Captin of Industry or Robber Baron?
How did he acquire wealth?
- He was not born a rich man and for the beginning of his life had to work manual labor.
Became a bobbin boy at a cotton factory at 13
Invested in railroad sleeping cars and made money to make the Keystone Bridge Company
He became wealthy be creating steel for America’s cities in an inexpensive way, efficient, and easier way
sold his steel company for over $200 million
Andrew Carnegie is a Captain of Industry!
- Intelligent man whose invention made America the country it is today.
- Praised for contributing to our society.
- Took risks and made unethical decisions - needed to create his fortune and empire.
Background Info.
Andrew Carnegie
Robber Baron
- Born in Dunfermline, Scotland on 11/25/1835
- First son of linen weaver, William Carnegie
"Name given to unscrupulous and despotic businessman" Someone who became wealthy by unethical means, such as questionable stock-market operations and exploitation of labor"
- Emigrated to America in 1848 at 13 years of age
How did he revolutionize his industry?
What did he physically do? create?
- Created a large steel company
- Revolutionized steel production - made steel manufacturing easier, faster, and more productive.
His invention allowed for the construction of sky scrapers in America's cities. America becomes a global economic power, letting us expand internationally and become a very strong empire.
What methods did he use to develop and expand his business?
- He used innovative steel manufacturing technology no one else had before
- He took dangerous physical and economic risks
How did he donate his money?
- Made free libraries in many places - gave gifts like this to 2,509 English speaking communities
How did he acquire wealth?
- Donated his money to colleges and laboratories
- Had given away about $350,000,000 by his death
- Not born a rich man.
- Invested in railroad sleeping cars
- He became wealthy by creating steel for America’s cities in an inexpensive way
- Sold his steel company for over $200 million.
How did he treat workers?
How did he spend his money?
Many felt that his methods for make his fortune were unethical. He had a vision and expected his workers to help make it a reality.
Carnegie's Mansion
- Donated a lot of money
- Spent his money lavishly.
- Had a mansion on 5th Avenue in Manhattan's Upper East Side.
- Went to operas, the theater, and held lavish parties
In 1892, one of his factories tried to lower wages for its workers; the employees objected. They started to strike and conflict between workers and managers became violent. Carnegie was not present, but workers blame him for the managers’ actions.