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Andrew Carnegie and

The Koch Brothers

Erin Williams and Clint Toran 5th

How Money was Spent

How did they acquire their wealth?

Robber Barons v. Captain of Industry

-developed a revolutionary

way for refiners to turn crude oil into gasoline. Their new thermal "cracking" technique was so disruptive to the oil industry.

-Carnegie was very adamant about becoming a philanthropist, so most of his purchases were donations.

-In 1901, he retired and sold his interests to J.P. Morgan, who paid him 500 million dollars to create U.S. Steel.

-Originally, Carnegie put up the offer as a kind of joke, not believing that anyone would ever pay that much.

Robber Baron or Captain of Industry?

Treatment of Workers

How workers are

treated

-Carnegie saw himself as a hero of the working people

-Somewhat hypocritically, he didn't support labor unions

-When the company tried to lower wages at a steel plant, the employees objected. They refused to work, starting the Homestead Strike of 1892.

-Koch employees aren't allowed to speak about the work place. :(

Though they are a bit sketchy, they donated a lot back to the community so, I think they are Robber Barons.

-Carnegie revolutionized the steel business in America, and donated almost his entire fortune to the arts in the latter part of his life, qualifying him to be a Captain of Industry.

-However, his mistreatment of workers gives one cause to call him a Robber Baron.

-While he has qualities, the category he would best fit into would be Captain of Industry.

Robber Baron- a businessman who uses exploitative practices to amass their wealth

Captain of Industry- a businessman whose means of amassing wealth contribute positively to the country

Andrew Carnegie

The Koch Brothers

How money was

donated? Spent?

Death and Charity

Government Opposition

Gov't Opposition

Faced?

-The only real government opposition Carnegie faced was in his "vertical integration" techniques. He bought railroad companies and iron mines, because if he owned the rails and the mines, he could reduce his costs and produce cheaper steel. This enabled him to virtually run off any and all competitors.

-Possibly charges on pollution to the environment.

-Spent towards:

  • politics, (more republican) they played a role in 2012 election.
  • They also spend money on denying climate change.

-Donated to:

  • the arts, museums,
  • Mount Sinai Medical Center, hospitals,
  • universities, science, and education.

-Was a true philanthropist, gave away millions upon millions of dollars to universities and funding public libraries.

-He had already given away $350,695,653 (approximately $4.8 billion, adjusted to 2010 figures) of his wealth. After his death, his last $30,000,000 was given to foundations, charities, and to pensioners.

-founder of Carnegie Steel, through which he made revolutionary advances in the steel industry

-used vertical integration to efficiently control every stage of the industrial process

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