Rapid economic development many prominent industrialists "trusts" monoplies Tycoons Cornelius Vanderbilt John D. Rockefeller Andrew Carnegie railroad petroleum steel J. P. Morgan automotive industry economic inequality immigration social unrest populist socialist anarchist Progressive Era health and safety regulation rise of labor unions antitrust measures inequality
Rapid economic development during the late 19th and early 20th centuries fostered the rise of many prominent industrialists, largely by their formation of "trusts" and monoplies to prevent competition. Tycoons like Cornelius Vanderbilt, John D. Rockefeller, and Andrew Carnegie led the nation's expansion in the railroad, petroleum, and steel industries. Banking became a major part of the economy, with J. P. Morgan playing a notable role. The United States also emerged as a pioneer of the automotive industry in the early 20th century. These changes were accompanied by significant increases in economic inequality, immigration, and social unrest, which prompted the rise of populist, socialist, and anarchist movements. This period eventually ended with the advent of the Progressive Era, which was characterized by significant reforms, including health and safety regulation of consumer goods, the rise of labor unions, greater antitrust measures to ensure competition among businesses, and improvements in worker conditions.
