Carnegie began to invest his money into steel, and as he is well known for Carnegie Steel. Carnegie got together with Sir Henry Bessemer, to create a more efficient way to produce and refine steel. This process sped up, and made it cheaper to produce steel. This helped reap huge profits for Andrew Carnegie, and his stock holders. Carnegie was able to mass produce steel in large quantities, and maintain great margins.
Topic: Should Andrew Carnegie be described as a “captain of industry” or a “robber baron”? Abstract: Nowadays, there still exists lots of controversial comments towards Andrew Carnegie. Some of them hold the view that Andrew Carnegie should be described as a captain of industry while others contend that he was only a robber baron. As far as I am concerned, Andrew Carnegie, known as the King of Steel, built the steel industry in the United States, and in the process, became one of the wealthiest men in America. He is a man worthy of being respected.
Once the Continental Railroad was completed Henry and William had an easier time creating a monopoly on shipping goods to the workers and residents of the west (History.com Staff). Once their business was successful they started to serve as a bank buying gold dust, selling paper bank drafts, and loans to help fuel the economy in California
As stated, Carnegie’s personal, primary goal was to take over the entire Steel producing industry, so that he can maximize profits and minimize competition. Vertical integration was when Carnegie’s company bought everything from their suppliers, so that the company itself controls the distribution and selling of materials. Along with this, horizontal integration is when companies that made similar products to those of Carnegie’s, would come together and form one giant corporation. This was a very important concept, as this process not only allowed Carnegie’s company to become the largest maker of steel, but this would teach others great strategies on how to become a successful business leader, leading to a very important economic theory, Social
Working hours were long which caused him to miss school. Other than child labor, deforestation was a common custom during the Industrial Revolution. Whether they were digging for coal or making way for railroads, forests were usually taken down for these purposes. But of course more positive outcomes came from the invention of the steam locomotive. Thanks to locomotives, more towns were built due to the fast and efficient transportation of building materials.
Since the other two decisions had many faults the third was put into motion. Andrew Carnegie wanted to create a capitalist system, which involved the lower class working underneath of the wealthy, who would then give their surplus of wealth to society The duty of the wealthy is to set an example of modesty among the wealthy, to provide for the needs of those that depend on him and to lend money to his fellow man to give back to the community. The man of wealths duties as carnegie explained in paragraph nine is to “provide the poor a trustee and a sole agent that provides them with wisdom experience and doing for them better than they would do or could do for themselves.” ( Carnegie, paragraph nine). THis system would give the wealthy many responsibilities, but Carnegie believed it was their duty to help others when they were unable to help
If a floor manager like Henry Frick, who watched over one of Carnegie's steel mills, doesn’t want to meet his employees' demands he can either hire temporary scabs to keep the factory productive, or he can hire the Pinkerton Detective Agency. The Pinkerton
Is economic profit more valuable than moral standards? Jay Erskine Leutze’s book, Stand Up That Mountain highlights this conflict. Both Paul Brown and Tony Cook place high value on money. Paul’s mining industry exploited Belview mountain, extracting materials “out of the risen earth with disregard for their other value, for their inspiration, their standing” (Leutze, 2013: 103). Paul seeks areas in which he believes he will generate the most profit, therefore, he did not have an issue with mining one of the most scenic outlooks of the Appalachian Trail.
In the book “Andrew Carnegie” by Joseph Frazier Wall it states that Carnegie Steel Company was a steel producing company used to manage business at his steel mills in the Pittsburgh, Pennsylvania area in the late 19th century (Frazier, pg.311-312). Carnegie's business got more and more intense which lead to him to build more plants around the country, using technology and methods that made manufacturing steel easier, faster cheaper and more productive, kind of like a snowball effect. Andrew Carnegie was always very serious with his jobs and his money but he also says it is important to enjoy what you do, a quote stated by Andrew Carnegie is “Perhaps the most tragic thing about mankind is that we are all dreaming
I will talk about these topics from my dad’s experience in the workforce. By profession, he is a truck driver. My dad is kind of agree with Marx’s idea of alienation in the workforce. The first type of alienation product that I will be talking about is the alienation of the product. Product means that a worker is producing something and from their labour works the owners are getting richer.