WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
ROBBER BARONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Gospel of Wealth
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Social Darwinism
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horizontal integration
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vertical integration
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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: -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: -Vertical integration helped the Carnegie steel business by purchasing all the components that went into making steel: buying the mines that produced the raw materials, the railroads that shipped them, the electricity providers for the factories, etc.
Detailed explanation-4: -In the early 1870s, Carnegie co-founded his first steel company, near Pittsburgh. Over the next few decades, he created a steel empire, maximizing profits and minimizing inefficiencies through ownership of factories, raw materials and transportation infrastructure involved in steel making.