Corporate Development During The Industrial Revolution

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Term Paper Title	Corporate Development During The Industrial Revolution
# of Words	617
# of Pages (250 words per page double spaced)	2.47

Corporate Development During the Industrial Revolution

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 doing this he was able to undersell his  competetors because they had to pay the competitors they went through to get the raw materials.  Unlike  Andrew Carnegie, John D. Rockefeller integrated  his oil business from top to bottom, his  distinctive innovation in movement of American  industry was horizontal.  This meant he followed  one product through all its stages.  For example, rockrfeller controlled the oil when it was   drilled, through the refining stage, and he maintained control over the refining process  turning it into gasoline.  Although  these two powerful men used two different methods  of management their businesses were still very  successful (Conlin, 425-426).

Tycoons like Andrew Carnegie, "the steel king," and John D. Rockefeller, "the oil baron," exercised their genius in devising ways to circument competition.  Although, Carnegie inclined to be  tough-fisted in business, he was not a monopolist and  disliked monopolistic trusts.  John D.  Rockefeller came to dominate the oil industry.  With  one upward stride after another he organized  the Standard Oil Company, which was the nucleus  of the great trust that was formed.   Rockefeller showed little mercy.  He believed primitive savagery prevailed in  the jungle world of business, where only the fittest survived.  He persued the policy  of "ruin or rule."  Rockefeller's oil monopoly  did turn out a superior ...

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