USA HISTORY

Detailed explanation-1: -Carnegie began to invest his money into steel, and as he is well known for Carnegie Steel . Carnegie got together with Sir Henry Bessemer, to create a more efficient way to produce and refine steel.

Detailed explanation-2: -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-3: -First, a monopoly limited or prevented competition. Businesses would not have to compete with other firms for consumers. Second, if a business had a monopoly and faced no competition, it could fix prices for its product.

Detailed explanation-4: -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-5: -His steel empire produced the raw materials that built the physical infrastructure of the United States. He was a catalyst in America’s participation in the Industrial Revolution, as he produced the steel to make machinery and transportation possible throughout the nation.