Essay on business competition and the plight of consumers in india

Between and , the government awarded various railroad companies approximately 70 land grants, which led to the creation of new cities, more commerce in the west, and great wealth for the railroad owners. The network of rails across the United States bonded the country together by connecting newfound raw materials in the west with factories and markets in the east, stimulating both mining and agriculture. The railroads themselves became a market for iron, steel, lumber, and coal. American innovation played a large role in the second American Industrial Revolution.

In the s, the Patent Office recorded just over patents, but between and it issued over , patents. The time was ripe for technological innovation that emphasized inventions and applied science. Eastman devised roll film and the Kodak camera in The typewriter, stock ticker, and cash register all enhanced business operations and brought many women into the workforce. Upon recognizing the importance of the telephone, Western Union commissioned Thomas A.

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Edison to develop an improved version of the machine to compete with Bell. In , the Bell interests formed the American Telephone and Telegraph Company, which held over 49 subsidiaries and provided long-distance lines. The invention of the telephone spurred many young, middle-class women to join the workplace as switchboard operators. Thomas Edison is credited with many other inventions, including the phonograph, the motion picture, the storage battery, the Dictaphone, the mimeograph, and most importantly, the electric light bulb in With the backing of J.

The electric power industry expanded rapidly, leading to the creation of machines far more efficient than steam-driven models and becoming a cornerstone of American industrialization. The small businesses that supported the pre-Civil War economy could not satisfy the rapidly growing national markets. Entrepreneurs quickly developed systems of mass production and distribution to meet growing national needs.

The resulting expansion in industry went hand-in-hand with industrial combination and concentration, enabling a few business leaders to dominate the largest markets of the time. In , as a young boy, Carnegie migrated with his family from Scotland to Allegheny, Pennsylvania. Carnegie eventually worked his way to the top through a number of jobs in various industries.

During a trip to Europe in he met Sir Henry Bessemer, who in had invented a new process of turning iron into steel. To this point, steel was a scarce commodity in America, but with the Bessemer process steel could be inexpensively and easily produced for locomotives, rails, and the girders used in building construction. This inspired Carnegie to focus his business efforts on steel, and in he launched J.

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Edgar Thompson Steel Works, which was named after the president of his biggest customer, Pennsylvania Railroad. America was one of the few places where all of the components needed to make steel were available in fairly close proximity. He acquired coal properties, iron ore from Lake Superior, a fleet of steamships to transport materials across the Great Lakes, and railroads that delivered the materials to the furnaces in Pittsburgh. His goals were to improve efficiency, increase quality, and decrease costs by controlling all of the variables in the production process.

Carnegie was a skilled businessman and salesman, and he had a talent for hiring men with the greatest expertise. Contrary to most, he used times of recession to expand his business, slowly buying out all of his competitors. However, he disliked monopolistic trusts, and so built his organization into a partnership that included about 40 Pittsburgh millionaires. By , Carnegie was ready to sell his steel holdings. Though often criticized for paying low wages to his workers, Carnegie believed that he and other industrial giants had a social responsibility and should consider themselves public benefactors.

At the age of 65, Carnegie devoted the rest of his life to philanthropic endeavors that promoted social welfare and world peace. Once he bought out Carnegie, J.

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Morgan was born into a rich family and worked to increase his wealth throughout his life. He was an investment banker and owned a Wall Street banking house that financed the reorganization of railroads, insurance companies, and banks.

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Once Morgan got into the steel business, he began to eliminate all competition to create his steel monopoly. During the depression of the s, Morgan bought out his competition and placed officers from his own banking house on their boards of directors. This duplicated board was called an interlocking directorate, and it ensured future harmony among the rival enterprises. This concentration of financial power could be abused if the intent of the directors was to build two companies, transfer all the benefits to one company, and bankrupt the other at the expense of the stock and bondholders.

However, an effective board could increase efficiency, enhance economic growth, pave the way for large-scale mass production, and stimulate new markets. Morgan, along with most big business leaders, did not believe the consolidation of money was anything but advantageous to the nation, and the rapid rise of the U. Another important business leader of the time was John D. He was born to a modest family in New York State, and as a youth moved to Cleveland, which was strategically located near the oil fields of Pennsylvania.

Rockefeller, already a successful businessman as a teenager, recognized the potential profits in refining oil. Although Rockefeller was the largest oil refiner, he felt his competition was flooding the market by producing too much oil, which led to reduced profits, so he weeded them out. If his competitors did not agree to this, he would temporarily lower the price of his oil and drive them out of business.

By , Rockefeller controlled 95 percent of the oil refineries in United States and monopolized virtually the entire world petroleum market. But, the position has not much improved. The affidavits in fact reveal a pretty grim picture showing an utter lack of seriousness on the part of the States to fulfill their statutory obligations. One common complaint appearing in these affidavits to justify the failure of States in not having set up the various redressal bodies, particularly at the district levels, where they are most needed—is that of financial constraint.

As there is not much substance in such complaints, the Supreme Court took notice of these commissions of the State Government and issued stiff directives to them to fulfill their obligations within six weeks.

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This was in September In November, the States were given another six weeks. The directives did help to shake up the State Government and since then they have been filing ling affidavits about the action taken. It has been recognized that competition is necessary for consumer-protection and the elimination of various malpractices. To provide such a competition a network of Co-operative stores has been established throughout the country, in all major towns and cities. It was hoped that such competition would check price rise as also compel the traders to sell goods only of standard quality.

But such Co-operative stores have, by and large, remained ineffective largely owing to Bureaucratic delays and the inefficiency which is the bane of all Government departments, in general.

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More recently, a consumer protection department has been established in Bombay. It organized raids and the shops and god owns of hoarders and black marketers indulging in malpractices were raided.

Now the Department has its sub-offices functioning in co-operation with other government departments, in such major cities as Delhi. The department has also tried to create consumer awareness. With growing awareness among the consumers, the consumer justice is making progress steadily. In short, consumer protection is possible even in India. Government Acts, consumer- organizations, concerted and sustained effort I consumer education can do much.

The consumer himself must be gradually built up. Co-operation of all is needed to better the lot of the poor consumer and save him from exploitation at every step. Here you can publish your research papers, essays, letters, stories, poetries, biographies and allied information with a single vision to liberate knowledge. Content Guidelines 2. Privacy Policy 3. TOS 4. Disclaimer Copyright. Read Free For 30 Days. Much more than documents. Discover everything Scribd has to offer, including books and audiobooks from major publishers.

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