Who was Andrew Carnegie?

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Andrew CarnegieWho was Andrew Carnegie?

Andrew Carnegie was born on November 25, 1835, in Dunfermline, Scotland. After moving to the United States, he worked a series of railroad jobs. By 1889 he owned Carnegie Steel Corporation, the largest of its kind in the world. Most of Carnegie’s time was dedicated to the steel industry.

http://www.youtube.com/watch?v=-_GQuhOK_lc

His business, which became known as the Carnegie Steel Company, revolutionized steel production in the United States.  Carnegie built plants around the country, using technology and methods that made manufacturing steel easier, faster and more productive. For every step of the process, he owned exactly what he needed: the raw materials, ships, railroads for transporting the goods, and even coal fields to fuel the steel furnaces. This type of business is called a vertical monopoly.  In 1901 he sold his business and dedicated his time to expanding his philanthropic work, including the establishment of Carnegie-Mellon University in 1904.

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Who could Carnegie be compared to today? Personally I think Bill Gates would be a great comparison. They both created something that later EXPANDED leading them to become one of the wealthiest people of their time. Who else created something that expanded so much it lead them to great wealth?  Carnegie owned a “monopoly”, do you think monopolies are bad for America?  Today we discourage them in favor of competition.

 

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