Basically, this system had a "hands-off" mentality-the government had no regulations or restrictions on big businesses. ... A monopoly is the exclusive possession or control of the supply or trade in a commodity or service, while a pool is an amalgamation of the resources of the participants in an association for their common advantage. ... In 1892, at Carnegie's ten-year old steel mill, the worker's wages had been cut and working hours had been increased in order for Carnegie to cut costs and maximize his profits. ... The hands-off approach of the federal government towar...

• Word Count: 1703
• Approx Pages: 7
• Grade Level: Undergraduate