What did Andrew Carnegie become rich in?
Originally from Scotland, Andrew Carnegie (1835-1919) was an American industrialist who made his fortune in the steel industry and went on to become a major philanthropist. John Pierpont Morgan acquired the Carnegie Steel Company for $480 million in 1901. What was Andrew Carnegie's most money?
How did Andrew Carnegie gain his wealth?
While working for the railroad, Carnegie began making investments. He made many wise choices and found that his investments, especially those in oil, brought in substantial returns. His business, which became known as the Carnegie Steel Company, revolutionized steel production in the United States.
How did Carnegie use steel to become rich?
Carnegie, working with others, established a steel rolling mill, which led to the establishment of a steel production and product control industry that made him rich. Prior to the war ... to adopt the new process. How did Andrew Carnegie revolutionize ...
How did Carnegie use social Darwinism?
How did Carnegie use social Darwinism? Rockefeller and Carnegie took to Social Darwinism as a way to expand their reach into profit- making centers and industrial growth. Social Darwinism was used to praise individual endeavor and the will to act in a manner that stressed dominance and success.
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What did Andrew Carnegie stand for?
His 1889 article proclaiming "The Gospel of Wealth" called on the rich to use their wealth to improve society, expressed support for progressive taxation and an estate tax, and stimulated a wave of philanthropy. Andrew Carnegie.
Did Carnegie believe in individualism?
Andrew Carnegie (November 25, 1835-August 11, 1919) rose from poverty to become an industrial magnate, as well as a prolific and influential writer. His writings celebrated individualism, competition, economic growth and democracy, and challenged the wealthy to practice a philanthropy that would elevate mankind.
What was Carnegie's religion?
Long accustomed to the excesses of the robber barons of industry, the American public was startled in 1889 when one of the wealthiest men in the nation — and in the world — issued his great manifesto, “The Gospel of Wealth.” Powerfully influenced by his strict Scottish Presbyterian heritage, Andrew Carnegie urged rich ...
Did Carnegie believe in God?
His philosophy of life and compassion for a faith stopped at the door of religion. He completely rejected Christianity and sectarianism. In his autobiography, he wrote; “Not only have I got rid of the theology and the super natural, but I have found the truth in evolution.”
What is Carnegie's main message?
Carnegie believed in giving wealth away during one's lifetime, and this essay includes one of his most famous quotes, “The man who dies thus rich dies disgraced.” Carnegie's message continues to resonate with and inspire leaders and philanthropists around the world.
Did Carnegie believe in capitalism?
As one of the wealthiest men in America, it makes since that he agrees with the views of capitalism. Conquering the steel industry, he believed that manufacturing was incredibly important for society since it generated capital.
What was Carnegie's vision for America?
In 1913, determined to see world peace flourish, Carnegie stated his belief that a “Temple of Peace” must be built to illustrate the urgency and importance of resolving war and establishing peace between all nations, through arbitration, mediation, and education.
What were Andrew Carnegie's two main beliefs in the Gospel of Wealth?
Andrew Carnegie's principles are dictated by the "law of competition," which states that the fittest will survive, and "social Darwinism," which states that wealth in the hands of a few was good for all of society and they would make the best out of it.
What was Andrew Carnegie's vision of America?
Andrew Carnegie, the American steel titan, explains his vision for the proper role of wealth in American society. The problem of our age is the administration of wealth, so that the ties of brotherhood may still bind together the rich and poor in harmonious relationship.
What did Andrew Carnegie believe some people succeed?
He said it is inherent for some to be more talented and to succeed in business and to build up wealth than others. For him it seemed so because he considered that someone without a talent or a willingness to succeed won't do it and won't make a great deal of money.
Why isn't Carnegie a hero?
There were three reasons Andrew Carnegie was not a hero and they are he was a hypocrite, did not care about others, and caused others to lose self respect. One reason Carnegie was not a hero was the things he said did not match his actions.
Who did Carnegie blame for his problems?
Disgruntled workers burn Scott's business down and help to send him to an early grave. So when, in 1881, Carnegie buries his mentor on a rainy day in April, he blames Rockefeller for Scott's demise and seeks revenge. He's now producing 10,000 tons of steel a month and making $1.5 million profits per year.
How did Carnegie feel about inequality?
