Significant Achievements and Strategies in Business History

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Carnegie Steel Company achievement by 1899

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Produced more steel than all of Britain combined

Answer explanation

By 1899, The Carnegie Steel Company achieved a remarkable milestone by producing more steel than all of Britain combined, highlighting its dominance in the steel industry and contributing significantly to the U.S. economy.

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Strategy for monopolies (late 1800s - early 1900s)

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Horizontal Integration

Answer explanation

During the late 1800s and early 1900s, companies used horizontal integration to form monopolies by acquiring or merging with competitors in the same industry, thereby increasing market share and reducing competition.

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Published "On the Origin of Species" (1859)

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Charles Darwin

Answer explanation

The correct answer is Charles Darwin, who published "On the Origin of Species" in 1859. This work laid the foundation for evolutionary biology, introducing the theory of natural selection.

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Social Darwinists' view on economy

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Ideal: Laissez Faire

Answer explanation

Social Darwinists believed in a 'Laissez Faire' economy, advocating minimal government intervention in business. They thought that competition and natural selection would lead to economic progress.

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Condition of factory workers during big business rise

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Grueling hours for low pay. and often unsafe

Answer explanation

During the rise of big business, factory workers often faced grueling hours for low pay, which was a common condition. This contrasts sharply with the other options, which suggest better working conditions that were not typical at the time.

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Companies united by J.P. Morgan in 1892

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Edison General Electric & Thomson-Houston Electric

ALSO JP Morgan l bought out Carnegie Steel to form U.S. Steel

Answer explanation

In 1892, J.P. Morgan united Edison General Electric and Thomson-Houston Electric to form General Electric. This merger combined their strengths in electrical innovation, making it a significant player in the industry.

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Rockefeller's strategy to eliminate competition

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Charged extremely low prices

Answer explanation

Rockefeller used predatory pricing as a strategy to eliminate competition by charging extremely low prices. This tactic forced competitors out of business, allowing him to dominate the oil industry.

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Purpose of the Sherman Anti-trust Act

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Break up monopolies and make them illegal

Answer explanation

The Sherman Anti-trust Act aimed to break up monopolies and make them illegal, promoting fair competition in the marketplace. This was essential to prevent the concentration of economic power in the hands of a few.

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Industry Andrew Carnegie joined in 1873

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Steel

Answer explanation

After leaving the railroad business in 1873, Andrew Carnegie joined the steel industry, where he became a leading figure and revolutionized steel production in the United States.

Front

Carnegie Steel Company production by 1899

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More than all of Britain combined

Answer explanation

By 1899, the Carnegie Steel Company produced more steel than all of Britain combined, showcasing its dominance in the steel industry during that period.