Andrew Carnegie

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Andrew Carnegie (November 25, 1835 – August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie was born in Dunfermline, Scotland, and emigrated to the United States with his parents in 1848. He is best known for leading the expansion of the American steel industry in the late 19th century and is often identified as one of the richest people in history. Moreover, he is remembered for his extensive philanthropy, having donated more than $350 million to various causes by the time of his death.

Early Life

Carnegie's early life in Scotland was marked by poverty, leading his family to move to the United States in search of better opportunities. They settled in Allegheny, Pennsylvania, where Carnegie began working in a cotton factory at the age of 13. His early jobs included working as a bobbin boy, changing spools of thread in a cotton mill 12 hours a day, 6 days a week. Carnegie's work ethic and desire to learn quickly led him to rise through the ranks of a telegraph company, and then to the Pennsylvania Railroad Company where he learned about management and investments.

Rise in the Steel Industry

Carnegie's investments in railroads, bridges, and ironworks eventually led him to focus on the steel industry, where he founded the Carnegie Steel Company. His company revolutionized steel production in the United States through the adoption of the Bessemer process, which allowed for the mass production of steel. This innovation significantly lowered the cost of steel, making it the preferred material for building and construction. In 1901, Carnegie sold his steel company to J.P. Morgan for $480 million, creating the U.S. Steel Corporation, which was the first corporation in the world with a market capitalization over $1 billion.

Philanthropy

Following the sale of his steel company, Carnegie devoted himself to philanthropy. He believed in the "Gospel of Wealth," the idea that the wealthy have a moral obligation to distribute their wealth in ways that promote the welfare and happiness of the common man. Carnegie's philanthropic efforts were wide-ranging. He funded the establishment of more than 2,500 public libraries around the world, known as Carnegie Libraries. He established the Carnegie Endowment for International Peace to fund scientific research and education, and he donated large sums to universities, including the creation of Carnegie Mellon University.

Legacy

Carnegie's legacy is complex. While he is celebrated for his philanthropy and the role his business played in the development of the United States as an industrial power, he has also been criticized for his role in the Homestead Strike of 1892, where a violent conflict between strikers and private security guards resulted in several deaths. Despite this, Carnegie's impact on American industry and philanthropy is undeniable. He is remembered as a titan of industry and a benefactor to society, whose contributions have had a lasting effect on the country and the world.