Question

Which statement most accurately represents Carnegie's effect on the steel industry between 1865 and 1892?

Answer 1

Carnegie realized that steel was the metal of the future and began to invest in or buy up potential competitors

Answer 2

I believe the answer is: Carnegie realized that steel was the metal of the future and began to invest in or buy up potential competitors.

Buy buying up potential competitors, Carnegie able to create a monopoly of the steel industry. If Carnegie's wealth at its peak is converted into modern day value, he had around more than $300 billion in net worth. For comparison, the current richest man in the world had the net worth of $ 160 billion.