Big Business After the Civil War

What was Business like after the Civil War?

How and Why Business Grew?

After the civil war in the 1900s this period of time was a time of low economic growth in the US. In the United States new methods of Technology and business allowed the country to grow and increase production. The US economy was changed form an agriculture economy to a industrial economy which was possible because the United States had the resources needed for the economy to grow. Money was gained from banks.

John D. Rockefeller

John D. Rockefeller was a man who made his fortune from oil. John and four other partners set up a oil refinery, which is a place to process oil. In 1870 John set up the Standard Oil Company of Ohio. John had possession of most of the refineries in Cleveland and in other cities. To build his empire John use the method horizontal integration which is the process of combining competing firms into one corporation. Rockefeller became very wealthy and the Standard Oil Company of Ohio business became one of the best corporate empire of the day. Rockefeller formed a trust to increase his control of the oil industry. Rockefeller created a "Monopoly", total control by a single producer of the oil industry. He was a very intelligent and smart man.

Government Restriction

How and Why Government began to Restrict?

During the 1800s a law was passed restricting business combinations. There was pressure on the Federal Law because of the prohibit of trusts and monopolies which led to congress passing the Sherman Antitrust Act in 1980. This law was made to protect trade and commerce against unlawful restraint and monopoly. This act really didn't help though. This act was used to stop a strike by railroad workers that threatened to restrain the nations mail delivery.