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How Did Andrew Carnegie Contribute To Capitalism

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Andrew Carnegie, a Scottish was an immigrant who grew up poor who later became symbolic and widely known as the "American Dream" and one of the richest men in the country. Andrew started very young making money. Provided he had very little formal education, Carnegie grew up in a family that believed in the importance of knowledge, learning and reading books. Carnegie made his living and became so wealthy by being a Industrialist, businessman, entrepreneur and major philanthropist. His main source that lead to his wealth was his successful Carnegie Steel Company, which in the 1890's was the largest and most profitable industrial enterprise in the world. Carnegie made even more money when over time he sold it to J.P. Morgan who created …show more content…

Investing by age 11, Buffett was running a small business at the age of 13. Within time, Warren established firm Buffett Partnership in Omaha, with enormous success. In 2006, Buffett announced that he would give his entire fortune away to charity (est. $62 bil.), the largest act of charitable giving in United States history. His main focus was to share wealth through out the world. Bill Gates and Warren Buffett are the 21st century wealthiest men. Both have collaborated to ask hundreds of rich Americans to pledge at least 50% of their wealth to charity. Warren will leave 99% of his money to charities when he passes. From what I have read and analyzed, Warren and Carnegie were very alike in the sense that they both realized there was a problem in the way the economy was working with money distribution and taxation of the different classes. Both saw there need to be changes made to give money back to the poor communities that they both came from once upon a time. Carnegie and Warren started early in the world of business; different hustles but the same concept; getting money. Both of the men had someone they were compared to in their centuries; Rockefeller being Carnegie’s comparative and Bill Gates being

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And in 1901, He consolidated all of his companies, including keystone bridge company, and freedom irons into one big company called The United States Iron Company. The company was so large that it set a world record for the most successful enterprise the world ever saw. J.P Morgan heard that Carnegie was going to sell the enterprise for the right amount of money so he took the chance and bought it for 400,000,00.

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The late 19th century was full of growth, production, and business. People were craving power and seemed to achieve this through any means necessary. Consequently, a new business elite formed consisting of the richest men alive. The way in which these individuals acquired all their profits is something very contradictory even over one-hundred years later. Some historians characterize these businessmen as “robber barons” who used extreme methods to control and concentrate wealth and power, and being supported by multiple sources, this statement is justified but only to some extent.

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There is a broad line between a captain of industry and a robber baron. A captain of industry brought an advanced, modern economy. They might have done a few shady acts, but people can look past it. A robber baron can be considered as thieves because of the way they gained money by destroying other companies. Many could say these millionaires are both.

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Andrew Carnegie " In bestowing charity, the main consideration should be to help those who will help themselves" - Andrew Carnegie (Encyclopedia.com). Andrew Carnegie was a Scottish-American industrialist and philanthropist (Wikipedia). Carnegie led the expansion of the American Steel Industry in the late 19th Century, becoming one of the wealthiest Americans in History (Wikipedia). Carnegie gave away around 350 million dollars in the last eighteen years of his life, around ninety percent of his fortune (Wikipedia).

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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

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He made his fortune in the steel industry making many contracts to build railroads. Bill Gates made his fortune buy selling ibm ms.dos and operating system for their 16 bit computers.

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They donated money to many different things and invented many different things we still use today, which make them philanthropists. Andrew Carnegie donated his money to a fund scientific research and also made a pension fund for teachers by donating ten million dollars (Andrew Carnegie). Andrew Carnegie also created one of the largest steel companies that was made cheaply and efficiently. John Rockefeller donated his money to donated almost half a billion dollars to educational, religious, and scientific programs. John Rockefeller was the head of the Standard Oil Company.

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Towards the end of Carnegie’s ownership of Carnegie Steel competition became more common with the likes of J.P Morgan, and the Moore Brothers. However, they were never able to become successful as Carnegie. In fact, the only way J.P Morgan was able

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When the question of what to do with our wealth is raised to us at the end of our lives we read Andrew Carnegies "Gospel of Wealth." Andrew Carnegie argues that there are only three ways in which one can pass on their wealth. Of these three different ways Andrew Carnegie argues that the way to pass down wealth that is most beneficial to society is when it is administered during the lives of the possessors. I agree with the basis of Carnegie denouncing passing on wealth from father to son, and when the possessors of wealth pass away. Also I agree with the notion that Carnegie believes the only effective way to pass on wealth is within the possessors lifetime.

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He believed that if the wealthy don't give back some of their profits to the community, they are living a dishonorable life, and although I didn't necessarily agree with this radical viewpoint at first, I now am a firm believer in Carnegie's argument about wealth.

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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.

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Carnegie's company was at the top of the "food chain" and it stayed that way for some time becuase Carnegie's steel was at a lower price than his competitors so big companys that were replacing railroads and buildings with steel came to buy that material from Carnegie's company. Carnegie had nothing to worry about with his company going down under and even when a new competitor by the name of J.P.Morgan stepped up Carnegie was not worried but Carnegie had no interest in a long battle since he was a 64 year old man with a wife() and a daughter(). So Carnegie sold his company for $480 million dollars and spent the rest of the time with his family and giving back to the world. Carnegie decided to give back to the world since he wasn't comfortable with having all that money because Carnegie himself was a philanthropist, which is a person who likes to donate money to reasonable cuases, so he used the money towards building 2,500 public libraries and making huge donations towards schools all around the states like New York. The last thing that Carnegie built was the World Court which was first named the "Palace of Peace".

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The Father of Modern Philanthropy, Andrew Carnegie, in his article, “Wealth,” describes his views about prosperity and inequality. Carnegie’s views are very much logical considering he was one to come from “rags to riches.” He began by working as a bobbin boy in a cotton mill and soon became a messenger boy in a telegraph office. In addition, Andrew was an enthusiastic reader and expanded his knowledge constantly which led him to become a telegraph operator and later, the superintendent of the Pennsylvania Railroad. Throughout the years, he climbed up the ladder and eventually built the Carnegie Steel Corporation that transformed into the largest steel industrial company in the world.

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He believed that if the wealthy don't give back some of their profits to the community, they are living a dishonorable life, and although I didn't necessarily agree with this radical viewpoint at first, I now am a firm believer in Carnegie's argument about wealth.

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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.

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