Presentation on theme: "Andrew Carnegie By Rebecca Good. Early Life Carnegie was from Dunfermline, Scotland (a center of the growing linen industry) Born to William and Margaret."— Presentation transcript:
Early Life Carnegie was from Dunfermline, Scotland (a center of the growing linen industry) Born to William and Margaret on November 25, 1835 The Carnegie family grew up in poverty because with the opening of factories in their region of Scotland, his father’s work as a linen weaver was no longer necessary He experienced first hand the life of the lower class when he realized his father was unable to find work and he saw his family struggling financially
Early Business Andrew moved to America into Allegheny, Pennsylvania in 1848, working for $1.20/hour as a bobbin boy and taking a job as a messenger Andrew was eventually introduced to the Railroad business and investment opportunities when he was hired as a personal secretary to Thomas A. Scott This brought him close to industrial advancements, giving him the chance to become the superintendent of the railroad company He then devoted himself to the Keystone Bridge Company, relying on his persistence and willingness to learn to push him ahead in business
Big Business His main success was in the steel business *making use of the Bessemer process *providing steel for building railroads Carnegie’s steel business prospered in the Pittsburgh area He helped make the U.S the world’s greatest steel exporter Main strategies for successful business: *overall fair treatment of workers to prevent strikes *uncorrupt deals *vertical integration- controlling all parts of the process from beginning to end to eliminate the middle man By 1900 the Carnegie Company was valued at about $400 million dollars, an enormous sum of money for this rags to riches man
His Philanthropy In 1901 Carnegie sold the company to J.P Morgan for $480 million dollars He had wanted to become a philanthropist even before he was a millionaire, so this gave him the chance Carnegie believed in the Gospel of Wealth, so he wanted to give as much of his money away to better the community His fortune helped establish more than 2,000 public libraries He funded many universities and programs to teach those who otherwise would not have been given this opportunity At the end of his life he had given away over $350 million dollars, leaving an impression on the poor and setting an example for the wealthy
His Wishes Fulfilled “I began to learn what poverty meant. It was burnt into my heart then that my father had to beg for work. And then and there came the resolve that I would cure that when I got to be a man.” “I shall argue that strong men, conversely, know when to compromise and that all principles can be compromised to serve a greater principle.” “Surplus wealth is a sacred trust which its possessor is bound to administer in his lifetime for the good of the community.” -Andrew Carnegie
Cartoon Analysis His distinctive hat, socks, and kilt represent Carnegie’s origins in Scotland. The American flag print represents his move to America and the “American Dream” he was able to experience It mentions free education in Scotland on the document, showing his wishes for education opportunities in Scotland (like his wish for education in the U.S) He is pouring money into graduation caps, showing Andrew’s funding of libraries and colleges The vertical falling of the donations can be representative of his use of vertical integration
Works Cited “Andrew Carnegie.” American Experience. Web. 3 February 2012. Hall, Jan. “Andrew Carnegie.” American Business. Web. 3 February 2012. “Our Founder.” Carnegie Corporation of New York. Web. 3 February 2012. “’The MacMillion.’” Explore PA History. Web. 3 February 2012.