Final answer:
Entrepreneurs like J.P. Morgan and Andrew Carnegie were among those who specialized in industries such as banking and steel production, helping to develop industrial capitalism in America. Their strategies and use of vertical integration facilitated the growth of large-scale business enterprises during the late nineteenth and early twentieth centuries.
Step-by-step explanation:
After the War of 1812, entrepreneurs like Junius Spencer Morgan and Andrew Carnegie began specializing in industries that would underline the growth of industrial capitalism in America. Morgan, starting in the import business, later transitioned into a partnership with a London banker to form Peabody, Morgan & Co., eventually renaming it to J.S. Morgan & Co. His son, J.P. Morgan, would further revolutionize the banking industry.
The dawn of new technologies such as processes in steel refining and advances in communications and electricity provided a fertile ground for ambitious businessmen. Their endeavors often garnered them the title of robber barons, reflecting a belief that they exploited workers. Regardless of their reputation, their companies such as Carnegie Steel Factory and the business financing efforts of J.P. Morgan greatly influenced America's industrial growth.
Andrew Carnegie is a striking example of how one can rise to become a titan of industry. From working in the Pennsylvania Railroad Company to observing and adopting the Bessemer Process, which made steel production more effective and cheaper, Carnegie's innovations in vertical integration allowed him to dominate the U.S. steel market and later sell his company to J.P. Morgan. This led to the creation of the United States Steel Corporation, the world's largest corporation at the time.
The transformation from technical innovation to massive industry was executed by entrepreneurs whose risky business ventures paid off, leading to vast wealth and a reshaping of the American way of life.