What business practice contributed most to andrew carnegie’s ability to form a monopoly? a) using profits to support charities in order to greatly improving his reputation b. increasing his profits every year c. focusing on a single aspect of steel production d. combining his companies into one company, and controlling all aspects of steel production

Andrew Carnegie’s business practice which most contributed to his ability to form a monopoly is combining his companies into one company and controlling all aspects of steel production. That business practice gave many benefits for him.  

EXPLANATION  

The term monopoly can be interpreted in many meanings. In the context of the question above, monopoly means mastery of all matters in one or more business sectors by just one company. The absence of business competition is one reason for the existence of Monopoly. Monopoly in America itself has a long history since the colonial era.

Andrew Carnegie is the best example of the American steel monopoly industry. He began his career by working in a cotton factory in Pittsburgh. In 1859 he began to move up to a strategic position on the Pennsylvania Railroad. From there he began to invest in the oil and steel industry.

The age of 30 became his fortune age. Around the 1870s he entered the steel industry. It did not take long, two decades later he dominated the American steel industry. Carnegie could achieve that because he managed to maximize profits and reduce adding to his other companies. Carnegie’s steel company did not need to worry about expensive steel and transportation because it has all the companies in that field. He could easily manage the rotation of his steel industry wheels. Mastery of many aspects in one of these fields managed to monopolize the American steel industry.

LEARN MORE

If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:

•Andrew Carnegie purpose for publishing wealth:

Keyword: monopoly, Andrew Carnegie, steel industry.

Subject: History

Class: Class

Subchapter: Monopoly

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