WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Their generous charities helped foster a system of social welfare in the United States.
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Their entrepreneurship helped the United States become a world industrial power.
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Their donations to the arts encouraged an increase in the U.S. tourism industry
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Their focus on foreign trade encouraged the movement of U.S. companies abroad.
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Detailed explanation-1: -John D. Rockefeller’s Standard Oil Company acquired pipelines and terminal facilities, purchased competing refineries, and vigorously sought to expand its markets. Those practices enabled the company to negotiate with railroads for favoured rates on its shipments of oil.
Detailed explanation-2: -Both were extremely successful in removing all competition in their respective fields of business and controlling almost all of the production capacity of their respective products in the US.
Detailed explanation-3: -Rockefeller often bought other oil companies to eliminate competition. This is a process known as horizontal integration. Carnegie also created a vertical combination, an idea first implemented by Gustavus Swift.
Detailed explanation-4: -In addition, Carnegie Steel bought up its sources of raw materials and shipping (in a strategy called vertical integration) and bought out and absorbed its competitors (horizontal integration) to dominate the steel industry. By the 1890s, it was the largest and most profitable steel company in the world.