The Importance of Free Enterprise Free enterprise is a form of economy in which the government takes minimal control through regulation. In this form of economy the price and production of goods is decided by the consumers and producers and their wants and needs, and by considering how all of these can be met in the face of scarcity. While scarcity defines resources that are available against infinite wants and needs, it can also be used to describe the fact that future products do not yet exists and new markets have not yet been explored, and in order for consumers’ needs and wants to be met, entrepreneurs must invent new products and open new fields of study. Arguably, one of the most influential entrepreneurs in American history was Andrew …show more content…
While Carnegie held the aptitude for greatness regardless of his surroundings, without free enterprise, he would not have even had to option to take a chance or to explore new ideas. In regulated economies, not only is the currency and producer-consumer relationship controlled by the government, many times the media is as well, as not to create a system in which citizens long for something else. In this case Carnegie would not have had the access to the learning resources that he did, and would never have learned how to use a telegraph machine. There would have been no room for lateral growth, and the world as we know it may not exist without Carnegie’s courage and yearning to better himself and the world.
Overall, free market is a necessity if there is to be any forward movement and progression of society. In a controlled system nothing ever changes, and while this can prevent change for the worse, it also stunts change for the better. In free enterprise systems, people with brains and determination, such as Andrew Carnegie, are able to take advantage of new opportunities. While this system will not help individuals float along, and they are liable to sink (into debt and/or remorse), those who have the courage to try will find that success is only a risk
Andrew Carnegie, the monopolist of the steel industry, was one of the worst of the Robber Barons. Like the others, he was full of contradictions and tried to bring peace to the world, but only caused conflicts and took away the jobs of many factory workers. Carnegie Steel, his company, was a main supplier of steel to the railroad industry. Working together, Carnegie and Vanderbilt had created an industrial machine so powerful, that nothing stood in its path. This is much similar to how Microsoft has monopolized the computer software
Carnegie understands the flaws with the law of competition, stating that their is often friction between the rich and the poor. He acknowledges that the law may be hard for individuals, but in the long run it will benefit the race. He continues that the competition of industrial and commercial are more than beneficial but will allow progress of society. He suggests that the wealthy can use their wisdom and experience and help set an example for those without guidance. Carnegie endorses the wealthy allow their surplus of wealth to be given to improve their community. He states that the riches passing through the hands of a few can be more beneficial than if the wealth distributed and was given directly to the
The free enterprise system is a debatable topic because it allows for competition in the business market, which may or may not work in everyones favor. A good example would be Bill Gates, in which the enterprise system worked successfully for him and helped him become a billionaire. In a free enterprise system, producers decide everything about their products or services, including their prices, ingredients, and what they choose to do with their profits. This also gives freedom to consumers to make their own economical choices. This has allowed businesses to engage in competition, and has been beneficial to many, especially Bill Gates.
In my opinion Carnegie is a truly a hero. Today we don’t see a lot of men giving their money away when they die. Carnegie did change many lives for the better, and he did help save lives as well. In Document B Carnegie would word how the wealthy would never do anything with their money for the better, he didn’t want to became one of them. Carnegie quote was “ The man who dies rich dies disgraced”, by that he means why would you all that money go to waste, you are going to be died, that money could help save many lives that is why he was one who changed
Andrew Carnegie, was a strong-minded man who believed in equal distribution and different forms to manage wealth. One of the methods he suggested was to tax revenues to help out the public. He believed in successors enriching society by paying taxes and death taxes. Carnegie’s view did not surprise me because it was the only form people could not unequally distribute their wealth amongst the public, and the mediocre American economy. Therefore, taxations would lead to many more advances in the American economy and for public purposes.
Free enterprise is very important in an ever growing world. The idea of free enterprise, or capitalism, is that any individual has the opportunity to create a business and sell a good or provide a service with almost no government intervention. A capitalistic economy helps both the supplier of goods and the consumer of the goods. One of capitalism’s basic principles is that an individual works hard for incentives. Free enterprise means that businesses are directed by the laws of supply and demand. Capitalism also forces businesses to produce things in an efficient way. Another great aspect about free enterprise is that there is a lot of flexibility in the economy. These are just some of the many factors that make a free enterprise economy so important.
