A Summary Of Andrew Carnegie And J. P. Morgan

I believe that Carnegie’s views are certainly ethical and that the wealthy must assist the poor if not tons of people can die like the many miners who lived tedious low-level existing lives. The miners had a very poor and unhealthy lifestyle they were covered in ash and dust all the time. The dangers of working in the mines were plenty they may be crushed to death at any giving time by the roof burned by exploding gas or simply blown to pieces by the premature blast. There were so many men and boys that ended up being crippled or dead.

then realized the demand for steel was very high and he started his own steel company. Carnegie

- Used business strategy called vertical integration, which a company would control every stage of industrial process, from mining the raw material to transporting to product.

As young as 33, Carnegie was pulling in an annual income of $50,000 a year, a huge amount at that time, and this was enough for him. Carnegie was a firm believer that anyone could make it to the top, and that it was the wealthys’ duty to help the poor work towards a more comfortable life. Carnegie said that “the man who dies rich, dies disgraced.” This is a greedy, unselfish philosophy that a robber baron could not conceive.

To begin, throughout the Gilded Age, economic power was held in the hands of few. Many cooperations aimed to reduce competition through the use of horizontal and vertical integration. Vertical integration is the combination of all phases of production into one organization. Horizontal integration is the combination of competitors into one organization in order

It has been thoroughly debated whether Andrew Carnegie was a captain of his industry or a robber baron. He was a successful entrepreneur that created the Carnegie Steel Company in the late 1800s, a company that monopolized the production of steel. It has been ardently deliberated whether Andrew Carnegie was a robber baron who mistreated his workers and destroyed unions or that he was a captain of industry who paved the way for future steel companies. There are also many accomplished entrepreneurs in the world today that were much like Andrew Carnegie.

Carnegie earned a lot of money from his investments and quit his job with the railroad to focus on his business affairs, which included frequent traveling to Europe to sell railroad bonds. On one trip, Andrew Carnegie met the English inventor, Sir Henry Bessemer, who had invented a new process for making high quality steel efficiently and cheaply. After meeting Bessemer, Carnegie decided to concentrate his investments in the steel industry. He opened a steel company in Pittsburgh and adapted his steel mills to use the Bessemer process. The process allowed Andrew Carnegie to manufacture steel efficiently and cheaply. To increase manufacturing efficiency even further, Carnegie began the vertical and horizontal integration of the steel industry, which allowed Carnegie Steel Company to save money as it expanded. He quickly became one of the richest people in history due to his hard work before the creation of Carnegie Steel and during its operation. Andrew Carnegie sold Carnegie Steel Company to J.P. Morgan. Carnegie became a philanthropist in his retirement and gave away $350 million, which was about 90% of his fortune. He built

Besides the people who thought Andrew Carnegie was a captain of industry others thought the opposite. He was a rich robber baron who was a “Robbin’ Hood, who would steal from the working man to give to himself. He gave wealth to the poor was true, but it was not his own money, it was the money from the left over low wages of the workers while keeping his own. People believed that he was a robber baron giving away money that was not really his. This made him a robber baron even though having the captain of industry

Horizontal refers to the idea of one firm joining with another at the same stage of the same production process. It also allows for greater market share; achieves economies of scale; and an opportunity to enter a different market segment. An example of this would be Ford’s takeover of Volvo - both being car manufacturers.

Horizontal integration- after destroying competitors and when they’re about to go out of business he invites them to join together and be one company

In the nineteenth century two of the greatest entrepreneurs were born. These two men, Andrew Carnegie and John D. Rockefeller epitomized the word monopoly, by becoming the biggest industry giants of their time. Carnegie was the leader of the steel industry, while Rockefeller controlled oil. Both of these men were similar; they came from humble beginnings and showed interest in their careers at a young age.

Andrew Carnegie Essay Andrew Carnegie was a ruthless millionaire because of him having a under average wage to so many people that for example led to Homestead Strike (www.history.com, Doc H, Doc I, Doc O). Andrew Carnegie believed in social darwinism that was a way of thinking that the strongest and the ones giving the most effort climes the social ladder the most and his competitor in that area was the great danish person named Jacob Riis who wrote the book called how the other half lives showing the horrible living conditions of how the poor half of the country lived and wrote (notes). Carnegie was also a ruthless millionaire because of the way he gained his monopoly and used it. He made the prices so low for steel that they would go

Furthermore, Andrew Carnegie was gifted with a vision on unique ideas. In 1872, Carnegie seized the opportunity to partner with Henry Bessemer, the inventor of steel, and build a steel mill (Document 1). Carnegie realized that iron didn’t have the capacity to succeed, because of its fragile structure. As a brilliant business man, he managed to overcome the situation. Yet, that was not is only unprecedented idea. Carnegie was unimpressed with Horizontal integration, which was a method that composed of strategical prices that eventually led your competitor out of business. Andrew Carnegie revolutionized the business world with his contribution of vertical integration. Vertical Integration allowed a company to controls its production and distribution (Document 5). In other terms, the company would buy out all the means to make their product (Document 5). Carnegie bought out all aspects of productions ranging from Iron Mining Companies to Boat companies and Port Facilities

Vertical integration is a business growth strategy for economics of scale. It is typified by one firm engaged in different parts of production example; growing raw materials, manufacturing, transporting, marketing, and/or retailing to expand business in existing market for the firm. It can function in two directions both forward integration and backward integration.

Bucheli, M., Mahoney, J. T.1 &Vaaler, P. M. Chandler 's Living History: The Visible Hand of Vertical Integration in Nineteenth Century America Viewed Under a Twenty-First Century Transaction Costs Economics Lens. Journal of Management Studies, Vol. 47, 5, July 2010, pp. 859-883.