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.
That same year, Morgan merged Carnegie Steel with a group of other steel businesses to form U.S. Steel, the world’s first billion-dollar corporation Andrew Carnegie: Philanthropist After Carnegie sold his steel company, the diminutive titan, who stood 5’3”, retired from business and devoted himself full-time to philanthropy. In 1889, he had penned an essay, “The Gospel of Wealth,” in which he stated that the rich have “a moral obligation to distribute [their money] in ways that promote the welfare and happiness of the common man.” Carnegie also said that “The man who dies thus rich dies disgraced.” Carnegie eventually gave away some $350 million (the equivalent of billions in today’s dollars), which represented the bulk of his wealth. Among his philanthropic activities, he funded the establishment of more than 2,500 public libraries around the globe, donated more than 7,600 organs to churches worldwide and endowed organizations (many still in existence today) dedicated to research in science, education, world peace and other causes. Among his gifts was the $1.1 million required for the land and construction costs of Carnegie Hall, the legendary New York City concert venue that opened in
Essay 1 Wealth and Poverty October 11, 2010 Carnegie and the Refinements of Civilization One of the wealthiest individuals in US history, Andrew Carnegie is a virtual poster child for the American dream, starting as a poor immigrant who, as he stated, “pulled himself up by the bootstraps” to become one of the most powerful figures of his day. Some think of him only as wolf in sheep’s clothing or a robber-baron who made his fortune on the backs of his downtrodden workers. Both points of view are certainly valid, but a third category is of equal importance. He is also known as the “Patron Saint of U.S. Libraries,” a philanthropist who provided vast sums of his accumulated wealth to the development of public libraries throughout America. Carnegie took a strong stance on wealth and its stewardship.
America, being under the United Nations standard for a country's gross donation would rise in the ranks to being a charitable country that donates the most which would spread American leadership qualities towards other nations. This formula to solving world poverty benefits each individual by raising morals, benefits the nation by raising its standards among others around the globe, and benefits the nation by getting rid of world poverty. On the other hand, Singer's Solution also comes with a downside which is that getting everyone in America to donate a great portion of their income will prove a difficult task. Singer's studies show that on average an American who makes fifty thousand dollars a year only spends thirty thousand on necessities, so according to his solution the
Within his first five years as CEO he closed 73 plants, sold 232 businesses and eliminated 132,000 workers from GE. There were opposing views to his tactics, many supported him and many did not agree with him. Many people called him "Neutron Jack" because as he rolled out his vision, GE had mass layoffs of many employers that had been loyal to the company for a long time. Somehow, Welch did fulfill the company's primary economic responsibilities to society by turning it into an exceptionally profitable conglomerate. Shareholders and managers became rich off of Welch's vision.
There is no hourly labor and everyone is paid by the month. Cloris Bojikian, HR director of Semco states, “Our employees work less than people at other companies, but still more than they really have to. We don’t know how many hours any of our employees work weekly. Not even if they work at all.” (Guimaraes & Southerst, 2003). To most people, this would seem to be a major problem with management and you would assume the company isn’t doing very well.
Qtynness X. Franklin Mrs. Collins LMG 332 6/29/11 The Legacy of John D. Rockefeller John D. Rockefeller created one of the greatest monopolies of the nineteenth century. Rockefeller dominated the oil industry with his company’s monopolistic methods of underselling, differential pricing, and transporting rebates. As ruthless as the Standard Oil Company was before its separation; Rockefeller gave away vast amounts of his wealth to charities making him a true philanthropist. Philanthropy played a big part in Rockefeller’s life, before and after the Standard Oil Company. Rockefeller defined modern philanthropy by donating more than 550 million dollars to charities, churches, schools of all kind, and organizations throughout the nation.
In my opinion, all this cannot do without Tony Hsieh, the CEO of Zappos. He invested $350 million of his own money to change downtown Las Vegas, encountered the dilemma of out of money twice, helped company make it through and finally made a profit, and he even rejected a buyout offer by Amazon until Amazon had come to appreciate their company culture as well as their strong sales. He mentioned in Emily Yellin’s book that “while there [was] this kind of [daydream] of the best service here, we still [had] to make [a decision] at the end of the day. We still [had] financial goals to make, your call was important to us. [And] we still [had] to look at P&L statements, and a balance sheet, and [figured] out what [were] the best place to invest our resources to have the biggest return.” With the outstanding leadership of him, Zappos gradually built up its own brand effect which is famous for its brilliant customer service.
The Biography of: Bill Gates The man who changed the world for its good Report by Chinmay Gupta 6C Table of Contents Title Page…….……………………………………….Page 1 Table of Contents………………………….………….Page 2 Introduction………………………………….………..Page 3 Early Life...………………………………………..…..Page 3 Founding Microsoft and living a life……...…………..Page 5 My opinion on Bill Gates………..….……….………..Page 8 Conclusion…………………………………….……....Page 9 Bibliography………………………………….…...…Page 10 Bill Gates grew up from a normal schoolboy to the sixth most powerful man and the richest citizen on earth, according to the Forbes list. Although he is the richest man alive, he doesn’t boast of his wealth at all, but maintains his leadership skills and care for others. His parents must have found it hard to imagine this very son of theirs, who was rocking in his cute little cradle would one day establish one of the most profitable companies in the world, and be what he is today. Bill Gates was born on October 28th, 1955, in Seattle, Washington, U.S.A. He grew up in a very high-spirited family, full of fun and ideas, making him a very loving child.
Many economists – the adcovates of ’corporate social responsibility’ and the ’stakeholder view’ among others – have criticized this idea, but Friedman had an explanation. He believed that all the operations a company is involved in, even if they don’t have an immediate positive financial impact, must have a material purpose in the long run. Milton Friedman’s contribution to the science of economics is best summed up by The Economist, which, after his death in 2006, described him as "the most influential economist of the second half of the 20th