Discuss the rise of industrialization

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Question

1. Civil War era, the sacrosanct theory of Adam Smith-his "Invisible Hand" which claimed that the proliferation of competitors imposed an automatic limit to the price that can be charged for any item-was now being challenged. Now, giant industrial entities were developed, whose chiefs and managers tried to control the market, claiming that the efficiencies of scale in itself would be an effective leveler of prices, and thus more competition was not needed. Now, consider the possibilities of competition as a regulating device.....can prices regulate and self limit when there are only a few giant producers? What other check on prices are possible?

2. Discuss the rise of industrialization, then the growth of cities, migration, and immigration and the various challenges that developed in response to these events. What were some of the more seminal changes to business and society that ensued as a result?

Reference no: EM133582136

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