He went to London in 1872, saw the new Bessemer method of producing steel, and returned to the United States to build a million-dollar steel plant. Foreign competition was kept out by a high tariff conveniently set by Congress, and by 1880 Carnegie was producing 10,000 tons of steel a month, making $1 1/2 million a year in profit. By 1900 he was making $40 million a year, and that year, at a dinner party, he agreed to sell his steel company to J. P. Morgan. He scribbled the price on a note: $492,000,000.”
...interpretations of their assumption of millions of dollars. Due to their appropriation of godlike fortunes, and numerous contributions to American society, they simultaneously displayed qualities of both aforementioned labels. Therefore, whether it be Vanderbilt’s greed, Rockefeller’s philanthropy, or Carnegie’s social Darwinist world view, such men were, quite unarguably, concurrently forces of immense good and evil: building up the modern American economy, through monopolistic trusts and exploitative measures, all the while developing unprecedented affluence. Simply, the captains of late 19th century industry were neither wholly “robber barons” or “industrial statesmen”, but rather both, as they proved to be indifferent to their “lesser man” in their quests for profit, while also helping to organize industry and ultimately, greatly improve modern American society.
Growing up as a young boy in Scotland, Carnegie's family was not very wealthy. They immigrated to America where Carnegie went from working as a bobbin boy, making $1.20 per hour, to making millions of dollars later in his life. Carnegie did not become wealthy by unethical means, as a Robber Baron would. Instead he worked very hard and wise to get to where he was during that time. Andrew Carnegie came from "rags to riches" in his lifetime and it paid off.
Andrew Carnegie believes in a system based on principles and responsibility. The system is Individualism and when everyone strives towards the same goals the system is fair and prosperous. Carnegie’s essay is his attempt to show people a way to reach an accommodation between individualism and fairness. This system can only work if everyone knows and participates in his or her responsibilities. I will discuss Carnegie’s thesis, his arguments and the possible results of his goals.
The free enterprise system makes it essential for new products to be thought of and reflect what consumers want. Apple products were thought of because they were something new and different and because they were something that people would want. Without the free enterprise system and the constant changing needs and wants of consumers Apple products likely would never have been thought of. Some people may argue that the free enterprise system had no influence on Jobs's success with Apple. The free enterprise system motivates entrepreneurs like Steve Jobs to constantly be thinking and striving for something new and innovative.
Document M gives us quotes from Andrew Carnegie’s, “Wealth” in the North American Review, June 1889. He states that he wanted more than just the wealthy to prosper: “The man who dies rich is a disgrace.” He was one of those men who would leave their wealth for public use on his deathbed. He never spent too much of his money because he wanted to “set an example of modest... living…; and… to consider all surplus revenues… as trust funds;” he’s a little bit of a hypocrite. Carnegie’s ideas are criticised for the mistakes along the way, but when his ideas came to be, they made big impacts all around the
After Carnegie sold his steel factory in 1901, he dedicated his life and wealth to giving back to the community and economy. He earned $480 million by selling his company, and he donated most of it until his death. He vigorously donated millions to the creation of libraries and educational institutes around the world. “One of the most tangible examples of Andrew Carnegie’s philanthropy was the founding of 2,509 libraries in the late 19th and early 20th centuries. Of these libraries 1,679 were built in the United States”(“Andrew Carnegie”
Even though these men attempted to build a stable foundation for America to grow on, their negative aspects dramatically outweighed the positive. Even though Andrew Carnegie donated his fortunes to charity, he only acquired the money through unjustifiable actions. As these industrialists continued to monopolize companies through illegal actions, plutocracy- government controlled by the wealthy, took control of the Constitution. Sequentially, they used their power to prevent controls by state legislatures. These circumstances effect the way one
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.