Name of Industrialist: Andrew Carnegie (Steel Company) How did he acquire his wealth? Carnegie frequently recognized as one of the wealthiest person ever. He made big bucks from oil business. He also led the growth of the American steel company in the late 19th century. How he (or his related industries) treated workers.
Andrew Carnegie was the main man in the steel industry, the top dog. He revolutionized the production of steel to make it more efficient, as well as a much stronger product than previously. He created his empire on the backs of the American people. All of this new steel means more workers. Carnegie had the steel workers working long hours, almost every day of the week, in awful working conditions that were not fit for humans.
The late nineteenth century was a pivotal moment in American history. During this time, the Industrial Revolution transformed the nation, railroads had dissipated all throughout the country, and economic classes began to form, separating the wealthy from the poor. One of the wealthiest men of this generation was Andrew Carnegie, a Scottish immigrant who fled to America to make millions off the railroad, oil and even steel businesses. Carnegie is considered one of the richest men in history, and even with all that wealth he decided to give back to the community. As a matter of fact, Carnegie donated most of his funds to charities, universities and libraries in his last few years.
The Gilded Age was a time of good and bad economic growth. In America during post civil war times, years 1870 to 1900, the nation was prospering on the surface, but was corrupt underneath; large businesses took control of the economy, changed society, and influenced politics nefariously. By the end of the nineteenth century, monopolies and trusts exercised a significant degree of control over key aspects of the American economy. Carnegie used vertical integration to take over the steel industry. He then set up a mega trust with Rockefeller, who was in the gas and oil industry, JP Morgan, who was a banker, and Vanderbilt, who was high up in the railroad industry.
As he grew older, he was very helpful to Tom Scott’s business in the railroads, which is why Tom Scott was helpful towards Carnegie’s business as it first began. One day, because of John D. Rockefeller, Tom Scott’s business ended; this happened after the St.Louis Bridge was built. Carnegie had started his steel business from the idea he had when he built the
Andrew Carnegie would create an empire that would move the steel industry. Under his influence steel plants started to be built all over the nation. This helped the nation be able to get building materials faster. Overall Andrew Carnegie played a major role in the Industrial Revolution by expanding the steel trade. He helped the expansion and the distribution of steel.
Right after the Civil war, America was rebuilding itself. Arising along the rebuilding was unemployment. Thousands of people were jobless and had families to feed. Once big, industrialist-led companies starting employing, people scrambled to get a job at these companies. Although many people were being employed and paid, working conditions were very hazardous and payment was unfair.
I categorized Andrew Carnegie a Captain of Industry after learning of his philanthropic views and actions. Carnegie not only obtained a wealth from working hard and wisely investing but used most of his fortune to make a difference on the world. Carnegie own words categorize the essence of generosity and kind hearth. I cannot disagree with him when he stated that “The man who dies thus rich dies disgraced”
The end of the reconstruction era gave rise to the gilded age. The gilded age was a time of economic growth. It was the second industrial revolution, urbanization, immigration and political/economic corruption. The congress and the big business were more influential than the presidency. The term ‘Gilded Age’ was termed by Mark Twain who described the wealthy who were covered in a ‘layer of gold’, a superficial layer can be peeled and reveals unpleasant things.
There are two faces of industry and two sides of Carnegie. One in which he is an employer and the other in which he was a man who gave his money to the better good, in which he was a philanthropist and a hero (Doc. 10). Yes, Carnegie benefited off of the people who worked for him, but being the head of the industry, he worked hard to get there and in the same conditions as his workers do now, to reach those benefits, and to gain his wealth (background). The Oxford Press, in 1970, published Carnegie's philanthropy, his total givings overall was listed at $350,695,653, most of it went to universities and educational purposes (Doc.