Mr. Sammons' U.S History Fish Bowl
Scottish-born Andrew Carnegie (1835-1919) was an American industrialist who amassed a fortune in the steel industry then became a major philanthropist. Carnegie worked in a Pittsburgh cotton factory as a boy before rising to the position of division superintendent of the Pennsylvania Railroad in 1859. While working for the railroad, he invested in various ventures, including iron and oil companies, and made his first fortune by the time he was in his early 30s. In the early 1870s, he entered the steel business, and over the next two decades became a dominant force in the industry. In 1901, he sold the Carnegie Steel Company to banker John Pierpont Morgan for $480 million.In the early 1870s, Carnegie co-founded his first steel company, near Pittsburgh. Over the next few decades, he created a steel empire, maximizing profits and minimizing inefficiencies through ownership of factories, raw materials and transportation infrastructure involved in steel-making. In 1892, his primary holdings were consolidated to form Carnegie Steel Company.How did Andrew Carnegie treat his workers?Many accounts of Andrew Carnegie state that he exploited his workers, and at one point he lowered wages by 30 percent, leading to a strike.?Many worked for long hours, seven days a week, and were cast aside when they were no longer physically able to meet his demands.The working conditions in Carnegie's mills were so dangerous that 20 percent of deaths among men in Pittsburgh during the 1880s were due to steelwork accidents. Carnegie came across as uncaring when casualties happened. For example, when a machine exploded he expressed more concern for his loss of production than for the men who died. Despite these tough working conditions, his employees faced a 30 percent pay reduction in 1892. This led to the Homestead Strike, where many of the strikers held Carnegie accountable despite his absence.Many of Carnegie's employees worked seven days a week, 12 hours a day. Despite this, Carnegie would push for them to work longer hours, while trying to lower their wages. Those who were unable to meet the physical demands of the job were pushed to one side.How did Andrew Carnegie donate his money?Andrew Carnegie's primary area of interest when it came to charitable donations was education.?He also donated generously to scientific research and world peace. He is considered the father of American philanthropy.?When Andrew Carnegie retired at the age of 66, he was the world's richest man. At the time, his net worth was estimated at about $480 million. Adjusted for inflation, that amount would be the modern day equivalent of about $310 billion. His fortune was so vast that, to this day, he is one of the 25 wealthiest people who ever lived. Carnegie believed very strongly in the value of education. One of his first donations was $10 million to begin a pension for teachers, and $125 million more for the development of education. Carnegie also remembered the generosity of a gentleman who had allowed Carnegie access to his library as a child. Thus, Carnegie pledged money to build a library to any town in the United States that would supply the land and upkeep for the building. He founded an organization for scientific research and supplied the funds for the world court to be built in Switzerland. By the time he died, Carnegie had donated an estimated 90 percent of his fortune. ................
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