WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
ANDREW CARNEGIE
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
being lazy
|
|
|
work hard, then relax
|
|
|
working hard and being aa risk taker
|
|
|
when the times are rough work even harder
|
Detailed explanation-1: -Carnegie adopted a new process invented by Sir Henry Bessemer that allowed steel to be made from iron more efficiently and quickly. This lowered the cost for steel, expanding the market. While this Bessemer steel didn’t work for bridges or buildings, it worked well for railways.
Detailed explanation-2: -He believed in the “Gospel of Wealth, ” which meant that wealthy people were morally obligated to give their money back to others in society. Carnegie had made some charitable donations before 1901, but after that time, giving his money away became his new occupation.
Detailed explanation-3: -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-4: -Answer and Explanation: Andrew Carnegie’s business strategy was to own all of the resources and transportation needed to manufacture and sell his product. He owned the raw materials used to make the steel. He owned the railroads and ships he needed to transport his steel.