Question

Based upon the circumstances at the time, were rockefeller's business practices justified? how did other captains of industry (carnegie, morgan, vanderbilt, etc.) conduct business in the late 19th century? what were the negative consequences of their actions? how did government and labor respond?

Answer 1

Rockefeller' business practices sorta kinda were justified. The other captains of industry created a monopoly during the late 19th century. The negative consequences of their actions resulted in many small business to go out of business and decreased competition in the economy. The government responded to this by creating laws that made monopolies illegal such as the Sherman Anti-Trust Act. Labor Unions rose up and retaliated against monopolies for better wages and work conditions.