He considered himself a Scottish Immigrant and also made a huge impact on the business aspect during the Gilded Age. Andrew built the world’s largest most up to date steel mill. After this huge creation, he became the best-known manufacturer during the late 1800’s. He was one to pioneer new strategies to seize markets and consolidate power. During his business career, he used a strategy called vertical integration, which did exactly that. Vertical integration was a tactic that would bring stability to the steel empire. Carnegie integrated by buying out all the companies needed to produce his steel. Carnegie eventually sold his company to the most famous banker, J.P. Morgan, making Carnegie a fortune and one of the richest men. In the book the author states, “from competition to consolidation”, and I believe that Andrew Carnegie was king of this. He truly used his marketing strategies to shrink his competition while consolidating the factory types. Brooklyn Bridge: The 14-year construction of this urban landmark that stretched across the East River was completed in May of 1883. This was not only a bridge; it stood for many significant symbols. During this time period, the industrial aspects of things were at its peak and this represented the strength of the industry. Also it symbolized the use of immigrant workers and how much time and effort they put into making this bridge. Twenty seven men died while creating this bridge and that is something that most people forget when looking at the bridge, people risked there lives while giving a society that people needed. Not only that but it took tons and tons of steel and iron in order to complete this bridge and it was part of the steel and iron boom. This landmark led to the rise o... ... middle of paper ... ...steel business in the world. This boom of steel made Andrew Carnegie dominate in the industry. He supported the steal, elevated trains, and iron rails by his creation of the steel business. Andrew Carnegie used vertical integration, defined above, in order to make his business successful. Andrew’s biggest rival was John D. Rockefeller, who was the king of the oil industry. Though Rockefeller had tactical marketing strategies, he was demanding illegal rebates with the railroad companies in order to keep his business alive. He then had to pioneer a trust which meant that he would gives shares to trustees who hold the stocks “in trust” for their stockholders. J.P. Morgan comes into play with his finance capitalism, consolidation, and elimination. I believe that each these people had their own power and success and not one of them had better successes then the others.
During the nineteenth and twentieth century monopolizing corporations reigned over territories, natural resources, and material goods. They dominated banks, railroads, factories, mills, steel, and politics. With companies and industrial giants like Andrew Carnegies’ Steel Company, John D. Rockefeller’s Standard Oil Company and J.P. Morgan in which he reigned over banks and financing. Carnegie and Rockefeller both used vertical integration meaning they owned everything from the natural resources (mines/oil rigs), transportation of those goods (railroads), making of those goods (factories/mills), and the selling of those goods (stores). This ultimately led to monopolizing of corporations. Although provided vast amount of jobs and goods, also provided ba...
Let us first look at Mr. Andrew Carnegie. Carnegie was a mogul in the steel industry. Carnegie developed a system known as the vertical integration. This method basically cut out the ‘middle man’. Carnegie bought his own iron and coal mines (which were necessities in producing steel) because purchasing these materials from independent companies cost too much and was insufficient for Carnegie’s empire. This hurt his competitors because they still had to pay for raw materials at much higher prices. Unlike Carnegie, John D. Rockefeller integrated his oil business from top to bottom. Rockefeller’s system was considered a ‘horizontal’ integration. This meant that he followed one product through all phases of the production process, i.e. Rockefeller had control over the oil from the moment it was drilled to the moment it was sold to the consu...
Andrew Carnegie was a man who was born poor, but wanted to change many lives for those who were like him. Since he was able to walk, he started to work he was a bobbin boy in Pittsburg. Carnegie would work 12 hours a day to
Andrew Carnegie was born in Dunfermline, Scotland in 1835. His father, Will, was a weaver and a follower of Chartism, a popular movement of the British working class that called for the masses to vote and to run for Parliament in order to help improve conditions for workers. The exposure to such political beliefs and his family's poverty made a lasting impression on young Andrew and played a significant role in his life after his family immigrated to the United States in 1848. Andrew Carnegie amassed wealth in the steel industry after immigrating from Scotland as a boy. He came from a poor family and had little formal education.
To understand Carnegie before he became a wealthy man, he grew up poor working for $1.20 a week (Document LV). At the age of 50 years, he took a risk by investing in a package delivery company. His gamble paid off and he gained money to start his company, Carnegie’s Steel Company. Eventually, his company grew and caused
The biography begins when the impoverished Carnegie family leaves their home in Scotland having been replaced by machines in the Industrial Revolution. People started sailing to America because their “old home no longer promised anything at all” (Livesay 14). They end up earning twice as much as they did in Scotland with their son Tom in school, the parents Margaret and Will shoe-binding, and Andrew working as a bobbin boy. Money earned without work was an opening to corruption in the eyes of a Republican nation and it was also assumed that hereditary wealth had caused the decline of Europe (Lena). Carnegie soon rises from poor bobbin boy to railroad superintendent, all the way to manager at the Pennsylvania Railroad. "I have made millions since, Carnegie later claimed, but none of these gave me so much happiness as my first week's earnings. I was now a helper of the family, a bread winner” (16). The background exposition on his family became crucial to understanding Carnegie’s drive to succeed. Livesay also fluently demonstrates the various professional relationships Carnegie develops throughout his life and how they affect his career. When his first investment pays a profit of $10, Carnegie discovers a whole new world of earning money from the capital. In 1865, he establishes his own business enterprises and...
