Two amazing men who had great hopes of living the American Dream, Andrew Carnegie and John D. Rockefeller. They both started from the bottom of the ladder, poor family, impoverished, and eventually climbed to the point where they became known as many of the men who created America. Their accomplishment started out when they were approached and challenged with difficult situations, but as clever entrepreneur. They were able to overcome the roadblocks, by taking enormous risks and strategic planning. These actions were very successful that it allowed their company’s budget to snowball to the point where they became one of the most wealthiest men on earth. However being the most wealthiest man leads to many controversial questions. One specific question that has been …show more content…
Some differences is that Carnegie’s company was towards the steel industry. What he did to help the country was that he provided a new way of building more durable structures, such as buildings, bridges, etc. With a new material called steel. How he started his company was when he was tasked by his mentor Tom Scott to build a bridge over the Mississippi river. Carnegie knew this would be a challenge, because no bridge with the materials at the moment would be stable enough to transport people. Therefore Carnegie created steel with Bessemer’s process to help build the bridge. After the bridge was completed and people saw that it was durable. Everyone wanted to buy his steel. Soon after the acknowledgement of steel, buildings everywhere began to appear with Carnegie’s steel. With all the money Carnegie made he then sold his business, so that he could help other people in need. He gave approximately 5 million dollars to a public library so that many more libraries could be made. He even wrote a book call Gospel of Wealth where he mentions the idea that everyone who makes a surplus of money needs to distribute that money to others who need
Once he left, he dedicated most of his time to the steel industry, later resulting in his business called the Carnegie Steel Company which revolutionized steel production in the U.S. From this he started to build plants around the country, using technology and methods that made it faster and more efficient to manufacture steel. This made him a very wealthy man and he continued this for a few more years. Carnegie used a system of vertical integration to maintain his market dominance. Vertical integration is essentially the merging together of two businesses that are at different stages of production. This is when a company expands its business operations into different steps yet on the same production path; an example would be when a manufacturer owns its supplier and/or distributer.
Just like the treatment his workers endured Carnegie wasn't any nicer to his competitors. Andrew Carnegie was a phenomenal businessman. Much of his success is due to how he operated his business. He watched the costs of his business intently (Document C), always making sure that the steel was being produced at a lower price than what it was being sold for (Document D), and he watched his competitors even closer. In March 1889, when Allegheny Bessemer Steel built a mill directly across from Carnegie's mill it intimidated Carnegie.
As our country reached the late 1800’s, Americans found themselves face to face with era known as the ‘Gilded Age’. Companies were created and grew rapidly during this time period. Some of the most famous entrepreneurs were John D. Rockefeller and Andrew Carnegie, who seemed to be the perfect models for the ‘rags to riches’ story. Many people debate which entrepreneur was a better role-model. Due to his low prices, the high demand for his products, and the way he sought to eliminate any possible competition, John D. Rockefeller is clearly the better role-model for today’s entrepreneurs.
Carnegie's steel had started off cheap. Suddenly bridges and skyscrapers were not only
Carnegie and Rockefeller: Captains of Industry Money makes the world go around. As cliché as that may sound, it's accurate. Wealth and social class are both two concepts that are built into society that surround the initial title of money. Two people that were both ranked very high socially and were both very wealthy, were Andrew Carnegie and John D. Rockefeller.
Carnegie donated money to establish ($350 million worth) libraries, schools, universities, and pension funds for his employees. James J. Hill provided seed, grain, and cattle to farmers during the Great Depression. (Hook Exercise). These entrepreneurs promoted inventions that enhanced the way we live in the developing technological era. When people were in need, these captains of industry were there to save the day, sharing their money like it was no big deal; only it really was to the ones who needed
Andrew Carnegie and John D. Rockefeller were hardworking and used their money to help others instead of keeping it for themselves. They both started and donated to charities. Carnegie gave away most of his money before he died and established thousands of libraries.
Several industrialists had a major impact on the Gilded Age. These industrialists were Andrew Carnegie, John D. Rockefeller, Vanderbilt, Thomas Edison, and Alexander Gram Bell. Andrew Carnegie made steel from iron which helped to build railroads and buildings. He also developed a process that sped up the production of steel by 96 times. This process is known as the Bessemer Process.
Carnegie's philanthropy was a result of his steel company; from working diligently to being the cheapest and most affordable steel carnegie could invest in this work of
The late nineteenth century was a pivotal moment in American history. During this time, the Industrial Revolution transformed the nation, railroads had dissipated all throughout the country, and economic classes began to form, separating the wealthy from the poor. One of the wealthiest men of this generation was Andrew Carnegie, a Scottish immigrant who fled to America to make millions off the railroad, oil and even steel businesses. Carnegie is considered one of the richest men in history, and even with all that wealth he decided to give back to the community. As a matter of fact, Carnegie donated most of his funds to charities, universities and libraries in his last few years.
Allegheny Bessemer Steel had came up with new technology that would actually help the railroads, but Carnegie didn’t like the idea of another company being bigger than his so he sent out a fake letter to the railroad companies (Doc H). Later, the Allegheny Steel Company went out of business giving Carnegie power again. In Doc. G an article published by Harold C. Livesay states that Carnegie was indeed competing with other companies. He asked his friend, Frank Doubleday how much money he was making and then suggested he get out of it because it wasn’t a lot.
During the late 19th century, there was a growth in industrialization. This brought new opportunities for the poor and the rich. For example, Carnegie helped build the steel industry in Pittsburgh Pennsylvania, which made him one of the richest man in the world. As Carnegie gained more wealth, he questioned who money should be given to. Carnegie was both a Robber Baron and a Captain of Industry.
Andrew Carnegie was one of the most famous and wealthiest American industrialist during the Industrial Age. He was a robber baron who made a fortune in the steel industry and applied vertical integration to his business. Carnegie contradicted his views as a robber baron because he supported, but destroyed many unions. This made many of his views unethical.
John D. Rockefeller and Andrew Carnegie were abundantly similar when it came to traits that made them sucessful in business endeavors. They both rose from extreme povery and disadvantage as children. Limitations did not exist when it came to their inner core of ruthlessness exhibited at times against their competitors and even their employees. They took complete control of every detail of their business and ran it with a prerogative to control a large part of the American economy.
The founder of this company – a young man named Andrew Carnegie who came to New York City in 1848 – would eventually create the very successful business, Carnegie Steel, by capitalizing on the advancements of the second industrial revolution. Carnegie’s company invested in iron mail, and their primary focus was turning cheap iron into steel through the process of oxidation in which impurities were removed from the metals. Carnegie Steel began to mass produce affordable steel products by using machinery to replace most laborers, which was another advancement of the second industrial revolution. Carnegie Steel became one of the most successful steel manufacturers of all time and led to Carnegie becoming a self-made millionaire. The innovations introduced by Andrew Carnegie and his steel company played a large role in America’s economic success during the second industrial