Carnegie's Investments During The Progressive Era

Andrew Carnegie is Scottish born immigrant who moved to America when he was 13 with his family. He and his family landed and settled in Allegheny, Pennsylvania. Carnegie starts working at a factory and earns $1.20 a week. A year later he was able to find a job as a telegraph messenger. He was then in 1851 promoted to telegraph operator. In 1851, He starts working as the assistant/telegrapher for Thomas Scott. Thomas Scott is one of the highest officials on the Pennsylvania railroad. Through 3 years of being the assistant and telegrapher to Thomas Scott, he earns valuable lessons and experience about and on the railroad. He then took the position of being a superintendent. When Carnegie is working for and on the railroad,

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

Carnegie, on the other hand, used his method of vertical integration, which would allow him to ultimately defeat J.P. Morgan's threat on the market. Vertical integration is “a strategy where a company expands its business operations into different steps on the same production path, such as when a manufacturer owns its supplier and/or distributor” (Staff, December 2015). So, in Carnegie's instance, he was buying all the smaller companies that he orders

Many people at the time were living in poverty and there weren’t enough jobs that had sufficient pay to support a family. The steel industry was one that had the highest earning wages. The average daily wage at the time for iron and steel workers were $1.87, this is far above other industries that had a smaller amount of pay. Others can argue that because of the bad working conditions workers faced in the steel industries, Carnegie shouldn’t be considered a hero. But isn’t the goal of a business to create more jobs? Carnegie believed that it was proper to have completion between the rich and the poor because if there wasn’t, there would be no individuals capable enough to provide such jobs to further expand the essential needs of laborer and those of the economy (Doc 3). When Carnegie sold the Carnegie Steel company to J.P Morgan for $400 Million, the newly named company (U.S Steel) created numerous amounts of jobs employing 168,000 people.

As he risen through the ranks he took positions of administration. He was able to maintain a diverse stock portfolio while giving away his wealth to the middle class and lower class through colleges and concert halls. Following his own system, he was able to eliminate competition by always offering his products at the lowest price. Andrew’s knowledge on bookkeeping and his business strategy of vertical integration, when combined allowed him to prosper fiscal and socially. Carnegie wealth was justified because in his book Gospel of Wealth he explains insist that “there is no genuine, praiseworthy success in life if you are not honest, truthful, and fair dealing”.

In the free enterprise economy, individuals are free to choose their careers. Carnegie's freedom to choose his job gave him the unique experience and connections necessary to become a steel tycoon. As a young boy Carnegie chose to work for a railroad company because he recognized the potential growth for him in the business. Carnegie was right. He quickly moved upward through the ranks of the railroad company and met the owner, Thomas A. Scott, who "taught Andrew about investing in the stock market" ( "Andrew Carnegie Grows Up Working."). Eventually, Carnegie used this money to run his own company. The experience also taught Carnegie how to manage large corporations and control cost, two instrumental skills for Carnegie's later success. In another type of market, Carnegie likely wouldn't have ended up working for the railroad company, significantly lowering his chances of success. The free-enterprise economy was instrumental to Carnegie's success because without it Carnegie could not have chosen the job he knew would help him succeed.

The Carnegie Steel Company was a successful factory, which employed many hundred of workers. Andrew Carnegie, who was the owner of the company, wanted a large successful business, which he had achieved already, but he was always looking for ways to save and make more money. By 1892, unions had been formed

Carnegie didn’t let the Industrial Revolution that destroyed his father’s business destroy him. As a young boy in Pittsburgh, Pennsylvania Carnegie began working in a factory. He despised this position but it made him stronger and he pushed on in his hunt for his new future. In so doing, he was able to gain a fresh outlook with a position in a telegraph office. From here, he developed a skill that all successful business men need to master; Carnegie learned the artful skill of making business connections. This new talent is what led Carnegie to his relationship with Thomas Scott. Scott helped Carnegie by getting him a job with Pennsylvania Railroad. This position was a crucial turning point in Carnegie’s career.

Andrew Carnegie (1835-1919) was a major American industrialist in the late 19th century and after obtaining substantial wealth from his steel industry, became an advocate for giving back to the less fortunate. Carnegie’s desire to donate to those less fortunate came from past experiences, growing up as an immigrant and working in a cotton factory young. He knew and understood the hardships that people faced when not able to acquire the type of wealth he rose to earn. Through his long life this atypical businessman advocated for many and dedicated the later years of his life to promoting the general welfare of the world.

Andrew Carnegie was one of the wealthiest men in America but his wealth didn’t come without hard work and dedication. Carnegie was born in “Dunfermline, Scotland on November 25, 1835” (Tyle). According to Laura B. Tyle, the invention of the weaving machine unfortunately pushed Carnegie’s family in to poverty “In 1848, Carnegie’s family left Scotland and moved to Allegheny City, Pennsylvania, where his father and eventually him worked in a cotton factory” (Tyle). After leaving the cotton factory “Carnegie became a messenger boy for the Pittsburgh telegraph office and eventually made his way up to telegraph operator” (Tyle). According to Laura B. Tyle “Thomas A. Scott, the superintendent of the western division of the Pennsylvania Railroad, made Carnegie his secretary at the age of eighteen.” Later, Carnegie took over Scott’s position of the railroad. Furthermore Carnegie “began to see that steel was going to replace iron and by 1873 he organized a steel rail company” (Tyle). According to Laura B. Tyle he continued to build his company when he “cut prices, drove out competitors,

Without Carnegie, the steel industry, and the second industrial revolution in general, would never have progressed as much as it did. Carnegie did what was necessary to make the steel industry more productive and more efficient, for less money. He was a shrewd, ruthless, businessman who’s aggressiveness made the steel, railroad, and oil industries so economically successful. These characteristics, though not always looked upon as nice or sympathetic, were sometimes necessary. He had paid his time as a poor factory boy, and now it was his turn to live comfortably and aid others less fortunate to work towards the same success.

Andrew Carnegie understood the importance of using the money he had earned throughout his entrepreneurial career for the benefit of all of the people around him. “There are but three modes in which surplus wealth can be disposed of. It can be left to the families of the decedents; or it can be bequeathed for public purposes; or, finally, it can be administered during their lives by its possessors.” Carnegie argued that the first two modes of disposing of surplus wealth were not the best way to do so. For the first mode, he felt leaving too much money to his children worked more to injure the recipient than to benefit him. As

Andrew Carnegie was a firm believer in idea of individualism. That everyman must work and rise on his own ambition alone, that each man for themselves. In other word, he did not believe in the communist thought of working

     Let us first look at Mr. Andrew Carnegie. Carnegie was a mogul in the steel industry. Carnegie

Andrew Carnegie was an industrialist who led the expansion of the steel industry in America. He made his fortune in the steel industry, controlling the most iron and steel