Andrew Carnegie-Entrepreneur Sheet PV 2024

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Harvard University *

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History

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May 2, 2024

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docx

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T ho ugh much time has passed since the days of America's great industrial and financial tycoons, the question still remains… Websites: http://www.history.com http://www.ushistory.org/ http://www.biography.com/ Name of Industrialist: ANDREW CARNEGIE Industry: CARNEGIE STEEL COMPANY Write a description of your assigned industrialist's early life. Andrew Carnegie was born in 1835 in Dunfermline, Scotland, to a not very financially stable family. His father was a handloom weaver, and the family faced economic struggles due to the Industrial Revolution. In 1848, they immigrated to the United States, settling in Pittsburgh, Pennsylvania. Carnegie started working at a young age, initially as a bobbin boy in a cotton factory. Through hard work and determination, he advanced in the railroad industry, eventually becoming a superintendent of the Pennsylvania Railroad. He later invested in various ventures, including iron and steel, ultimately founding the Carnegie Steel Company, which became one of the largest and most profitable steel companies in the world. Explain how your assigned industrialist obtained his or her wealth? In 1873, Carnegie ventured into the steel industry by establishing the J. Edgar Thomson Steel Works. He adopted the Bessemer process, a technique for steel production that created significant cost reductions and boosted output. Expanding his enterprise, Carnegie acquired additional steel firms and integrated his operations vertically, overseeing every aspect of steel manufacturing, from sourcing raw materials to distribution. By the end of the 19th century, the Carnegie Steel Company had become a global leader in the steel sector, enjoying substantial profits. In 1901, Carnegie sold his company to J.P. Morgan for $480 million, which strengthhend his status as one of the wealthiest people in history. Were these tycoons CAPTAINS of industry, which laid the groundwork for America to become a great industrial power, or were they ROBBER barons, focused on acquiring wealth by limiting competition and exploiting poor?

Provide some details as to how your industrialists treated his or her workers? Initially, Andrew Carnegie's treatment of workers was rough, which was exhibited in events like the Homestead Strike. However, he later changed, advocating for better working conditions and shorter hours. He also shared profits with employees and donated money to create libraries and schools, showing his concern for their overall well-being unlike before. Was your assigned industrialist a philanthropist? Provide examples. Andrew Carnegie was a philanthropist, one example of his philanthropy is his funding of over 2,500 public libraries worldwide, including the construction of libraries in the United States, Canada, and the United Kingdom. Another example of his philanthropy is the establishment of the Carnegie Foundation for the Advancement of Teaching in 1905. This foundation aimed to support higher education institutions and improve teaching methods. What are some key adjectives from your research that describe your industrialists? Some key adjectives to describe Andrew Carnegie based off of my research are wealthy, ambitious, and controversial.

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