Andrew Carnegie's Story (2024)

FAQs

What is Andrew Carnegie's story? ›

Andrew Carnegie (English: /kɑːrˈnɛɡi/ kar-NEG-ee, Scots: [kɑrˈnɛːɡi]; November 25, 1835 – August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in history.

He paid his workers poorly and hated unions. During a strike at Carnegie's Homestead steel plant in Pennsylvania, his manager fired all the workers and brought in armed guards. Violence erupted, and twenty workers and four policemen died. Carnegie became fabulously—or obscenely—wealthy.

His steel empire produced the raw materials that built the physical infrastructure of the United States. He was a catalyst in America's participation in the Industrial Revolution, as he produced the steel to make machinery and transportation possible throughout the nation.

Barely anything is left of Andrew's fortune, which was once valued on par with the oil tycoon Rockefellers and the banking Morgan family. The 13 fourth-generation members of Andrew Carnegie's lineage now have the self-made wealth of white collar professionals.

At the age of 13, Carnegie worked from dawn until dark as a bobbin boy in a cotton mill, carrying bobbins to the workers at the looms and earning $1.20 per week.

In “The Gospel of Wealth,” Carnegie argued that extremely wealthy Americans like himself had a responsibility to spend their money in order to benefit the greater good. In other words, the richest Americans should actively engage in philanthropy and charity in order to close the widening gap between rich and poor.

Carnegie made his fortune by ruthlessly defending the systems that kept extreme poverty rampant during the era – by exposing his workers to extreme working conditions with little rest and even less pay.

The carnegie secret is the freedom that one has to create their own destiny because one has the power to think and direct their tought to any direction they want. It's also revealed in : whatever the mind can concieve, it can achieve. It's true.

Final answer: Andrew Carnegie and John D. Rockefeller had a mixed impact on American society. They made significant contributions that transformed the nation's economy, but their aggressive business practices and wealth accumulation faced criticism.

He feared that empire would breed war. In August 1914, his fears came true. The First World War, caused in part by competition over empire, shattered Carnegie's world.

Why is Andrew Carnegie a hero? ›

One of the captains of industry of 19th century America, Andrew Carnegie helped build the formidable American steel industry, a process that turned a poor young man into the richest man in the world.

In addition to funding libraries, he paid for thousands of church organs in the United States and around the world. Carnegie's wealth helped to establish numerous colleges, schools, nonprofit organizations and associations in his adopted country and many others.

Andrew Carnegie's most trusted confidant was his wife, Louise. “I can't imagine myself without Lou's guardianship,” he often said. He didn't make one decision without first asking “Lou's” opinion. In her quiet manner, she helped oversee one of the largest fortunes in US history, changing philanthropy forever.

Carnegie, despite his well-established lack of empathy for his workers' situation, was in fact a very generous person. He had the relevant trait. But we may not feel it praiseworthy the way we do for the poor student. After all, Carnegie had plenty of money left over and treated his workers like objects.

He handed out much of his funds during his life to those less fortunate and left less than 10 percent of his fortune to his daughter Margaret.

Carnegie believed in giving wealth away during one's lifetime, and this essay includes one of his most famous quotes, “The man who dies thus rich dies disgraced.” Carnegie's message continues to resonate with and inspire leaders and philanthropists around the world.

Hard work in business is about complete focus, growth and development, and quality control. There is no plan B because it distracts from plan A. The people who are the top in their field got that way from hours and hours of practice, diligence and hard work. Hours and hours of input results in the desirable output.

The immigrant experience shaped Andrew Carnegie's worldview. Born in Scotland, he became a United States citizen in 1885. He encouraged fellow immigrants to secure the benefits of citizenship — but also to bear the responsibilities — which he saw as vital for the strength of American democracy.

Final answer: Andrew Carnegie remained in the business world due to his great promotional and sales skills, shrewd investment strategies, and a strong commitment to philanthropy.