Carnegie thrived in business when he took his own advice throughout many situations in his life. Harold C. Livesay in Andrew Carnegie and the Rise of Big Business, comments on how Carnegie was always on his toes when it came to his steel business and when it came to competition. Livesay also mentions how Carnegie gave Doubleday advice in leaving a poorly ran company. (Doc. 3). Carnegie was a role model to other businessmen. He paid well attention to his costs and earnings, also growing competitive as business competition stiffened. In addition to his competition, Carnegie bought out his competition and provided jobs for many workers. In Document 5, Carnegie’s business technique of Vertical Integration portrays Carnegie’s properties starting from raw material to manufacturing. Carnegie’s many properties depicted him out as a very successful man and attracted envy from other businessmen. This evidence helps explain why Andrew Carnegie was a hero because Carnegie’s role modeling and advice helped other businessmen take care of their properties better and may have granted them to be financially prospered as well. Andrew Carnegie can be connected to the intelligence trait because his own advice allowed him to change America’s industrial life and allowed him to be
He and his family lived in Allegheny, Pennsylvania where young Andrew worked in a factory earning slightly less than $1.25 a week. He worked there until he gained the opportunity to be a telegraph messenger. After working there for close to two years he joined the Pennsylvania railroad as an assistant and telegrapher to Thomas Scott, a top official in the railroad. During this time Carnegie studied under Thomas Scott, learning business and industry. Three years later he was promoted to superintendent. While working as superintendent he invested his money into different stocks and companies, the most substantial investment being in oil. He invested his money into the United States economy and created a steel company in order to better construction and enhance life in the United States.(“Andrew Carnegie” np)
What is a hero? Is it an individual that saves lives? A person that does good in the world? Or do you simply think of your mom as a hero? In everyday life we encounter heroes, whether it is a policeman or even a librarian. A person doesn’t need to save the world, or be like Superman in order to be considered a hero. It can be the simplest thing from you helping somebody open their locker to holding the door open for someone as they pass. Andrew Carnegie was the hero of his time, with his benevolence and goodwill. Carnegie was a hardworking boy pushing through poverty to help his family. His intelligence and wisdom helped him evolve into a philanthropist. Later in life he became the richest man of his time era. Still with all his riches and
A man of Scotland, a distinguished man citizen of the United States, and now a philanthropist devoted to the making the world around him a better place, Andrew Carnegie became famous at the turn of the twentieth century and became true rags to riches story.
Carnegie saw how bad the wooden railroads were, so he proceeded to slowly replace them with iron ones. Carnegie's charm, perception, and hard work led to becoming one of the world's most famous men of the time, and led to the first corporation in the world with a market capitalization in excess of one billion when he sold his companies to John Morgan who called them United States Steel Corporation.
Andrew Carnegie is known as the man who was born in the poorest living conditions but died one of the richest men in the world. He was renown for his judgment of character and business opportunities. He is most widely recognized for providing the capital and opportunity for an innovation that would make steel stronger and more affordable. Andrew Carnegie is a major driving force behind the industrialization of American and the impact that he had can still be seen today across Pennsylvania and the World.
When he mass produced the steel company, he was setting the future were today almost everyone has a car or rides on a train/bus/subway. And if the steel was not mass produced we would not have skyscrapers because steel was the only material that would hold the structure of the building. So today, we can start to use the land for more people because of instead of building out, we are building up and by building up we are making more of the land. The future was becoming more more positive to the generations to come for the easier lifestyle and becoming more mechanical. And the other thing that Andrew Carnegie did that was positive was all the money that he had donated. When he supported the international-peace causes he was putting the foot in the door for the better life of all people because it does not matter what color your skin color, it matters what we do with our lives ( The Gale Group., 2004). Andrew Carnegie supported others for they can do want they wanted to do with some money to help
It is through his effort of creating Americas largest steel industry that he become one of the wealthiest entrepreneurs in the 19th century. Since the Industrial Revolution began to replace hand made products most of the workers lost their job positions and Andrew’s father was one of those people. His mother then began to support the family by opening up a small shop. Andrew Carnegie notices the hard work his parents are doing to support his family; it is then that he realizes what the true meaning of poverty really meant. Andrew who comes from a family that believes hard work is the key to success that in the future he begins to help out the “poor”. Andrew Carnegie who met Thomas A. Scott (business person, railroad executive, and industrialist) becomes really close that he manages to become his right hand man. After the Civil War
While Andrew Carnegie didn’t invent steel, he was able to explore steel production while making it more efficient. Through his exploration, he encountered setbacks that ultimately helped shape labor laws and eventually exchanged his company for a life of philanthropy which still has a lasting effect today. Carnegie managed to come from humble beginnings, as he immigrated to America from Dunfermline, Scotland at age thirteen (Carnegie 27). Carnegie shifted his economic status and was able to become the richest man in the world. He was unable to achieve his great fortune and social prominence without obstacles, but he still managed to change the United States for the better through his philanthropy and his sponsorship of architectural projects.