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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He made sure he owned all the businesses needed to produce his product from start to finish .
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He made sure he owned different types of business, so he would still have businesses if one failed.
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He made sure he invented a lot of different things, so he would be wealthy even if one invention failed.
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He made sure he bought enough stock in a company that he would own it one day.
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Detailed explanation-1: -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.
Detailed explanation-2: -Because of his position, Carnegie had knowledge of the war machine during the Civil War and saw there was a large need for iron products. After the war he used this new knowledge to switch his business interests from railroads and telegraphs to the ironworks industry, eventually founding the Keystone Bridge Works.
Detailed explanation-3: -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.
Detailed explanation-4: -Andrew Carnegie used vertical integration to reduce competition and make his business more profitable by purchasing companies that provided the raw materials and services he needed to run his steel company.