USA HISTORY

Detailed explanation-1: -Industrial trusts helped to reduce competition among American companies. High tariffs also gave some protection from competition with foreign companies. But business leaders were not satisfied. They demanded even higher taxes on imports to further reduce competition.

Detailed explanation-2: -Business leaders in the 1800s tried to eliminate competition by forming pools, trusts, monopolies, and through vertical and horizontal integration. Many companies organized pools to keep prices at a certain level, that is, they tried to keep prices from falling. Some companies formed trusts.

Detailed explanation-3: -They formed trusts, monopolies, and pools to limit competition from other companies. Business owners formed trusts, where one person or a group of people controlled several companies, to reduce production costs and to set prices.

Detailed explanation-4: -A surge of technological innovations and inventions, like Thomas Edison’s incandescent lightbulb and Alexander Graham Bell’s telephone, fueled this economic growth.