The remarkable life of Andrew Carnegie illustrates many of
the factors that led to the rise of the big business in the United States. Andrew
Carnegie (November 25, 1835 – August 11, 1919) was a Scottish-American
industrialist who led the enormous expansion of the American steel industry in
the late 19th century. He was also one of the highest profile philanthropists
of his era; his 1889 article "Wealth" remains a formative advisory
text for those who aspire to lead philanthropic lives.
Carnegie
was born in Dunfermline, Scotland; and immigrated to the United States with his
parents in 1848. Carnegie started as a telegrapher and by the 1860s had
investments in railroads, railroad sleeping cars, bridges and oil derricks. He
built further wealth as a bond salesman raising money for American enterprise
in Europe. He built Pittsburgh's Carnegie Steel Company, which he sold to J.P.
Morgan in 1901 for $480 million, creating the U.S. Steel Corporation. Carnegie
devoted the remainder of his life to large-scale philanthropy, with special
emphasis on local libraries, world peace, education and scientific research.
As part
of his business activities, Carnegie frequently traveled to Europe. On one
trip, he met Sir Henry Bessemer, who had invented a new process for making
high-quality steel efficiently and cheaply. Then he set up his steel company in
1875 using Henry’s process and made a lot of money. To make his steel company
more efficient, Carnegie began the vertical integration of the steel industry.
A vertically integrated company owns all of the different business on which it
depends for its operation.
No comments:
Post a Comment