In addition, Carnegie believed that inequality was an inevitable byproduct of social evolution beyond human control. I actually think Sumner would agree with Carnegie on this point. Sumner was a supporter of the theories of Social Darwinism and was a strong proponent of laissez-faire capitalism.
How did Carnegie feel about capitalism?
He showed no public resistance to capitalism, but a private note Carnegie had written the same year exclaims, “The amassing of wealth is one of the worst species of idolitary”, and “I will resign business at Thirty five.” The note is indicative of his ideological struggle, and importantly so early in his capitalist ...
Why did Carnegie not support imperialism?
Carnegie attacked imperialism because he believed it was harmful to all involved—even the imperialists themselves. He feared that empire would breed war. In August 1914, his fears came true. The First World War, caused in part by competition over empire, shattered Carnegie's world.
Did Carnegie believe in laissez-faire?
He believes in laissez-faire economics and did not believe the government should provide social services, like welfare to the poor. He does, however, believe in donating money to services, like libraries, that would help the poor. He calls this the Gospel of Wealth. Carnegie firmly believed in Social Darwinism.
What was Andrew Carnegie's job?
Ambitious and hard-working, he went on to hold a series of jobs, including messenger in a telegraph office and secretary and telegraph operator for the superintendent of the Pittsburgh division of the Pennsylvania Railroad. In 1859, Carnegie succeeded his boss as railroad division superintendent. While in this position, he made profitable investments in a variety of businesses, including coal, iron and oil companies and a manufacturer of railroad sleeping cars.
How many children did the Carnegies have?
The couple had one child, Margaret (1897-1990). The Carnegies lived in a Manhattan mansion and spent summers in Scotland, where they owned Skibo Castle, set on some 28,000 acres. Carnegie died at age 83 on August 11, 1919, at Shadowbrook, his estate in Lenox, Massachusetts.
How much money did Andrew Carnegie give away?
Carnegie eventually gave away some $350 million (the equivalent of billions in today’s dollars), which represented the bulk of his wealth. Among his philanthropic activities, he funded the establishment of more than 2,500 public libraries around the globe, donated more than 7,600 organs to churches worldwide and endowed organizations (many still in existence today) dedicated to research in science, education, world peace and other causes.
What did Andrew Carnegie do after leaving the railroad?
railroad industry then entering a period of rapid growth, he expanded his railroad-related investments and founded such ventures as an iron bridge building company (Keystone Bridge Company) and a telegraph firm, often using his connections to win insider contracts. By the time he was in his early 30s, Carnegie had become a very wealthy man.
How much did Andrew Carnegie make a week?
Andrew Carnegie, whose formal education ended when he left Scotland, where he had no more than a few years’ schooling, soon found employment as a bobbin boy at a cotton factory, earning $1.20 a week.
When did Andrew Carnegie start steel?
In the early 1870s, Carnegie co-founded his first steel company, near Pittsburgh. Over the next few decades, he created a steel empire, maximizing profits and minimizing inefficiencies through ownership of factories, raw materials and transportation infrastructure involved in steel making. In 1892, his primary holdings were consolidated to form Carnegie Steel Company.
Where did the Carnegie family settle?
In 1848, the Carnegie family (who pronounced their name “carNEgie”) moved to America in search of better economic opportunities and settled in Allegheny City (now part of Pittsburgh), Pennsylvania.
How did Carnegie achieve greater efficiency?
Carnegie also obtained greater efficiency by purchasing the coke fields and iron-ore deposits that furnished the raw materials for steelmaking, as well as the ships and railroads that transported these supplies to his mills. The vertical integration thus achieved was another milestone in American manufacturing.
What were the charitable foundations of Andrew Carnegie?
His main “trusts,” or charitable foundations, were (1) the Carnegie Trust for the Universities of Scotland (Edinburgh), founded in 1901 and intended for the improvement and expansion of the four Scottish universities and for Scottish student financial aid, (2) the Carnegie Dunfermline Trust, founded in 1903 and intended to aid Dunfermline’s educational institutions, (3) the Carnegie United Kingdom Trust (Dunfermline), founded in 1913 and intended for various charitable purposes, including the building of libraries, theatres, child-welfare centres, and so on, (4) the Carnegie Institute of Pittsburgh, founded in 1896 and intended to improve Pittsburgh’s cultural and educational institutions, (5) the Carnegie Institution of Washington, founded in 1902 and contributing to various areas of scientific research, (6) the Carnegie Endowment for International Peace, founded in 1910 and intended to disseminate (usually through publications) information to promote peace and understanding among nations, (7) the Carnegie Corporation of New York, the largest of all Carnegie foundations, founded in 1911 and intended for “the advancement and diffusion of knowledge and understanding among the people of the United States” and, from 1917, Canada and the British colonies. The Carnegie Corporation of New York has aided colleges and universities and libraries, as well as research and training in law, economics, and medicine.
