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Morgan's dream of consolidating control of the industry. This talent, coupled with his frequently "cut-throat" competitive practices, led to his becoming the leading steel baron.Įven the rise of Carnegie's steel company to preeminence was not sufficient to satisfy J.
How did the bessemer process benefit carnegie’s monopoly how to#
A poor Scottish immigrant boy, he rose to prominence because he understood how to organize steel industry management and its financial structure to his advantage. Carnegie was the epitome of the Horatio Alger "rags to riches" American success story. The leading steel company of the period was that owned by Andrew Carnegie, one of the major entrepeneurs and industrial magnates of the time. The technological breakthrough of the Bessemer process stimulated all industries by enabling the steel companies to produce a higher quality, more durable steel. Steel, by virtue of providing the material needed for all heavy equipment and machinery, was the other bellweather industry. Additionally the railroads provided a stimulus for the steel, oil, lumber, and coal industries by virtue of the railroads' need for the products of those industries - steel for rails, oil for lubrication, lumber for railroad ties, and coal for fuel. And the railroads not only provided the needed transportation of raw materials to the factories, but of finished products out to the markets. Two immigrant groups, the Chinese and the Irish, provided the bulk of the labor for railroad construction, while all levels of government as well as American and foreign private investors provided the needed capital. Railroad development illustrated a number of the elements that lit the fuse of the economic explosion. The two industries that played the leading role in this economic revolution were railroads and steel. Several factors coalesced to bring about this economic transformation, including discovery of rich natural resources, population growth, immigrant labor, new sources of investment capital, entrepeneurship, transportation, increased consumer demand,technology, encouragement by the federal government, and a conscious decision by the American people to become an industrial Describe the role played by railroads, steel, and oil in industrializing America, noting major leaders and developments in each of these key industries.ĭuring the last quarter of the 19th century the United States experienced an industrial revolution which would help it become a major world power.