What roles were played by leading entrepreneurs like John D. Rockefeller, Andrew Carnegie, and J. Pierpont Morgan?
The leading entrepreneurs were extraordinarily skilled at organizing and controlling industry. John D. Rockefeller eventually controlled nearly every facet of the oil industry, consolidating that control through trusts and holding companies. Andrew Carnegie, who believed that competition benefited both society and business, came to dominate the steel industry by buying struggling companies. J. Pierpont Morgan, an investment banker, not only controlled most of the nation's railroads but also bough Carnegies's steel interest in 1901, thereby creating the nations's first billion=dollar corporation.