How did Andrew Carnegie gain control of the steel industry?
e) he practiced 'economies of scale' Andrew Carnegie arrived to the USA as a penniless immigrant from Scotland in his teens and worked as a clerk. Through hard work, thrift, and intelligence Andrew Carnegie ran a very effecient network of steel mills (economies of scale) and outproduced his competition at cheaper prices. Andrew Carnegie provided thousands of jobs and careers for Americans, and helped out the nation with his philanthropy with libraries, museums, and endowments. He was not a robber baron by any means of the word.
How did Andrew Carnegie establish control over the steel industry during the late 1800's?
http://www.carnegiebirthplace.com/ http://en.wikipedia.org/wiki/Andrew_Carn... here some information on him. hope it helps.
How did Andrew Carnegie revolutionize the steel industry?
a. He incorporated the Bessemer process in his steel-manufacturing factories. b. He standardized workplace procedures to achieve greater efficiency. c. He utilized vertical integration to minimize costs and maximize profits. d. All of these. e. None of these.
How did Andrew Carnegie gain control of the steel industry?
Hard work and a wise investment in a sleeping car company during the 1850s led to Carnegie's early success in the railroad business as well as the financial world. During the Civil War he invested in oil, worked in transportation for the U.S. War Department and became interested in the iron and steel business. After the war he concentrated on steel, and by 1888 he owned control of the Homestead Steel Works and other manufacturing plants, which he eventually consolidated as the Carnegie Steel Company. With his longtime partner, Henry Clay Frick, Carnegie competed fiercely in business and tried to quash organized labor, in spite of his belief that it was the duty of the wealthy to help society (a belief he outlined in an influential 1889 essay, "The Gospel of Wealth"). In 1901 Carnegie Steel merged with the U.S. Steel Corporation and Carnegie sold out to J.P. Morgan for $480 million, making Carnegie the richest man in the world
How did andrew carnegie revolutionize the economic platform?
Andrew Carnegie revolutionized the economy of his day because he created several business innovations that were unique and helpful. -He did not believe in sitting on his money. He continuously took his profits and reinvested them back into his own company to make more and more improvements so that things would run smoother. -He tried to pay people not in money, but in a small percentage of company stock, so that they would be motivated to work harder, because their own efforts could make the stocks worth more or less. -He was obsessed with cutting costs. He believed that if his company could sell steel for as cheap as possible, there would be a greater demand for steel, and they would make a greater profit this way than if they had sold steel at a higher price. He was right. - Andrew was one of the firsts "captains of industry." This meant that he controlled all aspects of the steel industry. He controlled production (owned the mines where iron ore was mined), transportation (owned his own railways to transport the iron to his steel mills), conversion (owned steel mills where iron was converted into steel), and distribution of steel. Through this innovative solution, he was able to eliminate the middleman, and make maximum profits by allowing steel to be much cheaper. Hope I helped !!!
How did andrew carneige gain control of steel industry?
Carnegie was a visionary. During his trips to Britain he came to meet steelmakers. Foreseeing the future demand for iron and steel, Carnegie left the Pennsylvania Railroad in 1865 and started managing the Keystone Bridge Company. From about 1872-73, at about age 38, he began concentrating on steel, founding the J. Edgar Thomson Steel Works near Pittsburgh, which would eventually evolve into the Carnegie Steel Company. In the 1870s Carnegie's new company built the first steel plants in the United States to use the new Bessemer steelmaking process, borrowed from Britain. Other innovations followed, including detailed cost- and production-accounting procedures that enabled the company to achieve greater efficiencies than any other manufacturing industry of the time. Any technological innovation that could reduce the cost of making steel was speedily adopted, and in the 1890s Carnegie's mills introduced the basic open-hearth furnace into American steelmaking. Carnegie also obtained greater efficiency by purchasing the coke fields and iron-ore deposits that furnished the raw materials for steelmaking, as well as the ships and railroads that transported these supplies to his mills. The vertical integration thus achieved was another milestone in American manufacturing. Carnegie also recruited extremely capable subordinates to work for him, including the administrator Henry Clay Frick, the steelmaster and inventor Captain Bill Jones, and his own brother Thomas M. Carnegie. In 1889 Carnegie's vast holdings were consolidated into the Carnegie Steel Company, a limited partnership that henceforth dominated the American steel industry. In 1890 the American steel industry's output surpassed that of Great Britain's for the first time, largely owing to Carnegie's successes. The Carnegie Steel Company continued to prosper even during the depression of 1892, which was marked by the bloody Homestead strike. (Although Carnegie professed support for the rights of unions, his goals of economy and efficiency may have made him favour local management at the Homestead plant, which used Pinkerton guards to try to break the Amalgamated Association of Iron, Steel, and Tin Workers.)
How did Andrew Carnagie gain control of the steel industry?
A. By using the Bessemer Process B. By forming a partnership with H. Frick C. By practicing the "gospel of wealth" D. By using vertical consolidation
What was the significance of the Industrial Revolution?
The Industrial Revolution is responsible for the way basically everything works today. How we acquire potable water, process foods, make modern clothing, gadgets, toys, electonics, etc.; how we mass produce and purchase those commodities/”stuff”; how we travel, learn, or listen to music; and how we eliminate germs and waste — all these things are the result of the Industrial Revolution.We have time zones because the invention of railroads required precise schedules (standard time) for arrivals and departures, and loading/unloading cargo, in order for the system to run smoothly. That created new towns, opened up commerce where there hadn't been any, and connected distant regions to each other — regions which previously had been isolated (such as the American East and West).Modern cities exist because Andrew Carnegie revolutionized steel, discovering a way to mass produce it cheaply and therefore use it to make skyscrapers, suspension bridges, and so on. John D. Rockefeller and others turned oil into a major energy commodity, something we use to run modern transportation and appliances.Today's computers are possible because of a coding system called binary, and binary was only possible because industrialists had invented a physical predecessor to binary in the textile looms in the 1800s. The efficiency of these machines paved the way for, and evolved into, both the Internet and the system of global capitalism and money markets on which we all depend, and which shape the way we live financially.On and on and on the list goes. The Industrial Revolution has shaped almost every physical thing you can look at, and every activity in which you engage.
How does Andrew carnage was a robber baron and Captain of industry?
Please remember that any "Captain of Indutry" or any self- made man became successful on the backs of the little guy. Andrew Carnegie (I think that's who you mean) was also a philanthropist of major proportions. There are libraries in many major cities that were built by him. The Carnegie Institue of Technology, now the Carnegie Mellon University in Pittsburgh, PA. was started by the Carnegie. Though he may have been a "robber baron ", he also used his accumulated wealth to do good acts which would help the little guy. Any of the wealthy men: Rockefellers, J.Paul Getty, the Mellons, the Duponts, the Vanderbilts,et al. can all fall into the same category as Andrew Carnegie.