How did big business and wealthy owners affect the American economy?

The impact of big business on the economy and politics was immense during 1870 to 1899. Corporations were growing significantly in number and size, which had a domineering affect on American economy and defined American life. The growing corporations in America dominated most of the economy, creating a large gap between the rich and the poor. During this time period food, lightening, and fuel prices declined significantly.

Explanation:

Big business led to a drastic expansion in the production of American goods and the amount of capital in the nation. Big business all specifically increased the production of energy. A graph showing the food, fuel, and lighting prices as well as the standard of living illustrated that prices for food, fuel, and lighting declined significantly between 1870 and 1899 and that the standard of living also slightly decreased. These decreases were due to big business and the ability to mass produce these utilities by companies like Pillsbury and Standard Oil and due to the utilization of technological innovations such as the use of the Bessemer Converter (used to mass produce steel) by US Steel. Mass production also led to an increase in the amount of wealth in the United States.