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Word Count: 544
The Standard Oil Company founded by John D Rockefeller and the US Steel Company founded by Andrew Carnegie The Standard Oil Company and US 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 Rockefellers oil monopoly did turn out a superior product at a relatively cheap price Rockefeller belived in ruthless business Carnegie didnt yet they both had the most successful companies
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