Corporate Development During the Industrial Revolution in the US
The Standard Oil Company founded by John D. Rockefeller and the U.S. Steel Company founded by Andrew Carnegie. The Standard Oil Company and U.S. Steel Company were made successful in different ways due to the actions of their different owners. The companies differed in their labor relations, market control, and structural organization.
In the steel industry, Carnegie developed a system known as vertical integration. This means that he cut out the middle man. Carnegie bought his own iron and coal mines because using independent companies cost too much and were inefficient. By doi…
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