In the second episode, Andrew Carnegie builds an empire around steel, but finds himself struggling to save face after the ruthless tactics of his business partner, Henry Frick, result in both the Johnstown Flood as well as the bloody 1892 strike at the Homestead Steel Works.

Rockefeller, Carnegie and Morgan team up to help elect William McKinley to the U.S. presidency by paying for his 1896 campaign, to avoid a possible attack on monopolies. However, fate intervenes when McKinley is suddenly assassinated, and vice president Theodore Roosevelt assumes the presidency and promptly begins dissolving monopolies and trusts in America. Meanwhile, Morgan buys out Carnegie Steel to make Carnegie the richest man in the world, and Henry Ford designs an affordable automobile with his Model T and starts his own business, Ford Motor Company, which sets a new business model for companies to follow.