In 1876, Thomas A. Edison produced some of the greatest inventions in his workshop in Menlo Park, New Jersey. One of the inventions was the light bulb. Edison created the development of power plants, and proved important. His inventions expanded the availability of electricity. Other inventors made electricity-based inventions for industry and home as well. The last quarter of the nineteenth century was referred to as the Age of Invention because technological advances related to Edison's work were made. The inventions opened opportunities for mass production which in turn increased the growth-rate of the economy. "Captains of the industry, also known as "robber barons", controlled the enterprises and became rich and powerful.
As the industry grew, electricity and labor became cheap-economies of scale. The industrial growth required laborers to work mindlessly like machines; resembled slave labor. Eli Whitney developed "interchangeable parts" that were created by assembly line production. The Supreme Court (and courts alike) became pro-business, and lost the idea of removing control of industries. Corporate consolidation led economies to grow larger.
The business organization called a holding company owned sufficient stock in many companies to have a controlling interest in the production of raw material. Higher powers led to a system of monopoly in which complete control of an industry became possible.
No comments:
Post a Comment