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Gilded Age
Tammany Hall, headquarters of the Democratic Party, Headed by William Marcy Tweed. the Tammany Hall political machine of the late 1860s and early 1870s used graft, bribery, and rigged elections to bilk the city of over $200 million.
Governments were naïve about business and the ways that individuals and companies made money, both legally and illegally.
Adding to the problems in Gilded Age politics was the spoils system, where a newly elected official gave out favors to his friends, relatives, and political supporters.
bias, or giving jobs to one’s relatives, combined with funding, or giving jobs in payment for political favors, drained the energy of government.
Monopoly:or complete control of a product or service
1800s federal and state gov passed laws to prevent monopolistics practice
The laws & business methods of an earlier era simply could not control corruption in a time of massive change & growth.
Enormous sums of money changed hands rapidly in the form of fraudulent loans and grants
Merger Policy
Companies would merge into one big company. This helps prevent any monoplies that may occur later on. The merger policies help with expanding and branching out companies more then they could by their own.
Cause of Corruption Today
Modern day in 2008 the Great Recession was caused by the Great Depression which had led up to financial crisis in business today. Businesses today are losing valuable asset has corrupted financial banks in world economy.During the gilded age the business was corrupted mostly because of the practice of monopolistic were businesses abused marketing power by eliminating competitors, charging high prices to reduce and pervent competition.
During both time periods corrupt business was beneficial to business owners but even though it was corrupt the business was still successful.Companies take advantage to gain power by excluding any competition because the less competitors the less they will have to fight over who gets what and how they get it instead they will take everything to themselves. The panic of 1893 and the 2008 Great recession was the breaking point where business has collapse but this problem wasn’t benefiting companies it was making things worse there was no money being received to help business go up there was nothing that could help this crisis unless the companies stop having corrupt business.