 |
|||||||
|
The Steel Industry
1850’s – The Bessemer Process allowed steel to be produced cheaply. · Therefore, the steel industry grew rapidly. Examples: railroads, skyscrapers, nails, pins · Scottish immigrant Andrew Carnegie became the “King of Steel”, producing the majority of America’s steel. · Carnegie reportedly gave $350 million of his $400 million fortune to charities, including $60 million to build libraries. Free Enterprise · Most large businesses are corporations owned by stockholders. Shares of stock - a unit of ownership in a company · Once a year stockholders share the profits of the corporation, which are called dividends. Advantages of Corporations 1 – The sale of stock raises capital. (money needed to start and operate large businesses.) 2- Corporations can operate without a single owner. 3 – There is less risk involved being a stockholder than being the sole owner of a company. |
|||||||
 |
|||||||