Final answer:
Andrew Carnegie considered selling Carnegie Steel to focus on philanthropy, making it possible for J.P. Morgan to acquire and consolidate it into the U.S. Steel Corporation.
Step-by-step explanation:
To achieve his dream, J.P. Morgan purchased Carnegie Steel. Andrew Carnegie considered selling Carnegie Steel for several reasons. A significant one was that he wanted to transition into philanthropy later in life. Carnegie had built a steel empire through wise investments, such as the acquisition of the Homestead Steel Works, and was known for his ambition to control every aspect of the steel production process.
This allowed him to outperform competitors and offer better prices. By owning mines, railroads, and other necessary components, Carnegie practiced vertical integration, which led to his dominance in the steel industry. However, the details surrounding the sale suggest that Carnegie's decision to sell had largely to do with a move toward philanthropic efforts. Selling Carnegie Steel to Morgan for a staggering sum allowed him to focus on giving back to society, which he did by constructing libraries, schools, and institutions.
Morgan himself was a successful investment banker who built his wealth by making wise financial decisions and investing in promising enterprises. He saw the lucrative potential of the steel industry and purchased Carnegie's enterprise, consolidating it with other firms to create the U.S. Steel Corporation, the country's first billion-dollar firm.