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How did the Carnegie’s purchase of Allegheny Steel contribute to the formation of his monopoly?

Deborah Edwards

in Social studies

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1 answer

Justin Parker on March 29, 2018

Carnegie decided that he was going to be a capitalist, that is concentrated in one industry - the steel industry. He built his first steel mill in 1875. The benefit of this steel mill enabled him to purchase other nearby steel mills. As Carnegie's empire grew, he bought more than the competition of the steel mills. Your purchase of the Allegheny Steel contributed to the formation of its monopoly, because it was one of his last major competitors. The definition of a monopoly is a company that is the sole seller of a particular product. By the time Carnegie had finished buying all their competitors, your company was the only company left in the steel industry.

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