Final answer:
John D. Rockefeller and Andrew Carnegie significantly influenced the industrial age by creating trusts and monopolies through horizontal and vertical integration, respectively. Rockefeller's Standard Oil and Carnegie's Steel Company became dominant forces in their industries, leading to a concentration of economic power that prompted regulatory responses.
Step-by-step explanation:
The rise of trusts and monopolies during America's Gilded Age was significantly influenced by the business practices and strategic actions of industrial titans like John D. Rockefeller and Andrew Carnegie. Rockefeller, through horizontal integration, expanded his control over the oil industry by merging with other companies, creating trusts, and using predatory pricing strategies to drive competitors out of the market. His adept use of the trust arrangement and the holding company model allowed him to circumvent anti-monopoly laws while controlling a vast empire within the oil industry.
Carnegie, on the other hand, used vertical integration to dominate the steel industry. By owning all the suppliers and means of production, from mines to railroads, he was able to cut costs and ensure high-quality steel production. His methods, combined with the Bessemer Process for making stronger, cheaper steel, resulted in Carnegie Steel becoming a predominant force in the industry. After selling his company to J.P. Morgan, it became part of the United States Steel Corporation, the largest corporation at that time.
The consequences of such consolidation of power were profound, affecting not just the economic landscape, but also prompting regulatory responses such as the Sherman Anti-Trust Act. Nonetheless, the monopoly control exercised by such businessmen was considerable, with a small percentage of the country's businesses controlling a large portion of the economy by the turn of the 20th century. Their business practices and management styles were a hallmark of the industrial age and would shape the future of American enterprise.