Andrew Carnegie is the perfect example of a rags to riches story. Mr. Carnegie started out as an extremely poor immigrant boy from Scotland. He slowly worked his way up in the world, picking up random jobs and investing in different companies. Eventually, he took advantage of advancement in the steel industry and virtually created a monopoly. This made Andrew Carnegie an extremely wealthy man. His fortunes exceeded what would be 14 trillion dollars in todays currency (Graybar). Because of Andrew Carnegie's extreme wealth, he was a very powerful person who used his power to benefit mankind. Andrew Carnegie used the power he had in a very positive way. Carnegie often donated money to different causes. For example, one of his goals from the time he was a young man was to help in the accomplishment of world peace. So, after he sold his steel company for $480 million (or in today’s dollars, about 14 trillion dollars), he started attempting to complete his goal. Between the years of 1903 and 1914, Andrew Carnegie created four …show more content…
Andrew Carnegie created thousands of libraries, hundreds of trust funds, many foundations that helped people, and he even released books under his name (Andrew Carnegie. Bloomsbury). Of course he was well known for his vast wealth from his steel company, but he was also recognized for his philanthropy. One specific person that recognized the power that Carnegie had was J.P. Morgan. Morgan was a banker who knew how much power Carnegie had gained from his steel company. Morgan, along with a few other investors, bought Andrew Carnegies Company for $480 million dollars, or over 12 trillion dollars in today’s currency (Tweedale). Morgan realized that Carnegie’s Company was the best in the steel industry. He realized how much power Carnegie had over everyone, especially the people that were in the steel industry. So, Morgan bought Carnegie out of his
You could also argue the fact that he payed suck little wage to his workers (doc. 7). But back then this wage was good pay. You were lucky if you got payed this much. Carnegie's workers were the second highest payed workers in America (doc. 7). Most people also like to claim Carnegie as greedy because he bought a nice big house and payed someone else to take his place in the war when he was drafted.
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,
Andrew Carnegie, the “King of Steel”, the benevolent employer, the giant of industry, was among the greatest influences of the second industrial revolution. It is sometimes questioned whether Carnegie was the ruthless, sneaky steel tyrant some made him out to be, or the generous, benevolent education benefactor he appeared to be. I believe him to be a combination of both, but more so the great giant of industry.
Finally, Carnegie should be considered a hero because of his philanthropy contributions and donations to society. Andrew Carnegie believed that the best way to spend your fortune was to devote it for the most beneficial results for the community by providing them what they could not do for themselves (Doc 8). Carnegie spent most of his life gaining immense amounts of money and becoming one of the richest men of the 19th century. Once he retired, he felt he needed to use his
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.
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.
Let us first look at Mr. Andrew Carnegie. Carnegie was a mogul in the steel industry. Carnegie
Andrew Carnegie built his fortune out of nothing, clawing his way to the top and making his fortune by seeing the expanding usage of steel and quickly jumping on the opportunity, becoming one of the first and biggest steel producers in America, and later the world[2]. With this massive corporation
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
The richest man in the world, in his time, was Andrew Carnegie. His story of success was truly one of rags to riches. After coming to the U.S. from Scotland as part of a working-class family, he moved from job to job, eventually becoming more influential and gaining a large sum of money. Soon he was using his wealth to contribute to many public services, such as libraries and schools. Andrew Carnegie's life and actions have left a long-standing legacy and have contributed greatly to the American way of life, particularly toward education.
The “rags to riches” story is a term of reverence respecting the few in society who sacrificed the little they had and emerged successful. These doctors, lawyers, entrepreneurs, researchers, and other professionals inspire people of all socioeconomic levels by transforming nothing into something. Jay-Z, George Soros, Steve Jobs – these are names culture holds with great respect. One “rags to riches” story not many Americans have heard of pushes the limits of mental capacity. This man followed the poor-to-rich path and succeeded to such high degree that he, in turn, defined the very essence of this characteristic. Once a poor boy, Andrew Carnegie transformed the limited resources available to him into tools that aided his journey in becoming one of the richest, most successful men in all of history. Carnegie began his journey as an immigrant to Pittsburgh, Pennsylvania from Scotland. His family sought work, as their former weaving business had been destroyed by the Industrial Revolution (“Andrew Carnegie” American Experience). This experience as a poor worker created the drive that led him to become one of the wealthiest men of all time through his massive steel company, the Carnegie Steel Company. In conjunction with his economic success, the tycoon used the fruits of his leadership in the steel industry to become the “father of American philanthropy” (“Meet Andrew Carnegie”). As accomplished the man became, the
Andrew Carnegie. Who was he? Was he just a robber baron or a captain of industry. Andrew was a self made Entrepreneur in the late 1800s. He was the owner of the Carnegie Steel Company which monopolized the steel industry. In 1889 he wrote the famous “Gospel of Wealth” which made the use of libraries to give to the worthy poor that were smart to use them. He also gave away 350 million dollars. On the other side Carnegie’s steel workers were treated poorly by long working hours and reduced wages. He also gave support to the plant manager Henry Frick who hired Pinkerton thugs to intimidate workers on strike and many were killed in the conflict. Andrew Carnegie was sometimes saw as a robber baron taking others money to give away not spending his own money On the other hand people saw him as a captain of industry giving to the worthy poor with libraries and millions of dollars.
Andrew Carnegie was not always a rich billionaire. In fact his early years were quite simple. According to document A, Carnegie lived in an attic of a modest home that was shared by another family, (Document A). Andrew Carnegie struggled, his families knew the struggles of not having enough income,and by the age of twelve Carnegie was required to employ in a job. According to an essay about Andrew Carnegie, Andrew Carnegie was “working six 12-hour days for $1.20 a week. A year later Andrew found a more challenging job delivering telegrams”, (Was Andrew a Hero ?). Andrew Carnegie had worked 12 hours just to earn his money ,as well as help his family which shows the character traits of perseverance and the sympathy that Carnegie acquired. The great steel master was really determined to make an effort on the world, and so Carnegie did. According to the same document about Carnegie’s early life, the document has stated that “He would adopt the Bessemer system and build a steel mill in America. So much for retirement!”, (Was Andrew a Hero ?). His risks and effort had helped him accomplish so much, He persevered and made himself successful,because he was willing to take the chance. This indeed proves how much of hero carnegie is, because heroes are willing to take costly risks.
Andrew Carnegie is considered to be the richest person ever. Carnegie is known for his steel business that he developed on and became one of the last steel business by buying and taking out his competition. Carnegie is said to be a very generous man by donating to education and charities. The questionable thing about Carnegie is if he is a hero? Many people see him as helpful, and nice, but others see him two faced, selfish, and hypocritical.
He sold the company to J. P. Morgan, for which he personally received $250 million of the $492 million Morgan paid for it. He supported and began many corporations and institutions. Many positive establishments were created only because of his generous donations. To this day many people are still benefiting from the large Carnegie fortune.