A Captain of Industry: Andrew Carnegie

547 Words3 Pages
“The Man Who Dies...Rich Dies Disgraced.” A Captain of Industry is an innovator whose business practices and charitable contributions bridge both industry and society, which is unlike Robber Barons, who achieved fame and fortune through dishonest unscrupulous means. Generally speaking, a Captain of Industry is a man who generate money, while Robber Barons exploit money. Andrew Carnegie, millionaire and philanthropist, the man who revolutionized the steel process and created an empire, was a Captain of Industry, because he made sound investments throughout his life, funded public libraries and churches, and endowed many other organizations. As a youth, Carnegie’s schooling ended when he left Scotland, and he only had a few years of it. He later tried to make up for his lack of a formal education with self-study; he gained access to private libraries, read voraciously, and learned skills that got him numerous promotions before the age of 17. He held a series of jobs - his first job, working as a bobbin boy, paid him a whopping total of $1.25 per week, helped him learn valuable lessons about management and investment, and to use diversification to his advantage. He owned sleeping cars used in the railroad, a portion of Keystone, several iron works supplying Keystone, an oil company and a steel-rolling mill. Carnegie's investments and partnerships resulted in him having a controlling interest in several apparently diverse businesses. Through his investments and cooperation, Carnegie was wealthy enough to co-found his first steel company, just outside of Pittsburgh, in his early thirties. He remodeled the steel industry as he used vertical integration and maximized his profits. Before retirement, Carnegie basically owned an empire. After retirement, however, Carnegie was less concerned about his riches and more concerned about others. He wrote an essay called “The
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