery and began to revolve around promoting economic growth in the country. Rockefeller and Andrew Carnegie amassed substantial power and wealth by building monopolies in oil and steel.
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This justification of wealth accumulation by upper-class society, as well as laissez-faire policies by the government, led to the creation of powerful monopolies and trusts that dominated the economic and political landscapes of the late 19th and early 20th centuries. The theory held that due to natural selection, the most intelligent, industrious, and productive people would grow wealthy and survive while the uneducated and lazy would remain poor and die off.
![how did the bessemer process contribute to the development of carnegie’s monopoly how did the bessemer process contribute to the development of carnegie’s monopoly](https://farm3.staticflickr.com/2796/4420203413_241bc4df3b.jpg)
Social Darwinism was embraced by the nation’s wealthy upper class in the late 19th century to justify their accumulation of wealth and power. Social Darwinism is the application of Darwin’s theory of natural selection to society- specifically in economics and business in America.