What strategy did Rockefeller and Carnegie use to manage their companies?

• A. Increase workforce and reduce hours
• B. Slash their workforces and require longer hours for less pay
• C. Invest in new technologies for improvement
• D. Promote employee benefits to boost morale

Answer: (B)

The strategy used by Rockefeller and Carnegie to manage their companies involved slashing their workforces and requiring longer hours for less pay. This approach was rooted in the industrial practices of the late 19th century, where maximizing efficiency and profits often took precedence over the welfare of workers. By reducing the number of employees, both industrialists could cut costs significantly and maintain a higher profit margin. Additionally, increasing working hours while lowering wages allowed them to extract more labor from the remaining workforce, which further bolstered their economic success.

Rockefeller, for instance, streamlined the operations of Standard Oil by aggressively consolidating and cutting costs, while Carnegie's steel production benefited from similar labor practices amid rapid industrial growth. This strategy ultimately facilitated their rise to prominence as titans of American industry, exemplifying a focus on productivity and profit maximization in the rapidly changing landscape of the American economy at that time.