What did Andrew Carnegie do to help the steel industry?
During his trips to Britain he came to meet steelmakers. Foreseeing the future demand for iron and steel, Carnegie left the Pennsylvania Railroad in 1865 and started managing the Keystone Bridge Company. From about 1872–73, at about age 38, he began concentrating on steel, founding near Pittsburgh the J. Edgar Thomson Steel Works, which would eventually evolve into the Carnegie Steel Company. In the 1870s Carnegie’s new company built the first steel plants in the United States to use the new Bessemer steelmaking process, borrowed from Britain. Other innovations followed, including detailed cost- and production-accounting procedures that enabled the company to achieve greater efficiencies than any other manufacturing industry of the time. Any technological innovation that could reduce the cost of making steel was speedily adopted, and in the 1890s Carnegie’s mills introduced the basic open-hearth furnace into American steelmaking. Carnegie also obtained greater efficiency by purchasing the coke fields and iron-ore deposits that furnished the raw materials for steelmaking, as well as the ships and railroads that transported these supplies to his mills. The vertical integration thus achieved was another milestone in American manufacturing. Carnegie also recruited extremely capable subordinates to work for him, including the administrator Henry Clay Frick, the steelmaster and inventor Captain Bill Jones, and his own brother Thomas M. Carnegie.
How much did Carnegie Steel make in 1900?
In 1900 the profits of Carnegie Steel (which became a corporation) were $40,000,000, of which Carnegie’s share was $25,000,000. Carnegie sold his company to J.P. Morgan ’s newly formed United States Steel Corporation for $480,000,000 in 1901. He subsequently retired and devoted himself to his philanthropic activities, which were themselves vast.
What documentary is Andrew Carnegie in?
A discussion of Andrew Carnegie and his philanthropic work, from the documentary Riches, Rivals & Radicals: 100 Years of Museums in America.
What was Andrew Carnegie's most famous article?
Carnegie wrote frequently about political and social matters, and his most famous article, “ Wealth, ” appearing in the June 1889 issue of the North American Review, outlined what came to be called the Gospel of Wealth.
Where did Andrew Carnegie live in the United States?
During the young Carnegie’s childhood the arrival of the power loom in Dunfermline and a general economic downturn impoverished his father, inducing the Carnegies to immigrate in 1848 to the United States, where they joined a Scottish colony of relatives and friends in Allegheny, Pennsylvania (now part of Pittsburgh ).
What was Carnegie's purpose in his life?
These three principles served Carnegie well to succeed in his line of work. But his purpose from the outset was the work, never the money. Prosperity was the consequence of his genuine interest in his job. “The money I have accumulated is but a minor fraction of my real riches.” The tragedy of this world, he posits, is that we haven’t found out a way for every man to pursue the job of his choosing.
What did Andrew Carnegie believe about money?
Money, Carnegie believed, was to be used to service society. In 1908, the reporter Napoleon Hill sat down with Andrew Carnegie for an extensive interview series aimed at understanding Carnegie's principles for success. The interviews were recently reprinted in How To Own Your Own Mind (Penguin Random House, 2017.)
Who was Andrew Carnegie?
Share to Linkedin. Andrew Carnegie was one of our nation’s first entrepreneurs. In the late 19th century, he was the mastermind behind the growth of the steel industry. Carnegie made his fortune building the Carnegie Steel Company, which he later sold to J.P. Morgan. Having amassed outsized wealth, often cited as one of America’s richest people, ...
Who said the United States is in need of a new philosophy?
Carnegie might have made the following statement in an entirely different temporal context, but it still rings true today. “The people of the United States are in need of a new philosophy….The people of this country are discouraging the development of this quality; they are placing penalties on personal initiative.”
