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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vertical integration
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horizontal integration
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time-study analysis
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taylorism
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Detailed explanation-1: -This is a process known as horizontal integration. Carnegie also created a vertical combination, an idea first implemented by Gustavus Swift. He bought railroad companies and iron mines. If he owned the rails and the mines, he could reduce his costs and produce cheaper steel.
Detailed explanation-2: -Answer and Explanation: Andrew Carnegie (b. 1835-1919) gained control of the U.S. steel industry by producing quality steel at low prices and by taking over every stage of production, eventually gaining a monopoly.
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: -Vertical Integration was a process in which Andrew Carnegie bought out his suppliers such as, coal fields, , iron mines, ore freighters and railroad lines. b. How did it help businesses such as the Carnegie Company and tycoons like Andrew Carnegie? He did this to control the raw materials and transportation systems.