Andrew Carnegie

Morgan had a considerable impact on the United States. Although he did not have the excessive wealth of John D. Rockefeller or Andrew Carnegie, his influence on America was certainly much greater (Wepman 6). According to The Justification of Wall Street, he was the “uncrowned king of finance” (7). As mentioned, he was responsible for the merging of several companies, such as General…

come. One such business practice was cost accounting. In the 1880s, industrialist Andrew Carnegie was “the first in the railroad industry to apply cost accounting, or breaking out the product cost for each step.” (Skrabec, 73). Keeping track of costs for each step in the production process was a major improvement from the disorganized methods used by Carnegie’s competitors and by most industrialists at the time. Carnegie further used cost accounting…

In the Gilded Ages, I believe the American business owners were considered both the captains of industry and robber barons. If you were a captain of industry, you were a business owners that had a positive effect on the American economy while being a robber baron meant the exact opposite. Robber barons were business owners that had a negative effect on the American economy. I think there were captains of industry but there were also robber barons. Some robber barons included Marshall Field,…

was incredibly important for society since it generated capital. He is convinced that money is not always the root of evil, if used in the correct way. Money is the determining factor in foreseeing the success of workers in the future. On page five Carnegie gives his thoughts about manufacturing and money stating that, “It must either go forward or fall behind; to stand still is impossible. It is a condition essential to its successful operation that it should be thus far profitable, and even…

In 1892, the Homestead (steel) Strike occurred, which involved skilled worker at Carnegie steel mill, where jobs were becoming more and more automated, and Carnegie was able to hire less workers for lower wages, almost as if the workers were competing with a machine for a job. For 92 days the mill was held by the state militia, a major battle between the workers of the mill…

The era of post-Civil War can be described as an industrial turning point for America. From 1875 to 1900, America began to grow in hopes of becoming a world power in industry. Capitalists laid the foundation to help America develop into an industrial power. There is a common misconception that these venture capitalists were corrupt “robber barons” because of how they were able to get away with making millions of dollars and escaping government control. However, based on actions of capitalists…

hot steel were common. Unions would form amongst the workers to protect their rights against these casualties. Besides these harsh conditions, workers were also concerned of wage cuts that may be made the factory’s owner, Andrew Carnegie. This was a strange move made by Carnegie who preached laborers to unionize into the Amalgamated Association of Iron and Steel Workers…

The nineteenth-century was a time period where the supply and demand for manufactured goods increased a great deal in the United States and more and more people invested in industrial pursuits. People were finding quicker and cheaper ways to build more products in a mass production. Entrepreneurs took advantage of these and learned to organize and fund a business which helped their economic situations skyrocket if they played their cards right. The people of this time who were not making as…

workers burned down his railroad station killing his business, the episode ends with the narrator informing us that Rockefeller amassed a sum of money that would equal $225 billion dollars today, but he is about to face his biggest competitor, Andrew Carnegie, Tom Scott’s…

The Civil War has ended, Abraham Lincoln has been assassinated, and the future of the United States doesn’t look great. “For the first time in American History, the man most capable of leading America is not a politician, but a self-made man.” Cornelius Vanderbilt was a shipping magnate who began his career running ferries from New York with cargo and people. He became successful and was nicknamed “The Commodore.” But, Vanderbilt becomes very interested in the railroad industry, causing him to…