Andrew Carnegie captain of industry

Andrew Carnegie was one of the richest and most successful businessmen in the late 1800's. His company, Carnegie Steel, became the biggest in the steel industry because of his hard work and smart business decisions. Some may believe his strategic ways in running his business made him a robber baron, however he dealt with his money in a very smart way that made him more prosperous in the end.

The people that thought Carnegie was a robber baron believed this because of his extreme amount of money. However, his money actually benefited society. As Carnegie stated, "the 'good old times' were not good old times" because everyone was poor. Having some rich people meant that society was growing with the expansion of business and the mass production of new resources to make our country more efficient, for example steel.

Carnegie also used vertical integration as a way to make more money for his business. In vertical integration, Carnegie took control of every step in the production of steel. That resulted in him saving money because he no longer had to pay a middle man for shipping, getting the materials, and making the steel.

Part of vertical integration was Carnegie making the steel at his own steel mill.

Carnegie also did not keep all of his money to himself. He wrote in his Gospel of Wealth, which stated his beliefs of using his money for good, that he would give millions of dollars to charity. Even after selling his company, Carnegie spent his time and money helping the less fortunate.

Even today, Andrew Carnegie's Gospel of Wealth influences many self made entrepreneurs. This includes Bill Gates, the founder of Microsoft. Modern rich businessmen and women donate their time and money to charities to help the needy because of Carnegie's philanthropy and preservation of the economy of his time.

Bill Gates


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