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Rockefeller had one corporation that controlled a market. Rockefeller combined many corporations into a trust. Rockefeller controlled all steps in production and distribution. A lover of books, he was the largest individual investor in public libraries in American history. The company made much money during the war. Answers: 2 on a question: How was Rockefeller’s monopoly different from Carnegie’s Rockefeller could gather raw materials and refine them. The Carnegie Institution for Science, Carnegie Mellon University and the Carnegie Foundation were all founded thanks to his financial gifts. Among his philanthropic activities, he funded the establishment of more than 2,500 public libraries around the globe, donated more than 7,600 organs to churches worldwide and endowed organizations (many still in existence today) dedicated to research in science, education, world peace and other causes.Īmong his gifts was the $1.1 million required for the land and construction costs of Carnegie Hall, the legendary New York City concert venue that opened in 1891. Critics accused Rockefeller of engaging in unethical practices, such as predatory pricing and colluding with railroads to eliminate his competitors in order to gain a monopoly in the industry. 15 Votes) While both companies followed the business model of horizontal integration through buying companies similar to their own, the difference between Rockefeller and Carnegie was that Rockefeller's company later switched to vertical integration. In 1889, he had penned an essay, “The Gospel of Wealth,” in which he stated that the rich have “a moral obligation to distribute in ways that promote the welfare and happiness of the common man.” Carnegie also said, “The man who dies thus rich dies disgraced.”Ĭarnegie eventually gave away some $350 million (the equivalent of billions in today’s dollars), which represented the bulk of his wealth. In 1870, he established Standard Oil, which by the early 1880s controlled some 90 percent of U.S. He pioneered the use of trusts as a way to avoid antitrust laws. Rockefeller was the nation’s richest man. He also owned controlling stakes in General Electric, AT&T and numerous railroads. READ MORE: Andrew Carnegie Claimed to Support Unions, But Then Destroyed Them in His Steel Empire Andrew Carnegie: PhilanthropistĪfter Carnegie sold his steel company, the diminutive titan, who stood 5’3”, retired from business and devoted himself full-time to philanthropy. He bought Carnegie’s steel company and renamed it US Steel. Steel, the world’s first billion-dollar corporation. That same year, Morgan merged Carnegie Steel with a group of other steel businesses to form U.S. In 1901, banker John Pierpont Morgan (1837-1913) purchased Carnegie Steel for some $480 million, making Andrew Carnegie one of the world’s richest men.