Summary Of The New Carnegie And The Rise Of Big Business

Name of Industrialist: Andrew Carnegie (Steel Company) How did he acquire his wealth? Carnegie frequently recognized as one of the wealthiest person ever. He made big bucks from oil business. He also led the growth of the American steel company in the late 19th century.

Andrew Carnegie was a Scottish industrialist who led the expansion of the steel industry back in the 19th century and is known as one of the richest men. One reason that Andrew Carnegie

The context of Andrew Carnegie becoming a Caption of Industry is the industrial revolution. Industrialism is the expansion of factories and the mass production of manufactured goods. The Industrial Revolution of the early 1900s set the foundation for the rise of Andrew Carnegies steel. While some people think Carnegie is a Caption of Industry because he got to the top by going from rags to riches, his monopoly act, and being a good businessman, evidence suggests he is a Robber Barron because he would pay his workers such little amounts and would make them work many hours, he would also make it hard to compete against him. Andrew Carnegie is a questionable man; he went from living a very poor life as a child to being a billionaire.

The first major fortune that Mr. Carnegie reaped from his investment was in the sleeping car. However, after Carnegie came back from the Civil War he realized that the business was no longer in the railroad and telegraph industry, but in the iron industry. This influenced his transition from the railroad and telegraph industry to the steel industry. This would be the best decision he ever made for his career. He ended up becoming a steel giant.

1) Andrew Carnegie used vertical integration, controlling every step in the process of manufacturing a product, dominating the market. Vertical integration is when the company owns all means of distribution from beginning to end, this makes supplies more reliable and improved efficiency. It controlled the quality of the product at all stages of production. Horizontal integration was used by John D. Rockefeller and is an act of joining or consolidating with one’s competitors to create a monopoly. In Ohio in 1870 he organized the Standard Oil Company.

Starting out as a poor Scottish immigrant, Carnegie was able to fairly make his way up the industrial food chain. Beginning as a teenage messenger boy in a Pittsburgh telgraph office, Carnegie became one of the first in the country to take messages by sound. This useful skill allowed Carnegie to ascend the industrial ladder. After investing all he owned into the steel mill corporation, Carnegie became one of the wealthiest men in the world. While occasionally being dubbed a "robber baron", Carnegie would quickly prove himself otherwise with his extreme generosity.

Andrew Carnegie, a Scottish American leader was best known for his steel and production and philanthropy also know as to some as a robber baron and to other as a “captain industry,” Carnegie founded the Carnegie Steel in the Progressive Era. His company led to him learning about the lives of the workers and to see how life really worked for them. He began his essay “Wealth” by describing the problems of generosity by the rich men of the upper class. Carnegie wanted the wealthy men to comprehend how to be philanthropy and reconstruct their surplus means in a responsible and thoughtful manner.

Both features were essential to Carnegie's rise in the economic world. As the son of poor Scottish immigrants, Carnegie had no family money or connections to rely upon. Due to this Carnegie had to rely on himself to build the economic empire he did. Knowing this, Carnegie took advantage of the mobility

During this time, Carnegie bought stock and made several other investments, but in 1873 Carnegie sold out his other interests and focused primarily on the steel business. Carnegie later created the Carnegie Steel Business. Carnegie’s success can be credited to hard work, qualified help and his attention to small details. Carnegie was able to benefit from the 1890’s great depression. While some were going bankrupt, Carnegie used his wisdom and was able to obtain more steel production corporations by buying coal and iron mines, warehouses, ships and railroads so that he could gain control of all parts of the steel process.

Carnegie worked at a cotton factory before becoming a division superintendent. Throughout the years, he began to invest in companies such as iron and oil. This led Carnegie into the steel business which made him into a powerhouse. Opportunity Andrew Carnegie’s childhood life played a huge role that lead to his success in his later years.

During the era of industrialization, there were many commercial benefits, but those benefits came at a cost which would be paid by the masses rather than the industrialists. As there was little government regulation the industrialist controlled every aspect and profits made from their products, so their influence was immensely strong during the industrialization period which made it difficult to contest their power. Carnegie was on the side of capitalism he saw it as necessary for everybody not to be equal while it sounds cruel as he was the richest man of his time he did have his reason. As a kid, he came from a poor family but his family despite being low class still knew the importance of education.

In order for Carnegie to have succeed in being in the metal industry, it was clear that he had to discontinue his career of a railroad executive (Kohn). To commence his business in the metal industry, Carnegie invested in an iron manufacturing factory (Kohn). Carnegie also bought into an iron bridge plant and then bought into a Company making

Andrew Carnegie Andrew Carnegie’s was one of the most successful businessmen during America’s Age of Industrialization in the 1880’s. After the Civil War, he saw a future in having a career in the iron industry, and later on, decided to invest in the steel industry (PBS). Though Carnegie is most known for his contribution in the steel industry, he took part in a few other businesses as well. However, the Gilded Age is an era full of poverty and corruption hidden underneath the prosperous, wealthy nation, and the working conditions within Carnegie Steel Company were not much better than those in other factories (Resetar).

Since he asked his mentor Tom Scott for help he made about $21 million dollars. With the money, he created his own and first steel plant. Carnegie was a good investor, his mill was one of the largest in the country. Carnegie is able to supply as much steel as the nation may need and become very wealthy. Around the 20th century, America was growing very fast with the rail, oil and steel making.

Underpinnings and Effectiveness of Carnegie’s “Gospel of Wealth” In Andrew Carnegie’s “Gospel of Wealth”, Carnegie proposed a system of which he thought was best to dispose of “surplus wealth” through progress of the nation. Carnegie wanted to create opportunities for people “lift themselves up” rather than directly give money to these people. This was because he considered that giving money to these people would be “improper spending”.