Businesses in the Western Migration were a new kind of businesses. The farming companies came in with their hundreds of acres of growing crops, mining companies hiring hundreds of professional miners in search of gold and other precious metals, and the new big company, railroads along with steel making companies.
The railroad companies not only made trains and the railroad tracks but some made the metal that needed to be used for construction or the company had to go to a steel company and buy from them. Well all of these companies were all in competition with each other over who had more and better steel products to make a monopoly. Some were successful and some weren’t.
A new idea came into play so that every company in their kind of business could make a profit and get revenue. The idea was that all the companies that made steel would all agree that they would make a certain amount of steel and if so they all would make a profit, but if a company lied and made a little more, they would make a little extra. But this idea was bad news for other companies.
The farming and mining industries alike would get hurt by this believe it or not because since the steel companies were all in agreement, they weren’t in competition so prices were all the same so equipment for farming and mining was hard to find a good bargain. Its like if every gas station had the same price of gas every where, you would lose a little money because you normally go to the cheaper gas station.
The government realized this and changed some laws around ordering companies they can’t work all together to have a monopoly. The companies could still merge together to increase revenue in most situations.
8 comments:
It is a good blog. I like how you explain the monopolies in the west based on the activity we did in class on tuesday. Because of the businesses' attempts to merge, Sherman Anti-Trust Act was enforced in 1890 thus protecting the smaller businesses and firms and preventing the big businesses from working together to fix the prices and control the supply rate. This continued competition among the businesses apparently. Thanks to your blog, I understand what the monopolies were like in the West.
Coolio. This is a topic I hadn't seen yet. It's interesting how you explained businesses in the west, and how they formed and grew. Using the west to srpead the topic out to all big business was clever too. Very well done.
your blog was good. i like how you talked about the migration to the west. you really put your voice into it. i also have recieved more information in your blog than in class
Good blog. I like how you talked about the businesses and how they worked. I also liked how you talked about how other companies banded together to make more profit, while other companies hurt when some companies cheated. :]
That was very informative. I liked how you explained about the businesses in the west. And how the businesses monopolized together. It gave me a better understanding of a monopoly, which are bad for the consumers. Lifes not fun without a little competition. Nice job!
wow ben nice blog. i liked how you explained monopoly and how you used it to like compare with businessess in the world. after i read your blog i kinda got a understanding of on how monopoly was like in the west
tom your was fun to read. i like how you talked about gold and mining. just by me reading your blog i learned something that i must didn't pay attention to in class. but i didn't know that railroad companies not only made trains and the railroad tracks but they also made the metal that needed to be used for construction. overall reading your blog helped me remember things that i didn't even know before.
this was a good blog. you did a good job of explaining the businesses in the west, and all of the different acts that were made to enable people to live successfully there.
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