During the mid-nineteenth century, two symbolic icons of industrial growth and entrepreneurial finesse, Andrew Carnegie – who built an enormous steel corporation, and John D. Rockefeller – creator of Standard Oil, both dominated their respective industries and impacted American society in terms of supplying necessary goods like steel and petroleum, employment opportunity, philanthropic causes which set precedents not only for significant strides of government oversight on big business, but also toward fair labor practices.
Andrew Carnegie, a poor Scottish immigrant at the age of 12 in 1848, wasted little time engaging his talent for success. Beginning as a bobbin boy in a textile mill, he moved on to become the fastest Western Union telegraph
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While oppressing the laborer, Carnegie capitalized on the respect of American society through investment in philanthropic activity. In his lifetime, Carnegie donated more than $300 million to “libraries, universities, and international peace causes” (504). Carnegie continued his philanthropy, but concluded his monopoly in 1901 by selling to financier J.P. Morgan, who ultimately established the United States Steel Corporation. A second icon of industrialized America, John D. Rockefeller, built his own conglomerate, cementing his name, and legacy in …show more content…
Rockefeller set up “pools” of multiple businesses that fixed prices and production quotas, and by 1879, had seized 90% of the oil refining capacity. He established the Standard Oil Trust in 1882 creating an umbrella company which controlled forty oil companies, and an arrangement of stockholders who held trust certificates. Through this absorption and cooperative management of rival companies, Rockefeller controlled the petroleum industry horizontally as well as vertically through control of costs and
Andrew Carnegie was a famous steel company owner who lived from 1835 to 1919. He was born in Scotland but came to the United States with his family when he was 12. He had very similar achievements to Richard Arkwright, who owned cotton mills and cotton processing patents in England in the 1700s. Both Andrew Carnegie and Richard Arkwright are remembered as powerful industrialists who built great capitalist fortunes by starting and growing large dominant companies. Richard Arkwright and Andrew Carnegie both had similar career paths and significant impacts on the Industrial Revolutions of their time because of their innovative use of new technologies and their ability to lead others.
According to The Saturday Globe, Utica, New York, Andrew Carnegie was an industrialist, business magnate, and philanthropist during the late 19th century. Andrew Carnegie, the most
Andrew Carnegie, originally from Scotland, took advantage of the time and created a vertically integrated steel company. Being a vertically integrated company meant he controlled every phase of business from the raw materials to transportation, manufacturing, and distribution of steel. He was a dictator in his company and his factories operated non-stop everyday except for the fourth of July. He believed that the rich had a moral obligation to advance society and he distributed a lot of his money to philanthropies like the creation of public libraries in towns throughout the country. He was seen as a captain of the industry and inspired Americans to become industrial leaders. He was also seen as a “robber baron” because of his dictatorial attitudes, repressive labor, and domination of power and
Andrew Carnegie was an important figure in America’s industrial scene in the 19th century. Carnegie had a positive impact on American society. He completely changed the steel industry with his Carnegie Steel Company. He believed that using his wealth for the community would make the world better. He donated a ton of money to things like education and the arts, which created many more opportunities for people.
In terms of the industrialization of America, Andrew Carnegie was the most influential character in the series of videos watched in class. Carnegie worked his way up from being a poor Irish immigrant to become one of the most famous industrialists that helped transform the U.S steel industry in the late 19th century. While other industrialists helped people expand across the country, Carnegie helped to build the country vertically and created large cities. From and economic standpoint, Carnegie aided in the expansion of America from the ground up, and he also helped expand the country through the steel in railroads. Although John Rockefeller and Cornelius Vanderbilt greatly helped America from an economic standpoint, Andrew Carnegie built modern
Andrew Carnegie is a robber baron and that means he will do whatever is necessary to be on top. He was born November 25, 1835 in Dunfermline United Kingdom. when he was 16 he had a friend in scotland and they wrote letter to each other. Carnegie wrote to him a lot about different things. They discuss how their two countries were so different in the way that it handles different issues. at that time he was so good at writing letters that he wrote for the newspaper. When Carnegie was younger he had to
In 1863, when Andrew Carnegie was 27, he began working for Pennsylvania Railroad, which was considered a small fortune.