Answer
Answer: After retiring in 1901 at the age of 66 as the world's richest man, Andrew Carnegie wanted to become a philanthropist, a person who gives money to good causes. He believed in the "Gospel of Wealth," which meant that wealthy people were morally obligated to give their money back to others in society.
New questions in History
Some surplus food a. was traded for other kinds of food. c. was given away to the poor. b. was traded for other kinds of goods. d. was offered to the …
What did Carnegie do for America?
He was a catalyst in America’s participation in the Industrial Revolution, as he produced the steel to make machinery and transportation possible throughout the nation.
Why according to Carnegie are some people worthy of charity and other unworthy?
The receiving person should use charity to rise above the need for charity, instead of viewing it as an alternative lifestyle. The “worthy” man is one who will use charity to rise above it, and the “unworthy” man is one who will take and continue to take, with no thought of personal improvement.
How does Carnegie view charity in what instance does Carnegie believe that charity is most beneficial?
According to Carnegie, “the best means of benefiting the community is to place within its reach the ladders upon which the aspiring can rise.” For him, this meant institutions of learning, art museums, and especially libraries, where people could go to educate themselves.
How does Carnegie feel about those less fortunate?
Carnegie did not want to just give money to the poor as a means of redistributing wealth. He opposed governmental forced redistribution of wealth. He felt that the wealthy were better able to make good decisions about the redistribution than the government.
Why does Carnegie oppose almsgiving to the poor?
He felt like the best people would never come to wholly rely on “almsgiving” and that when the rich give freely to the poor, it is usually only to assuage their own feelings of guilt for their own prosperity.
What duty does a rich person have according to Carnegie?
A rich person’s moral duty, in Carnegie’s view, is thus to live modestly, provide moderately for his dependants, and administer all surplus wealth in the manner which produces the most beneficial results for the community.
Who does Carnegie argue money should be given to?
After retiring in 1901 at the age of 66 as the world’s richest man, Andrew Carnegie wanted to become a philanthropist, a person who gives money to good causes. He believed in the “Gospel of Wealth,” which meant that wealthy people were morally obligated to give their money back to others in society.
What did Carnegie say about the business world?
Carnegie also said that companies in the business world will compete with one another to make the most money.
What was the wealth paper of Andrew Carnegie about?
The wealth paper of Andrew Carnegie tackled the large divide between the rich and the poor, which was widespread at this period in the American business. Carnegie began by explaining that he thought that this class separation was both necessary and good.
Overview
Early years
Business
- Ambitious and hard-working, he went on to hold a series of jobs, including messenger in a telegraph office and secretary and telegraph operator for the superintendent of the Pittsburgh division of the Pennsylvania Railroad. In 1859, Carnegie succeeded his boss as railroad division superintendent. While in this position, he made profitable investments in a variety of businesses…
Aftermath
- The steel magnate considered himself a champion of the working man; however, his reputation was marred by a violent labor strike in 1892 at his Homestead, Pennsylvania, steel mill. After union workers protested wage cuts, Carnegie Steel general manager Henry Clay Frick (1848-1919), who was determined to break the union, locked the workers out of the plant. Andrew Carn…
Later years
- After Carnegie sold his steel company, the diminutive titan, who stood 53, retired from business and devoted himself full-time to philanthropy. In 1889, he had penned an essay, The Gospel of Wealth, in which he stated that the rich have a moral obligation to distribute [their money] in ways that promote the welfare and happiness of the common man. Carnegie also said that The man …
Philanthropy
- Carnegie eventually gave away some $350 million (the equivalent of billions in todays dollars), which represented the bulk of his wealth. Among his philanthropic activities, he funded the establishment of more than 2,500 public libraries around the globe, donated more than 7,600 organs to churches worldwide and endowed organizations (many still in ...
Marriage
- Carnegies mother, who was a major influence in his life, lived with him until her death in 1886. The following year, the 51-year-old industrial baron married Louise Whitfield (1857-1946), who was two decades his junior and the daughter of a New York City merchant. The couple had one child, Margaret (1897-1990). The Carnegies lived in a Manhattan mansion and spent summers in Scotl…
Death
- Carnegie died at age 83 on August 11, 1919, at Shadowbrook, his estate in Lenox, Massachusetts. He was buried at Sleepy Hollow Cemetery in North Tarrytown, New York.