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Evaluate the impact of the buisness leaders on the American economy and society from 1865 to 1900.Answer:
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During the period from 1865 to 1900, American business leaders played a significant role in shaping the economy and society of the United States. This was a time of rapid industrialization and expansion, and business leaders were at the forefront of many of these changes. Here are some key ways in which they impacted American economy and society during this period:
• Expansion of industry: Business leaders during this period were instrumental in expanding American industry, particularly in areas such as steel, oil, and transportation. Figures such as Andrew Carnegie, John D. Rockefeller, and Cornelius Vanderbilt played a major role in creating and expanding their respective industries, which helped to fuel economic growth and create jobs.
• Rise of monopolies: As some business leaders grew more successful, they began to use their wealth and power to create monopolies in their respective industries. This was particularly true in the oil and steel industries, where Rockefeller and Carnegie respectively became dominant players. While this helped them to amass greater wealth and power, it also raised concerns about the impact of monopolies on competition and consumer welfare.
• Labor issues: As industry expanded and the demand for labor increased, business leaders often clashed with workers over wages, working conditions, and other issues. This led to the rise of labor unions and the growth of collective bargaining, as workers sought to secure better conditions and greater protections.
• Philanthropy: Many business leaders during this period also engaged in philanthropic activities, using their wealth to fund schools, libraries, and other public institutions. Figures such as Carnegie and Rockefeller were particularly known for their philanthropy, and their contributions helped to support education and other public goods.