Andrew Carnegie born in 1835 in Scotland soon immigranted the the U.S and lived in Pittsburgh. He worked in a cotton factory in town and always had a fancy for the railroads and steel. He made his fortune being a part of the Pennsylvania Railroad Company and in 1870 he broke away and formed his own company. He founded his first steel company near Pittsburgh and thus created a steel company, The Carnegie Steel Company. John Pierpont Morgan bought the company in 1901 and was then soon incorporated it into the U.S Steel corporation. The Pittsburgh U.S Steel Company was in direct competition with steel mills in the South. To decrease the competition and make them more supreme c the Pittsburgh Plus was created, which was an extra tax for consumers of steel in Alabama. Firms in the South found it cheaper to get steel from Pittsburgh than from Alabama. The policy was eventually ruled illegal but it left damage to the Alabama steel economy. This Pittsburgh Plus contributed to the South's slower economy.
Sources:
http://www.history.com/topics/andrew-carnegie
http://explorepahistory.com/kora/files/1/2/1-2-1317-25-ExplorePAHistory-a0k9q9-a_349.jpg
No comments:
Post a Comment