Andrew Carnegie's life has become one of the most famous "rags- to- riches" tales in American history. Carnegie was born in Scotland in 1835. After emigrating with his family to the U.S. at age 13, he worked in factories and became a messenger in a telegraph office. His skill in transcribing messages attracted the notice of a Pennsylvania Railroad official, who introduced him to the railroad industry. Carnegie soon found success in this business. However, during the Civil War he became interested in the iron and steel industries. After the war, Carnegie invested all his savings in what would become the first American steel mill; he consolidated the Homestead Steel Company as the Carnegie Steel Company. By using vertical integration, he controlled the steel mills, mines, and railroad enterprises. This company was greatly successful, and in 1901 Carnegie Steel Co. merged with the U.S. Steel Corporation after selling out to J.P. Morgan. This negotiation strategy resulted in Carnegie becoming the wealthiest man in the world. Government policies did not really affect Carnegie's businesses; the purpose of the Sherman Antitrust Act was to destroy monopolies, but the measure was ineffective and evaded by corporations. Andrew Carnegie retired in 1901 from his businesses and became a philanthropist; he donated millions to charities and began over 2,800 libraries.
3 comments:
Andrew Carnegie was a perfect example of the "self-made man". He transformed his life by working and doing his best. It's really interesting that he was a messenger in a telegraph office and that that success led to him being one of the Robber Barons.
Good job depicting Carnegie as the "self made man." I liked your picture too.
i agree with Sara Carnegie used the vertical integration to control the steel mills, mines and railroad enterprises.
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