Final answer:
Andrew Carnegie was a prominent figure in the steel industry and founded Carnegie Steel; however, it was J.P. Morgan who actually created the United States Steel Corporation after purchasing Carnegie's business. Carnegie's rise and philanthropy represent the ascent of big business in America.
Step-by-step explanation:
Andrew Carnegie rose from humble origins and became a titan in the steel industry. He strategically controlled every facet of steel production by owning mines, foundries, and railroads. His approach not only reduced costs but also ensured supremacy in the market. By 1900, Carnegie Steel was producing more steel than all of Great Britain and became synonymous with the rise of big business in America.
Despite his success with Carnegie Steel, it was J.P. Morgan who later created the United States Steel Corporation after buying out Carnegie in 1901. Morgan consolidated Carnegie's steel holdings with several other companies to form the corporation, capitalizing it at $1.4 billion, creating the first billion-dollar American company and a monumental moment in industrial history.
Andrew Carnegie devoted the latter part of his life to philanthropy, using his vast fortune to construct libraries, schools, and institutions of higher education—leaving a lasting legacy beyond his business achievements. The sales of his company leading to the formation of the U.S. Steel Corporation marked a pivotal moment in industrial capitalism and the broader American economy.