Andrew Carnegie's Story (2024)

FAQs

What is Andrew Carnegie's story? ›

One of the captains of industry of 19th century America, Andrew Carnegie helped build the formidable American steel industry, a process that turned a poor young man into the richest man in the world. Carnegie was born in Dunfermline, Scotland, in 1835.

Carnegie believed in giving wealth away during one's lifetime, and this essay includes one of his most famous quotes, “The man who dies thus rich dies disgraced.” Carnegie's message continues to resonate with and inspire leaders and philanthropists around the world.

Barely anything is left of Andrew's fortune, which was once valued on par with the oil tycoon Rockefellers and the banking Morgan family. The 13 fourth-generation members of Andrew Carnegie's lineage now have the self-made wealth of white collar professionals.

By the time of his death, Andrew Carnegie, despite his best efforts, had not been able to give away his entire fortune. He had distributed $350 million, but had $30 million left, which went into the Corporation's endowment. Toward the end of his life, Carnegie, a pacifist, had a single goal: achieving world peace.

He paid his workers poorly and hated unions. During a strike at Carnegie's Homestead steel plant in Pennsylvania, his manager fired all the workers and brought in armed guards. Violence erupted, and twenty workers and four policemen died. Carnegie became fabulously—or obscenely—wealthy.

At the age of 13, Carnegie worked from dawn until dark as a bobbin boy in a cotton mill, carrying bobbins to the workers at the looms and earning $1.20 per week.

Carnegie argued that excess wealth should be used to benefit society. He stated the wealthy should not be irresponsible with money waste or self-indulgent. Instead, one should use one's wealth throughout their life for good social causes.

During his lifetime, Carnegie gave away over $350 million. Many persons of wealth have contributed to charity, but Carnegie was perhaps the first to state publicly that the rich have a moral obligation to give away their fortunes.

In “The Gospel of Wealth,” Carnegie argued that extremely wealthy Americans like himself had a responsibility to spend their money in order to benefit the greater good. In other words, the richest Americans should actively engage in philanthropy and charity in order to close the widening gap between rich and poor.

Carnegie, despite his well-established lack of empathy for his workers' situation, was in fact a very generous person. He had the relevant trait. But we may not feel it praiseworthy the way we do for the poor student. After all, Carnegie had plenty of money left over and treated his workers like objects.

Was Carnegie ever married? ›

Andrew Carnegie's most trusted confidant was his wife, Louise. “I can't imagine myself without Lou's guardianship,” he often said. He didn't make one decision without first asking “Lou's” opinion. In her quiet manner, she helped oversee one of the largest fortunes in US history, changing philanthropy forever.

Midge was the sole heiress to Andrew Carnegie's vast wealth, but he gave away the majority of his $350 million fortune and Midge inherited $15 million from her father when he died in 1919.

The Bureau of Labor found that at least 569 steelworkers died as a result of work accidents between June 1908 and June 1910. A table based on Eastman's report shows that only 73 of this deaths were at the Carnegie Steel Company, where 23,337 men are reported to have been working, implying a fatality rate of .

Carnegie sold his business to fellow steel-maker and financier J.P. Morgan in 1901. The deal made him the richest man in the world, and his net worth, in today's dollars, was estimated at more than $309 billion. Carnegie then turned to a life of philanthropy.

You cannot push any one up a ladder unless he be willing to climb a little himself. The first man gets the oyster, the second man gets the shell.

His steel empire produced the raw materials that built the physical infrastructure of the United States. He was a catalyst in America's participation in the Industrial Revolution, as he produced the steel to make machinery and transportation possible throughout the nation.

Business Lessons From Andrew Carnegie

By having a mentor, he learned the business. He kept abreast of technical events even when their applications were not obvious. He found solutions to problems by looking to other industries. He took risks and went all in so there was no turning back.

The immigrant experience shaped Andrew Carnegie's worldview. Born in Scotland, he became a United States citizen in 1885. He encouraged fellow immigrants to secure the benefits of citizenship — but also to bear the responsibilities — which he saw as vital for the strength of American democracy.