Question

What impact did Andrew Carnegie and John D. Rockefeller have on the American economy in the last half of the 1800s?

Answer 1

The impact that Andrew Carnegie and John D. Rockefeller have on the American economy in the last half of the 1800s is that they established and dominated the new steel and oil industries.

Andrew Carnegie stabilized the steel industry, while Rockefeller also did it in the oil industry.

Answer 2

The impact did Andrew Carnegie and John D. Rockefeller have on the American economy in the last half of the 1800s is established and dominated by the new steel and oil industries. So the answer is (C).  

EXPLANATION

John D. Rockefeller is the founder of the Standard Oil Company. Through this company, he became one of the richest people in the world. Born in a modest family in upstate New York, he started the oil business in 1863 by investing in a Cleveland oil refinery in Ohio.

In 1870, he founded his own oil company named Standard Oil Company. Ten years later, he controlled about 90 percent of the U.S. refinery and pipeline. Critics are suspicious of Rockefeller, he is accused of being involved in unlawful practices, to defeat his competitors and to monopolize the U.S. oil industry. this. In 1911, the U.S. Supreme Court stated that Standard Oil violated anti-trust laws and ordered the closure of the company.

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.

At 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: brainly.com/question/4198082

KEYWORD: Anderew Caarnegie, John D. Rockefeller, Oil-Steel, the impact of Andrew Carnegie and John D. Rockefeller have on the American economy

Subject: History

Class: 10-12

Subchapter: American Industry