Name of Industrialist: Andrew Carnegie

how did he acquire his wealth?

Andrew Carnegie was employed in railroad jobs in U.S.  In 1889, he used his own capital and established the largest steel corporation in the world is known as Carnegie Steel Corporation.  In 1901, he sold the steel corporation to U.S where he earned $200 million total sales (Biography.com.Editors, 2017).

How he (or his related industries) treated workers.

Carnegie treated his workers unfairly. They worked seven days a week and each day they spent 12 hours working.  Despite the fact they worked long hour, they were paid low wages, threatened and abused (Biography.com.Editors, 2017). They worked in poor working conditions and deaths incidents occurred due to steelwork accidents.  He could not care for casualties or well-being of workers but rather he concentrated with production loss.

How he spent his money.

Some of his money was donated to charities, and other was used in developing business such as oil derricks, Keystone Bridge Company Carnegie Steel Company and railroads (Biography.com.Editors, 2017).

 How he donated his money?

 When he started his philanthropic work, he donated his money by building libraries. For example, he donated $5 million for establishing new branches of New York Public Library. He donated money to Cragenie-Mellon University (A+E Network, 2017). Generally, he had an interest in charitable donation and developed scientific research and world peace.

Do you believe he is a Robber Baron or Captain of Industry?

I believe that Andrew Carnegie was a Captain of Industry. This is because; he   implemented innovations that changed the U.S commercial nations to industrial nation in 1865 and 1901.  Carnegie was technologically minded-meaning that he led to labor productivity in railroading, mining and other business (Rau, 2006). Even though he exploited laborers, real wages and real wealth increased. He ensured strong competition by establishing new plants and methods and ensured that in times of recession and depression, the industries were moving forward and employees could not lose their jobs. He also ensured industrial accomplishment by establishing universities (Rau, 2006).  Generally, he used his superior wisdom and ability to create great industrial power and to improve the standards of living.

 

 

 

 

 

Reference

A+E Networks (2017).ANDREW CARNEGIE © 2017, A&E Television Networks, LLC. All Rights Reserved.

 

Retrived from: http://www.history.com/topics/andrew-carnegie

 

Biography.com.Editors (2017). Andrew  Carnegie Biography.  A&E Television Networks.

http://www.biography.com/people/andrew-carnegie-9238756

 

Rau, D. M. (2006). Andrew Carnegie: Captain of industry. Minneapolis, Minn: Compass Point Books.