USA HISTORY

Detailed explanation-1: -Andrew Carnegie had gone a long way towards creating a monopoly in the steel industry when J.P. Morgan bought his steel company and merged it into U.S. Steel to create a monstrous corporation approaching the size of Standard Oil.

Detailed explanation-2: -Answer and Explanation: Andrew Carnegie created a monopoly in the steel industry. Construction of Carnegie’s first steel mill began in 1872. The mill capitalized on technological advances and low wages to produce cheap high-quality steel.

Detailed explanation-3: -He invested a good sum of money into the steel industry. Which eventually would pay off greatly. Once he did make it into the steel industry he adapted the style of vertical integration. This this business style can be seen as a monopoly due to its control of the complete process of a product.

Detailed explanation-4: -A significant example of a vertical monopoly was Carnegie Steel. This company was considered a vertical monopoly because it owned every step of its supply chain, from raw material production to distribution. Also, the company was a monopoly because it had the power to control the overall supply of steel in the economy.

Detailed explanation-5: -To date, the most famous United States monopolies, known largely for their historical significance, are Andrew Carnegie’s Steel Company (now U.S. Steel), John D. Rockefeller’s Standard Oil Company, and the American Tobacco Company.