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Huge industrial trusts developed in industries such as steel and oil because leaders of these industries, such as Carnegie and Rockefeller, more less or bought off the competition. What effect this ultimately had on the economy is a debated topic, however it was mainly positive, at least in the short term.

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Q: How did the huge industrial trusts develop in industries such as steel and oil and what was their effect on the economy?
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How did the huge industrial trust develope in industries such as steel and oil and what was their effect on the economy?

Huge industrial trusts developed in industries such as steel and oil because leaders of these industries, such as Carnegie and Rockefeller, more less or bought off the competition. What effect this ultimately had on the economy is a debated topic, however it was mainly positive, at least in the short term.


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As the baby-boom generation start to retire, there will be fewer experienced workers to work for the industries. This will then cause the industries to search for people with appropriate skills needed for the jobs. If the industries don't find the workers in time, there will be an effect on the business. This effect is, the people won't get what they need from the industry causing the industry to lose its business.


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