Rockefeller went to great lengths to strengthen his business and its efficiency. A year later Rockefeller convinced his brother to establish a partnership and a new refinery in Cleveland. This was the establishment of the well-known Standard Oil Company. There was a branch in New York which William was in charge of that took care of exporting the oil. In 1867 the brothers added another man into their company. Henry M. Flagler was an oil barrel manufacturer. John and Henry had met before while Flagler was a grain merchant. They were both driven for power and expansion. Rockefeller, Andrews, & Flagler was created and with the help of a silent partner, Stephen V. Harkness, both John and Henry’s determination Standard Oil soon became the largest oil refinery in the world. The two businessmen both believed that the best way to rake in profits on a regular basis was to first to expand the business as much as they could and then to also use all of their materials efficiently. Standard Oil became a monopoly in the oil industry by buying out the Cleveland refineries and refineries in New York, Philadelphia and the surrounding area. As well as buying the companies needed to “fuel” the refineries, back to the vertical integration but on a larger scale. This led to the first great trust. January of 1882 the Standard Oil Trust was
Carnegie not only got his start as a young Irish immigrant working as a railroad telegraph operator, his first major corporation was the Keystone Telegraph Company, in which he acquired the Pacific and Atlantic Telegraph Company. Carnegie thought of giving up on business after having moderate success, but on a trip to England in 1872, he met with Henry Bessemer and saw his plans for steel. (Carnegie
John D. Rockefeller also started at humble beginnings. By taking risks and investing he found himself engulfed in the rapidly expanding oil industry. Not yet in the business directly he started his own company, The Standard Oil Company of Cleveland. Rockefeller's stake in the oil industry increased as the industry itself expanded caused by the rapidly spreading use of kerosene. The Standard Oil eventually, in a few years, purchased and controlled almost all the refining firms in Cleveland, plus two refineries
Andrew Carnegie’s family started in Dunfermline, Fife, Scotland where Carnegie was born on November 25, 1835. After a downturn in the economy, his family immigrated to the United States. From a young age, Carnegie worked to support his family, starting in a cotton factory at age 12. By age 14, Andrew Carnegie started working in a telegram office where he rose to more important job titles for the Pennsylvania Railroad Company (“Andrew Carnegie”). Carnegie’s ambitious childhood prompted him to work hard for what he wanted and helped him to understand business.
Andrew Carnegie was a Scottish immigrant who became the wealthiest man in the world during the “Gilded Age”. Carnegie and his family came to America when he was 13 years old. He began working in a series of jobs from working in a factory, to being a telegraph messenger and then finally the railroad systems, starting at the bottom and working his way up to superintendent. He was self-educated utilizing only the libraries that were open to children and very industrious. Young Carnegie used his money to make lots of shrewd investments especially in oil, to which he did quite well.
Let us first look at Mr. Andrew Carnegie. Carnegie was a mogul in the steel industry. Carnegie
Rockefeller and H.C Frick it was quite a bit easier to gain even more money from workers than it is today. Due to government regulations such as high tariffs on imported steel, meaning steel from other countries prices would be raised, making American made steel more profitable than it already was, making Carnegie an even wealthier man. Many steel companies capitalized on this opportunity by increasing their own product’s prices higher relative to that of imported steel, making it seem less expensive than it really was, exploiting workers, citizens, and other companies, like bridge makers, who needed steel to operate, out of their hard earned money. I strongly believe that this could have lead to American Steel forming monopolies on other types of businesses, such a bridges There was also a lack of living wage laws, so no federal or state minimum wage was recognized. The U.S government did not even stop Carnegie’s American Steel from hiring over 300 armed members of the Pinkerton detective agency, eccentionally , Carnegie’s own army. If this event was stopped, the 1892 Homestead strike could have been avoided, the government may have demanded higher pay for workers. This accumulation of wealth with the aid of the U.S government, only lead to worse working conditions, and higher rates of philanthropy using workers pay, what little of it they have
Andrew Carnegie was an industrialist who led the expansion of the steel industry in America. He made his fortune in the steel industry, controlling the most iron and steel