Essay From Railroads to Microsoft Monopolies in America

By definition a Monopoly is exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices (Monopoly 2012). Individuals are often time fearful of a company or industry becoming a monopoly because it would control too much of a market share, and do whatever wants; this includes raising prices, to using excess capital to branch into even more areas (Rise of monopolies 1996). The market structure of a monopoly is characterized by; a single seller; a unique product; and impossible entry into the market (Tucker 2011). A monopoly can be a difficult thing to accomplish being that a single seller faces an entire industry demand curve due to the fact it makes up the industry as a†¦show more content†¦By combining these already large companies, the railroad created a new power as they gained control of many aspects of the new economy, this allowed them the ability to weed out completion, lower labor prices and raw materi als prices, charge higher prices for customers and get special treatment from National and State government (Rise of monopolies 1996). All in all, the Railroad Industry had become a huge monopoly, not with just one product or service but with multiple industries. The Railroad had all the power, controlling all the prices, and since the new residents of the west could not survive without the use of the railroad, they were forced to pay the price the railroad companies set (Rise of monopolies 1996). The government became worried about the overwhelming power of the railroads and took action in the case of Munn v. Illinois (Rise of monopolies 1996). The Supreme Court established the government’s right to regulate businesses in order to protect public interest (Rise of monopolies 1996). Although these new laws did little to keep the railroad monopoly at bay, it did help to later produce new agencies that would and bring realization of the hazardous effects of monopolies and the havoc the bring (Rise of monopolies 1996). In more recent years, the Microsoft Corporation has repeatedly been accused of having a monopoly on the software market (Rise of monopolies 1996). 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