What were two important events which took place in Philadelphia in 1787?
1. ___________________________________________________
2. ___________________________________________________
While the second event is not nearly as well known, it is also very important. Explain why.
_______________________________________________________________________________
By the 1800s, the steamboat’s design had been improved by Robert ___________. In 1808, he and
his business partner, Robert ______________, were granted a 20-year _________________ over
the operation of steamboats in New York’s waters by New York lawmakers. This was known as the
Fulton–Livingston Monopoly.
Define monopoly: _____________________________________________________________
What were some of the negatives of this monopoly?
___________________________________________________________________________
1. The Constitutional Convention
2. The Ratification of the U.S. Constitution
While the second event is not nearly as well known, it is also very important because the ratification process led to the establishment of the U.S. Constitution as the supreme law of the land, establishing the structure and powers of the federal government and guaranteeing individual rights and liberties to the citizens of the United States.
By the 1800s, the steamboat's design had been improved by Robert Fulton. In 1808, he and
his business partner, Robert Livingston, were granted a 20-year monopoly over
the operation of steamboats in New York's waters by New York lawmakers. This was known as the
Fulton–Livingston Monopoly.
Define monopoly: A situation in which a single company or group exclusively controls the supply of a product or service, consequently having the power to control prices and restrict competition.
What were some of the negatives of this monopoly?
- It stifled competition, limiting the opportunity for other businesses to innovate and develop more efficient or affordable steamboat technologies.
- It allowed Fulton and Livingston to control prices and potentially overcharge customers without the pressure of competitors to keep prices fair.
- It may have slowed down the overall growth and spread of steamboat technology because of the limited area and operators allowed under the monopoly.