What were negative effects of monopolies in the late 1800s?

In the late 1800s, monopolies stifled competition, leading to higher prices and reduced choices for consumers. They often exploited workers by maintaining low wages and poor working conditions, as there were fewer alternative job opportunities. Additionally, monopolistic practices could lead to political corruption, as powerful companies influenced legislation to protect their interests, undermining democratic processes. This concentration of economic power also contributed to significant income inequality during that era.