The Federal Steel Company was an American steel conglomerate founded in 1898 by some prominent industrialists including J.P. Morgan.
Consider Federal Steel Company as one player in a high-stakes game of Monopoly where companies are buying up properties (in this case, other steel companies) to gain control over resources and markets.
J.P. Morgan: An influential banker and financier who dominated corporate finance during his time. He’s like that rich uncle everyone has who seems to have his hand in every business venture.
Industrialization: This refers to the process by which an economy shifts from primarily agrarian production to mass-producing goods using machines in factories - it’s like upgrading from cooking meals at home for family to running a full-scale restaurant.
Monopoly: A situation where a single company or group owns all or nearly all of the market for a given type of product or service. It's like being the only food vendor at a music festival - everyone has to buy from you.
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