Competition was the most important thing to the business leaders of their times. Three of the biggest business leaders in the late nineteenth century were Andrew Carnegie "the steel king", John D. Rockefeller "the oil baron" and J. Pierpont Morgan "the bankers banker". They each exercised their wisdom in creating ways to circumvent competition. .
Carnegie did everything possibly imagined in order to just create steel. Carnegie created "vertical integration", and created all different organizations from mining to marketing. His goal was to improve efficiency by making supplies more reliable, controlling the quality of the product at all stages of production, and eliminating middlemen's fees. Carnegie entered the steel business with much wisdom. He succeeded by picking high-class associates and by eliminating many middlemen. Even though he was very rich and wealthy, he was not a monopolist. Since Carnegie was not a monopolist, his conquest did not hurt us in the long run, Carnegie even helped with his vertical "integration".
Once Carnegie became wealthy beyond comprehension, J. Pierpont Morgan came into the picture. Morgan had made a reputation for himself. He also made a name for his Wall Street banking house by financing the reorganization of railroads, insurance companies and banks. He did not believe that money power was dangerous, unless it was in dangerous hands. Thus, he did not believe his own hands to be dangerous. Morgan banks still established today, still provide a benefit. Morgan was not as greedy as other power leaders, and is still beneficent to us today.
With these differences, Morgan and Carnegie would be bound to clash. They each threatened each other speaking of how they would destroy each others business. Morgan in the end won over the Carnegie holdings, and expanded his industrial empire. .
At a time when oil industry was one of the most striking developments of the years, John D.