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Article: Trusts, Business

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TRUSTS, BUSINESS


The word trust can be used to designate a group of companies that join together to control a domestic industry. The term was widely used in the late nineteenth century and early twentieth century. The American economy changed substantially following the American Civil War (1861 – 1865). Cottage industries, artisan production, and small-scale manufacturing declined, and a new, larger, factory-based manufacturing sector grew. Operating under relatively relaxed state business laws, financiers and manufacturing moguls became rich, often by suppressing the competition.

This led to a concentration of ...

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