Andrew Carnegie: the Epitome of Industry

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Andrew Carnegie: The Epitome of Industry Andrew Carnegie was born to a poor Scottish family that immigrated to America while he was an infant. He lived in poverty as a child but was able to rise to riches through hard work and intelligent business decisions. Carnegie built his first steel mill in America in 1872, shortly after meeting Henry Bessemer. Carnegie used two innovative and effective business strategies: horizontal integration and vertical integration, which would allow him to become a captain of industry. In vertical integration, Carnegie bought companies that produce resources for steel making. Because he didn’t have to pay for the resources, he was able to make more profit. In combination with horizontal integration, the merging with or taking over of other similar companies in order to establish a monopoly, Carnegie was able to make staggering amounts of money. These business strategies clearly display that Carnegie was an innovative and successful captain of industry. Many people criticize Carnegie because he made so much money and paid his workers little in comparison, but Carnegie would go on to donate millions of dollars to worthy causes. Andrew Carnegie donated a total of 225 million dollars, giving money to Princeton University, Universities of Scotland, and a teacher’s pension fund, amongst others. He also paid for the creation of many public libraries and bought several hundred church organs which he donated to various churches. Andrew Carnegie was not only a captain of industry; he was also a charitable man that had a positive influence on
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