The whole looming industry was virtually gone; and with that, it was clear that there would be no trade for Andrew to learn. ... Here Andrew was able to really maximize the opportunity set before him. ... The ability to lower costs. ... Carnegie also learned that he could make money off of selling bonds and shares of stock. ... His hunch paid off and prices were kept down and production was high. ...
Andrew's first investment of $600, would quickly pay off. ... (p.52)" Carnegie would quickly learn the trade of investing. ... Carnegie would then promote expansion by bartering his Pacific stock with that of construction costs. ... Carnegie was always looking to cut costs any way he could. ... Carnegie would even silently allow his managers, like Frick, to keep costs down by limiting wages of employees, a very unpopular tactic. ...
Basically, this system had a "hands-off" mentality-the government had no regulations or restrictions on big businesses. ... A monopoly is the exclusive possession or control of the supply or trade in a commodity or service, while a pool is an amalgamation of the resources of the participants in an association for their common advantage. ... In 1892, at Carnegie's ten-year old steel mill, the worker's wages had been cut and working hours had been increased in order for Carnegie to cut costs and maximize his profits. ... The hands-off approach of the federal government towar...
